Crowdfunding Helped Me Kick-Start My Business
Mohamed is a twenty-six-year-old business administration graduate who lives in Hargeisa. In 2019, he obtained a bachelor’s degree in business administration from the University of Hargeisa, and he is now the founder of Billan Canteen in the city. The Canteen provides its customers with the best services using quality brands. According to Mohamed, “delicious and a variety of better tasting foods” is their value proposition which distinguishes them from other canteens. After graduation, Mohamed had struggled with securing immediate employment, pushing him to consider his childhood dream of starting a business. Although he worked tirelessly to bring this dream to life, he was unable to secure the right amount of investment to start.
After a long year of being unemployed, Mohamed came up with his business idea in late August 2020. However, despite trying several times, his efforts to secure the investment to implement it were unsuccessful.
“In March 2020, I saw the business investment and training opportunity, The Next Economy program advertised by Shaqodoon on social media and I applied. Fortunately, my business idea was shortlisted, and I came to Shaqodoon to attend the interview. I was selected for the life skill training opportunity.” “I then underwent a two-month entrepreneurship training that gave me the knowledge to not only understand the business approach, but how to also brainstorm innovative ideas with income generating capacity.”
The Next Economy program at Shaqodoon supports young people in their transition, by providing them with the foundational skills and access to employment and entrepreneurship opportunities. Employability opportunities focus on soft skills and providing initial work experience, and entrepreneurship creates new opportunities for those with ambition and a business idea.
“I pitched my idea to start a small canteen and I was selected for the investment opportunity. My idea was one of the two best business ideas presented at the pitching day! This really helped me implement my business idea.”
A crowdfunding platform was created for the program beneficiaries where young people who have brilliant business ideas can post their business proposal and receive investments.
“I was given $550 USD of match funds after I successfully conducted my crowdfunding campaign, I was then able to finally establish my startup. However, despite successfully establishing my business idea, the initial investment was not enough to pay for all the business expenses. Equipped with the knowledge on crowdfunding, I then created a second fundraising campaign to bring Billan Canteen to life. I eventually received an additional $2000 USD from my family and friends. I was really excited, and this made me happy, bringing my first business investment total to $2550 USD.”
Mohamed officially launched his business in April 2021 at Jig Jiga Yar District in Hargeisa. Since then, the business has gone from strength to strength, creating employment for other young people. “I have recruited 3 employees (two waiters and one accountant). We made great profits each month. Our plan is to open other branches in other regions of Somaliland.” Mohamed also plans to expand his business to the neighborhood countries like Ethiopia, Kenya, and Djibouti.
Name: Mohamed
Program: The Next Economy