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ICO SUMMIT 2018: New era in business funding

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The much publicized Bitsoko Meetup finally took place on February 12 2018 at Nairobi Garage. The agenda was to introduce people to Bitsoko as well as ICO SUMMIT 2018. The meetup brought together enthusiasts and various players in the blockchain industry here in Kenya.

Bitsoko team had opportunity to talk about their SOKO PoS programme which enables merchants to have a point of sale platform geared towards driving more sales as well as additional features such as advertising. An efficient POS terminal is the heart of any sale and revenue generation by a business and it opens up new opportunities for business growth.

Bitsoko is also building a developer program with the understanding that it takes a community of make and ship right apps that are adopted by merchants. They are therefore calling upon developers to leverage the Bitsoko platform to make apps that are then distributed on the platform. This will ultimately lead to growth of community both in terms of more developers and more applications that enable digitization of assets by merchants.

Lastly, Bitsoko in partnership with Coinweez and Mama ventures are gearing up to launch #ICOsummit2018 on March 17th 2018 an Nairobi Garage. Seeing the growing interest in blockchain and cryptocurrencies, the ICO summit is intended to introduce local businesses to a new model of business funding through the initial coin offering (ICO) model. ICO model is being used throughout the world to fund raise for startups through tokenization. Businesses are therefore able to by-pass the usually complicated and limiting venture funding model that many businesses are able to gain access to. On the hand, investors have an opportunity to invest directly in businesses they wish to.  Businesses that are seeking funding have an opportunity to apply through the Bitsoko website.The businesses will be shortlisted by Bitsoko and also publicized by Coinweez on this platform in the coming days. Investors will have an opportunity to scrutinize all the shortlisted businesses including going through their whitepapers to understand thier business models. Investors will participate by purchasing a ticket. The ticket amount will be used to invest in any businesses that the investor chooses. An investor can choose to split the amount into one, two or all the businesses in different proportions. The execution with will be done seamlessly through smart contracts. Basically smart contracts enable two people to enter into a contract whilst self-executing when the terms of the contract are met. The investor only needs to understand the terms that will also be explained on the whitepaper. You can read more here  to understand why smart contracts are so effective. The overall aim of the ICOSUMMIT2018 is to introduce businesses and investors to a new model of fundraising for businesses that has taken shape across the world especially USA, Europe and Asia. Therefore, even non-blockchain based businesses can apply. Bitsoko and other partners think that the fundraising model fits perfectly in Kenyan scene and Africa in general because of the ‘harambee’ spirit whereby people come together to raise money for various causes. We firmly believe that it is now time for people to come together and raise money to fund businesses. As we say at CoinWeez, the possibilities are indeed limitless.

We will feature all the shortlisted businesses in the run up to the event so make sure you keep it here. Also for interested businesses that want to part of this, please register at bitsoko.io.

GAME CHANGER

Video credit: E-labz.

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