12 Steps to Fundraise for an Education Venture in Africa
Advice from veterans for entrepreneurs launching new education nonprofits or companies.
This article is Part I in a series; for a list of 65 foundations and investors who fund education ventures in Africa, read Part II.
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Coming up with the idea was the fun part. I loved brainstorming about the Metis model, writing drafts of our theory of change, and meeting with mentors for feedback. Those first few months were an adrenaline rush from the process of bringing a new organization to life. Then my Co-Founder and I needed to learn the skill that all entrepreneurs need to grow their team — fundraising.
I asked other entrepreneurs for advice, and this list shares their lessons learned: twelve steps you can take to find partners for your education venture, specifically on the African continent. They include:
- Try to bootstrap before you raise.
- Prepare bold summaries of your venture.
- Create a high-quality LinkedIn profile.
- Grow a web of supporters at events.
- Join networks & leverage their connections.
- Convene a wise Advisory Council.
- Use a prospect list to narrow your search.
- Tap your friends & family for help.
- Find local funders & reach out the local way.
- Submit well-written applications online.
- Ask your advisors for warm introductions.
- Meet face-to-face to build relationships.
These steps are based on my experience and conversations with edupreneurs across Kenya, Metis Fellows in Nairobi, and school founders in the Anzisha Education Accelerator, who I trained in Rwanda. Not to mention all of the late-night calls and meals I had with entrepreneur friends as they shared exciting fundraising news (rare) or complained about the process (often). If you are an education entrepreneur just starting out, hopefully the lessons they collectively learned will make it easier for you to begin.
As you use the steps, remember that although fundraising can be challenging and exhausting, you will strengthen your skills with practice. Good luck!
(These steps apply to fundraising pre- and post-Covid-19. Many funders are currently not accepting new organizations into their portfolios — only supporting their current portfolio or Covid-related causes.)
1. Try to Bootstrap Before You Raise.
The first step is to question whether you need to fundraise at all. Entrepreneurs often assume that they need to find funding from someone else to launch their venture. But another option is bootstrapping — growing a venture without outside capital. Many entrepreneurs say that bootstrapping pushed them to build a more efficient company than they would have with venture capital or grants.
The most important thing a funder wants to see is traction: proof of revenue from actual customers (for a for-profit) or proven examples of impact from programs (for a nonprofit). The more you build a team, run a pilot, and get feedback on the product from customers, the more you test your model and generate product-market fit and traction. The more you create traction, the more you will attract funding later. Some entrepreneurs choose to delay raising capital for years. For example, Audrey Cheng, the Co-Founder of Moringa School in Kenya, grew the business with her savings and revenue from fees that students paid; four years later, she raised funds from investors and foundations. Bootstrapping allowed her to create traction that impressed funders.
Many entrepreneurs say that fundraising takes valuable time away from refining their product or service. If you can avoid it, you should. Consider:
- If you’re starting a nonprofit, can you use a blended model where you charge users a fee for your service?
- Can you plan ahead and grow your savings so that you have enough to support your venture’s initial months, before you quit your job to start it?
- Can you and your Co-Founders continue your current jobs and live off of that income, while testing your new idea on nights and weekends, before your venture can support you full time (for a nonprofit, through grants, or for a company, through revenue)?
Even if you only bootstrap enough to fund a portion of the venture’s total costs — from fees, savings, or your income — that is better than nothing.
2. Prepare Bold Summaries of Your Venture.
As you prepare to approach potential funders, be ready to share what you are building in these formats:
- Elevator Pitch: When you meet a potential funder and they ask what you do, say two sentences that give a quick description of your organization. Share just enough so they are intrigued to learn more and ask you questions — less than 15 seconds. (Good tips for how to do this are here.)
- Paragraph Summary: When you’re asking one of your contacts to introduce you to a potential funder, send them a paragraph to include at the bottom of their intro email. It should summarize the problem that your venture is trying to solve and how it will do so.
- Pitch Deck: If a funder agrees to meet with you, email them your pitch deck a week before the meeting. This is a visual summary (through PowerPoint or Google Slides) of why your venture exists, progress so far, who is involved, how much you are raising, and timeline for growth. If they read your deck ahead of the meeting, they can come prepared with questions. (More on how to write a pitch deck here.)
