Crowdfunding: as old as the hills

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Cape Town – The idea behind crowd-funding, raising many small amounts of money from a large number of people via the internet to finance a project, might not be quite as old as the hills, but in Africa it certainly has very old and deep roots. As Patrick Schofield, the founder of Thundafund, Africa’s most successful crowd-funding platform, reminded the audience at a session at Africa.com on Thursday, most South Africans know about stokvels, the popular, often informal community savings funds based on the very same principles. He told the session, under the title “Crowd-funding: Africa’s answer to economic growth: You choose” the practice, like a village pooling resources to send a child to school, was a case of a community that needed or wanted something deciding to make it happen as a group.

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