Funding SMEs with CryptoCurrency - How can LeoFInance help?
When I look back at the ugly experiences I had after my first degree in the university, I would strongly advocate for a work-study. This is to help a student build skills and raise some funds for startup after school. This becomes so essential for a country like Nigeria that government is not doing anything to ameliorate the growing rate of unemployment.
Small and medium enterprises (SMEs) are key to inclusive economic growth. In Nigeria, Micro, Small and Medium Enterprises (MSMEs) have employed 60 million people from a total number of 37 million MSMEs according to figures shared in 2015 by the then Minister of Industry and Trade, Dr Olusegun Aganga. He said at the time that MSMEs, accounted for 48 percent of the nation’s Gross Domestic Products (GDP).source
I dream of building a Business Start-up Funding Foundation and that I would do with LEO token. I see a future where I can incubate startups on the rudiments of business thriving, adoption of blockchain technology and afterwards fund them to start-off with crypto, preferably LEO. With this, we will be having a growing niche of new business adopters of cryptocurrency and that would be a huge win for LeoFinance Community. We have several; foundations running in Nigeria that are helping to set-up your minds for business and funding them to start-up. One of the very popular is The Tony Elumelu Foundation. It is expected that a applicant would be able to attend series of Business mentorship training and also write some technical examinations (written and Oral) to qualify for the grant. I presume the grant is always given in Naira.
I think LeoFinance can buy into such a vision as this. An entry qualification for such funding should be that the applicant must integrate blockchain technology into his business strategy and operation, be willing to make financial transactions with cryptocurrency and be ready to adopt LEO token as a pilot payment module. Finally, a successful applicant would be required to make a counterpart funding deposit of Fiat for LEO tokens (no matter how small, say $50). That means if LeoFinance is sponsoring 10 startups per batch, LEO tokens worth $500 would be bought and must be staked or probably a promise not to liquidate soon, then the team now receives a grant of whatsoever amount (in LEO) to fund their business.
Few weeks ago, I published a post telling the worth of LEO token to Nigerian Naira. LEO is currently 4 times greater than the NGN and that's a huge advantage. giving out a grant of say $300 in LEO (that's about 20,000 LEO at the current price) to a start-up that would be utilizing the token for transaction would be a huge thing.
This would have been able to create a huge publicity for LeoFinance and many firms would be in to collaborate. I long to see DApps being built in the near future who are utilizing LEO for their financial transactions.
With this, we will see many tangible usecases emerge for the LEO token. The more utility attached to the token, the more valuable the token would be. Let's share thoughts together.
Posted Using LeoFinance