3. Create a High-quality LinkedIn Profile.
Before you begin fundraising, create a detailed LinkedIn profile. Take this quick, easy, and free step so that you can:
- Build Credibility: Most funders have them, and they may look at your profile as they decide whether or not to meet with you. List your previous jobs, include a headshot, and write a strong summary in the bio section. Think of this profile as your first opportunity to make a good impression on a potential partner.
- Track Leads: Add your existing mentors and professional contacts as ‘connections’, and after you meet funders, add them as ‘connections’. This is an easy way to keep track of who you spoke to about your project —to use later if you start an email list for your venture. (A good practice is, only add people you have actually met as connections; if you haven’t met, select the option to ‘Follow’ them on LinkedIn instead).
- Update Potential Funders: Post regular short updates on LinkedIn — such as photos of key milestones your venture has reached, examples of your impact, or published articles or media that feature your venture. This is a way to keep your work on the radar of potential funders, so that they become more familiar with you in between meetings.
- Find Mutual Connections: Later, when you’re searching for someone to ask for an introduction, you can search the funder on LinkedIn to see if you have any mutual connections with them. Those are people you can ask to make an introduction to the funder.
4. Grow a Web of Supporters at Events.
As you fundraise, the more people you know, the better. Go to events and try to talk to as many new people as you can. Find other entrepreneurs and ask them for advice on whatever you are struggling with. Look out for older leaders who can mentor you. If someone is excited about your venture, ask if they want to help out as a partner, volunteer, or apply for a job with your organization (if you’re hiring). At these kinds of events, most people either are a funder, or they know a funder they could potentially introduce you to if they are impressed by you — so try to be warm and friendly no matter who you are talking to. Key events I recommend are:
- Sankalp: Annual conference in Nairobi that is the most important event for investors and entrepreneurs across Africa. Critical to attend if you are fundraising for a for-profit. Attend side events like the ANDE/Growth Africa/OCA Happy Hour.
- Segal Annual Meeting: Annual conference hosted by Segal for their partners and funders (but other entrepreneurs can attend if you purchase a ticket). The main annual event in Africa for ed nonprofits and foundations. Location alternates between cities in East Africa and the US.
- AL for Ed Gathering: Launched in 2019 in Nairobi, an annual Pan-African conference run by the AL Group (ALA/ALU/ALX/Anzisha Ed Accelerator) for ed leaders and funders. To sign up for their mailing list (includes updates on their events and resources), email alforeducation@africanleadershipacademy.org.
- Edtech East Africa Meetups: Monthly events in Nairobi (and occasional events in Kampala) with a networking happy hour and workshops.
- WISE Summit: Bi-annual conference in Doha about ed innovation across the world. Many of the most influential funders in ed globally attend.
5. Join Networks & Leverage Their Connections.
Another way to meet new advisors and learn critical skills is to join formal networks. These organizations bring together their members for events and introduce them to funders. You can apply to many of these networks:
East Africa:
- Metis Fellowship: Training, coaching, connections, and network for ed entrepreneurs and leaders across Kenya’s ed system (Rebecca Crook and I co-founded Metis).
- RELI: Network that brings together ed organizations from across Uganda, Kenya, and Tanzania to accelerate their collective impact.
- AMPLIFY: Network for grassroots organizations working on girls’ ed in East Africa.
- Innovation Village: Network for entrepreneurs in Kampala that runs a “sector lab” platform focused on edtech.
- Values & Life Skills Working Group: Network of orgs working to influence policies on secondary ed and TVET in Kenya.
Southern Africa:
- The Education Hub: Clustered office spaces in Johannesburg for orgs working on ed (includes GCE, Zenex, JET, BRIDGE, and GEDT).
- Education Changemakers: Training for young ed leaders across Southern Africa, run by YALI and the Trevor Noah Foundation.
Pan-African:
- Africa Early Childhood Network: Conducts research about ECD and brings together actors to influence policy in ECD across Africa. HQ in Nairobi with local national networks in many African countries.
- Umsizi Peer Learning Network: Monthly knowledge-sharing calls and network for orgs working on training youth for employment in Africa (list of members at end of this page).
- Acumen Fellowship: Network and training for leaders in sectors including ed, in East Africa and West Africa.
- Anzisha Educator Community: Resources and monthly newsletter for teachers equipping youth with entrepreneurship skills across Africa.
Global:
- Global Schools Forum: Network for orgs running or working with non-state schools (ECD/primary/secondary) across the Global South.
