Last month at the African Entrepreneurship awards bootcamp, which took place in Morocco, I met an amazing collection of extraordinary African entrepreneurs pitching for a total prize money of $1,000,000. Many of the businesses pitched were high growth and high impact businesses with potential to scale across Africa.
Out of the 40 entrepreneurs that made the last round of the award, 12 won price money for their businesses. The awards won include Innovation award given to Moroccan company- Atlan Space® for developing artificial intelligence in drones to monitor ships and protect marine ecosystems. Environment award given to Nigerian firm- Vicfold recyclers for Innovative process to pelletize plastic products, as well as Environment award given to Ghanaian company- Green Afro palms for efficient palm oil cultivation methods for farmers. These entrepreneurs are proof that Africa is set for transformation, the kind that comes as a result of finding solution to problems around us.
As we begin 2018, opportunities for grants and investments begin to open up for SME’s to partake. As an entrepreneur with an idea, seed or startup stage project, you must position yourself to be ready for investment.
Being investment ready is not only a mindset thing, it involves taking a thorough look at your business and weighing factors like, your model, your sources of revenue, your route to market, even review of your internal structure and corporate governance is important. It is important to wear the investor’s hat and see through the kind of lens they use.
For an entrepreneur who has little experience in fund raising, putting all these together might sound a bit overwhelming. But, with the right kind of help and advice, it becomes easier with time. This is why I have put together a FREE investment readiness tool. It is a test to help gauge your business and qualify your level of readiness for investments. Also, you will receive tips on how to get ready for investments.