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Prospects and Options for Sustainable and Inclusive Crowdfunding in African Cities
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Author(s): Innocent Chirisa (University of Zimbabwe, Zimbabwe), Liaison Mukarwi (University of Zimbabwe, Zimbabwe)and Abraham Rajab Matamanda (University of the Free State, South Africa)
Copyright: 2018
Pages: 21
Source title:
Crowdfunding and Sustainable Urban Development in Emerging Economies
Source Author(s)/Editor(s): Umar G. Benna (Ahmadu Bello University, Nigeria)and Abubakar U. Benna (Durham University, UK)
DOI: 10.4018/978-1-5225-3952-0.ch011
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Abstract
The utility of crowdfunding in promoting sustainable development is beyond doubt due to its popularity in the Global North. The application of this concept in the Global South, especially in Africa, is ill-understood and questionable considering the high levels of corruption, poverty, and poor governance. Applying the concept of crowdfunding in Africa then becomes problematic. The chapter aims to undertake a critical analysis of the concept of crowdfunding and its sustainability in advancing the success of urban-based projects in African cities. What can (or should) be the defining pillars for sustainable and inclusive crowdfunding? What are the known (or even unknown) limits and prospects to initiatives like crowdfunding? What are the answers to the colonial legacy derived scepticisms about self-worth and context? What options do the African cities have? The chapter engages a mix of methodologies including literature review, document review, and case studies. Thematic content analysis is applied in building up the discourse. From the study, five critical observations emerge.
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