- 1World: Supports entrepreneurs to grow innovative schools, in countries such as South Africa. Founded by leaders of KIPP schools in the US.
- Kizazi: New nonprofit that also supports entrepreneurs to grow innovative schools, in countries such as Ghana and Nigeria. Led by Nick Kanning.
- Teach for All Global Learning Lab: Monthly group calls and workshops on topics for ed leaders. Open to alumni of Teach for All partners in Africa, which currently include Liberia, Ghana, Nigeria, Tanzania, and Morocco.
- WISE Accelerator: Non-financial support for edtech companies.
- WISE Emerging Leaders: Annual cohorts for leaders in ed organizations.
- Entrepreneurs’ Organization: Peer support network for entrepreneurs leading for-profits, with chapters in South Africa, Mauritius, Tanzania, Kenya, Uganda, and Nigeria.
- GSBI Accelerator: Technical assistance and coaching that supports for- and non-profits to scale. Join mailing list for updates on how to apply.
- Ashoka Fellowship: Network for social entrepreneurs across the world.
Many funders that support early-stage entrepreneurs also host private networks and events for their grantees; see a full list of these here.
6. Convene a Wise Advisory Council.
When you register your organization, you will create a formal Board of Directors with legal oversight. Early on, entrepreneurs often prefer to keep their Board of Directors small, limiting it to leaders, investors, or funders they trust. However, that does not limit you from seeking out other advisors.
In addition to a board, non- or for-profits often have an Advisory Council (or Advisory Board). It includes people who believe in organization’s mission and are eager to help. When you develop a relationship with someone who has knowledge and connections to offer to your venture, invite them to join your organization’s Advisory Council. You will ask Council members for advice on topics like how to design your product or service, improve your pitch deck, or find the right introductions to funders. Think of your Advisory Council as a brain trust of smart leaders you can call upon for help — aim for a diverse set of skills, backgrounds, and experiences across the group.
7. Use a Prospect List to Narrow Your Search.
Organize your contacts so that you can easily track your fundraising process. A Prospect List helps you prioritize your time on the funders who are a strongest potential fit, at the most appropriate time. A template Prospect List and advice on how to rank funders is here. Include info such as:
- Who have you already met? Where are they in your pipeline? How receptive were they in previous meetings? Have you sent a proposal if they asked for one? Who donated or invested already? Who do you need to follow up with?
- Who would you like to meet with? What amount and stage of your organization’s growth could they support? Have you applied for funding through their website? Which contact could introduce you?
To create your Prospect List, research which funders might be interested in your venture:
- Read my list of 65 foundations and investors who support education in Africa. It includes which stage and type of organizations they support, focus areas, typical grant or ticket sizes, and key staff. Based on where your venture sits in the following areas, narrow down which funders could be a fit:
TYPES OF EDUCATION VENTURESLocation: region in Africa/country/city/townBusiness Model: nonprofit/for-profit/hybridStage: early/growth/scale/government partnershipsMethod of Impact: school chain, edtech, government reform, etcAge of User or Beneficiary: ECD/primary/secondary/TVET/higher ed
- If you are raising grants: look at members of networks like the International Education Funders Group, Big Bang Philanthropy, the Africa Grantmakers’ Affinity Group, and Ariadne; search on the Global Innovation Exchange and EGER lists of funders.
- If you are raising investment: look at investors included in the 2017 Business of Education in Africa report.
Create your Prospect List for free with Google Sheets, and update it regularly.
8. Tap Your Friends & Family for Help.
Before you start talking to foundations or investors who you have not met, make sure you talk to the people you already know. Entrepreneurs often raise most of their initial funding from what is called a ‘friends and family round’ — from people and organizations in their local community, in addition to self-funding from their own income or savings. If you raise a small amount this way, you can use it to run a pilot, get feedback from users, and prove that there is a need in the market, which will make your venture more appealing to funders. Consider:
- Do you have family members, teachers, or mentors who may want to support your project?
- Do you have friends from groups you were part of (such as church, mosque, or school) who might want to help?
- Even if they can’t contribute their own money, can they introduce you to a contact who might be interested?
- Can you put some of your own savings or income into the project, to show your commitment?
9. Find Local Funders & Reach Out the Local Way.
Many funders on my list operate across multiple regions or have head offices in the US or Europe. In your country, there are probably more funders who are locally-based. Ask your friends and advisors to help you understand your country’s specific local funding landscape, so that you can add potential local partners to your Prospect List. These are sources such as:
- Local companies with CSR (corporate social responsibility) arms that give grants or volunteer.
