Easy access to VC was also geographically restricted. In countries like South Africa, with a small but robust and burgeoning startup scene, at least among the s

Easy access to VC was also geographically restricted. In countries like South Africa, with a small but robust and burgeoning startup scene, at least among the startups that I know of where I know the founders personally, all have resorted to either debt or revenue models of funding. None could either get VC funding due to the nature of their work lying in poverty-related solutions or could simply not generate enough revenue to sustain themselves initially and had to rely on taking on debt. n = 5 so make of that what you will.