Bidayatech takes novel approach to startup funding in MENA

A reward-based crowdfunding platform aims to help startups overcome funding gap challenges in MENA. Bidayatech will cater to tech startups at every stage of the startup lifecycle, its founders say.

Tech startups can launch a fundraising campaign through an assigned campaign page in the platform to pitch their product or service to the crowd. Backers receive non-monetary (none-equity) rewards in return for backing a startup fundraising campaign.

Tech startups benefit from access to extended fundraising campaign types rather than being limited to one type. A campaign will run for 60 days incorporating social media, digital tools and emails to maximise reach and induce interest, besides the campaign owners’ network circles to pledge to the campaign to reach the campaign funding goal.

Unlike traditional fundraising methods, tech startups campaigning on the Bidayatech platform will not lose equity or control or even get into a loan and its obligations. Instead, they will only risk the loss of time and effort if the campaign goal was not reached. Plus, they can always capitalise on the knowledge gained to fine-tune and start a new fundraising campaign anytime.

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Startups also get the opportunity to test marketing channels which expands the campaign’s reach, promote their product or service to a larger audience which should eventually boost pre-money valuation. Also, they can attract backers and technology enthusiasts while expanding their followers and prospect customers.

Furthermore, as part of the campaign process, the platform rewards-tier-system allows startups to pre-sell their products or services at discount to their campaign backers. This accelerates market validation by reaching their targeted audience while addressing their specific questions and making compelling asks.

“We are creating a platform that is inclusive by expanding the access to funding for all tech startups, and spur financial inclusion of more startups and their founders to pursue their dreams while adding value to their communities and the economy,” said
founder & CEO of Bidayatech, Dhafer Salih Alqahtani.

“Our ultimate goal is to democratise fundraising, fast-track tech startups’ growth, and create jobs while supporting technology advancement and digital transformation, particularly amid physical restrictions in the current climate,” he added.