- Law or consulting firms who donate their services pro bono to startups.
- High-net-worth individuals who give grants through family foundations.
- Wealthy local entrepreneurs who invest in other local entrepreneurs.
- Religious groups such as churches or mosques, who partner with ed projects.
- Local embassies with budgets for grants to ed projects.
- Entities within your national, county, or city government that give grants, partner, or host events for community-based organizations.
Your advisors can guide you to reach out to these sources. The way to approach a funder or partner can vary greatly based on local norms for communication and fundraising — which are impacted by factors like local politics, culture, religion, ethnicity, race, class, and gender. Based on your identity and a funder’s identity, you and your advisors can determine the steps that will set you up for the best chance with that funder (for example, you could bring a specific ally to the meeting that the funder will respect, have an advisor who is close friends with the funder reach out to them for you, etc).
10. Submit Well-Written Applications Online.
There are sources of funding that do not require you to grow your network and reach out to funders yourself. You can just submit an application through a funder’s website. More details about 18 early-stage funders and how to apply are in my list. These include three types:
- Accelerators such as Anzisha Education Accelerator and Injini — intensive coaching and grants or investment to cohorts of entrepreneurs.
- Early-stage Foundations such as DRK Foundation, Innovation Edge, and Segal Foundation — grants and technical assistance to entrepreneurs.
- Early-stage Investors such as Optimizer Foundation and Enygma Ventures — which invest in companies and often serve on their board of directors.
Securing one of these early-stage funders as a partner is a game-changer for entrepreneurs, as they introduce their portfolios to other potential funders. So make sure you get feedback from your team or advisors on your application draft and carefully edit it before you submit. (Tips for applying to an accelerator are here.)
11. Ask Your Advisors for Warm Introductions.
You will also need to connect to funders who do not have an open application process. The best way to reach these funders is through what is called a warm introduction. Essentially, it is when you ask someone that you do know, to write an email introducing to a funder who you do not know. The email typically includes a friendly note from your contact to ask if the person is willing to connect and a short paragraph summarizing your venture. If the funder responds saying yes, then your contact will add you into the email thread. You will respond with thanks (move your contact to bcc), and take it from there to communicate with the funder. (More advice on how to get a warm intro is here.)
Funders use warm introductions to filter out which entrepreneurs have the most potential. They are more likely to talk to an entrepreneur introduced by a trusted contact. This is why a warm intro tends to have a much higher rate of response than a cold message from you through email or LinkedIn. The more you grow and strengthen your network of relationships with advisors and successful entrepreneurs, the easier this process will be.
12. Meet Face-to-Face to Build Relationships.
All of these steps build towards the most critical step to turn a new contact into a funder: meeting one-on-one, in person. Fundraising is essentially a sales process, and in sales, the more you build a relationship with someone, the more likely they are to say yes to your request. Use your meetings with potential funders to learn more about their story and interests, share your work, and progress towards next steps, such as:
- The funder asks you to keep them updated on your venture’s progress and areas they can help. You send them personalized emails each month to keep the relationship warm and build towards your next meeting.
- You invite the funder on a site visit to experience your model in person.
- A foundation staff member asks you to submit a grant proposal.
- After a few meetings, you directly ask a foundation staff member for a donation of a specific amount.
- An investor asks to conduct due diligence on your company.
Although you can meet funders virtually on Zoom video calls, many entrepreneurs have more success in person. As the Harvard Business Review reports, “a face-to-face request is 34 times more successful than an email.” When you meet in person, you have friendlier conversations, build trust through eye contact, and read each other’s body language. This helps you progress towards asking for grants or investment.
There are many resources online about how to leverage meetings in your fundraising process. For nonprofit leaders, ForImpact has great free advice for how to fundraise here; you can also attend their boot camp. More about how to use 1–1's to grow support for your organization is here.
Kat Pattillo writes about education reform and innovation across the Global South. She is currently studying how social movements accelerate systems change in education, through an MPhil in Politics at Oxford. Kat previously consulted as a researcher and facilitator, taught at African Leadership Academy in South Africa, and co-founded Metis in Kenya. For more of her writing, follow her on LinkedIn or sign up for the EdWell newsletter.
