Does crowdfunding play a catalytic role in the development of Small and Growing Businesses (SGBs) in sub-Saharan Africa?

Crowdfunding as an alternative source of finance has gained prominence over time. Early-stage businesses typically do not have sufficient access to financial capital because they lack performance history. Crowdfunding platforms enable entrepreneurs to access financial capital from the wider and potentially more open-minded audience while investors can find enterprises that suit their interests by filtering based on sector or geographic region.

It is yet to be seen how crowdfunding is helping SGBs in emerging and frontier markets. As such this research uses data from crowdfunding platforms serving sub-Saharan Africa to provide insights on its use as a catalytic capital in the region. The findings will facilitate policy dialogue and the adoption of crowdfunding across the ecosystem, from ordinary retail investors to development finance institutions.