Innovators Dive into Fundraising and Financial Management Insights on Day Two of the 2023 HiPipo Women in FinTech Hackathon
Written by Ntulume Nicholas on August 11, 2023
The 11th of August marked an invigorating day of progress and learning at the 2023 Women in FinTech Hackathon. As the event entered its second day, participants immersed themselves in refining their Problem Statements and Business Cases, setting the stage for profound innovation and collaboration.
The day commenced with a deep exploration of the Mobile Money ecosystem and the Mojaloop Open Source Software, expertly presented by HiPipo CEO Innocent Kawooya and Paul Baker, the Principal Product Manager at INFITX. These informative sessions laid the groundwork for participants to comprehend the technological landscapes shaping their projects.
One of the focal points of the day was the participants’ presentation of their enhanced Problem Statements and Business Cases. Dorothy Kabarozi, a Full Stack Software Engineer and Facilitator of the Women in FinTech Hackathon lauded the influx of fresh and diverse innovations in this year’s edition compared to its predecessors.
“On day two, we delved into comprehensive descriptions of the solutions participants are crafting for their respective communities. This year showcases several captivating solutions that were absent in prior hackathons. Innovations encompass diverse realms such as Taxation, Forex Trade, Village Loans and Savings, as well as Empowerment for Rural Women and Refugees,” Kabarozi expressed.
Furthermore, Franklin Ssozi, a Senior Software Architect, navigated participants through the intricate path of product development, underscoring the significance of adhering to the KYC (Know Your Customer) principle, which often determines the viability of any solution.
In the afternoon, the focus shifted towards Fundraising and prudent Financial Management, two critical components that shape the destiny of businesses. Vivienne Iga Kikoni, a Digital Finance Professional, took the reins as a mentor, imparting her wisdom on these pivotal subjects.
Kikoni emphasized that effective fundraising is underpinned by astute financial management. She illuminated that financial management entails meticulous planning, organization, direction, and control of financial activities. “To thrive in business, specificity is key. Set detailed goals with clear benchmarks spanning from a month to five years. Document these plans diligently and execute them. Every market introduction should generate income, accounting for incurred fixed and operational costs, and ultimately yielding profits after taxes,” Kikoni asserted.
Expounding on fundraising pillars, Kikoni outlined strengthening relationships and support, raising awareness about causes, recognizing donors and sponsors, and expanding the donor base. These well-executed pillars can pave the way for successful fundraising endeavours and sustained engagement.
Now in its fourth consecutive year, the Hackathon is an integral part of HiPipo’s comprehensive Women in FinTech initiative, which encompasses a Summit and Incubator program. The event’s culmination will occur at the Women in FinTech Summit on the 18th of August, 2023. Here, the most outstanding teams and individuals will be celebrated and rewarded from the collective prize pool of USD 10,000. Moreover, the winners will secure automatic qualification for the Women in FinTech Incubator program, slated to run from September to December 2023.
The Women in FinTech Hackathon is a collaborative endeavour between HiPipo, Level One Project, Mojaloop Foundation, INFITX, Cyberplc Academy, Crosslake Technologies, and Ideation Corner, with the generous support of the Bill and Melinda Gates Foundation.