Tuesday, October 21, 2008

Lending A Hand For African Development

The growth and development figures for Africa are too well known--and frankly too depressing--to relate in this post. Instead, I want to focus on one potential solution. I've recently become interested in an organization proposing a radical new approach to development: Angel investing in African entrepreneurs. MYC4 identifies its mission as helping to create "a world without poverty where everyone has the same access to knowledge, markets and capital." It takes inspiration from Nobel laureate and professor Mohammad Yunus, the founder of the microfinance movement pioneered by Grameen Bank in Bangladesh. While Grameen Bank focuses on lending small sums of money primarily to the rural poor, MYC4 goes a step further by harnessing the power of the internet to create networks beteween investors in rich countries and entrepreneurs in Africa. MYC4 handles the difficult work of evaluating proposed projects, while investors get to bid on supporting these pre-vetted business opportunities. It creates a potentially lucrative win-win possibility for all.

I wonder if anyone in the IntLawGrrls community has had direct experience with MYC4? If so, please share!

No comments: