The team at VC4Africa has been busy and we’re pleased to introduce the new integrated QuickScan — a fast and easy way to show investors where you are in building your business.
There are no right or wrong answers. Some investors back early stage companies while others focus on growth stage. This is a tool that improves your chances of meeting the right investors.
Too often entrepreneurs only give themselves a few months to secure funding, when in reality it can take a year or sometimes even longer to find the right investors for your company. The best way to make sure you don’t find yourself in a tight squeeze is to always be fundraising. Grow your network of contacts now. Build your visibility and keep your followers up to speed on your progress. Show how you are building traction over time so investors, mentors and partners can better understand your journey. This is the best way to increase your chances of connecting with the right support when you need it.
The QuickScan is a simple tool broken down into four key sections: Idea & Stage, Team & Organization, Market & Marketing, Finance and Investment.
When opening a round of funding on VC4Africa, we strongly recommend that every entrepreneur complete the QuickScan. As the name suggests, it’s a fast and easy self-assessment that only takes a few minutes to complete. To increase investor confidence, we also suggest to venture owners that they upload a copy of their Chamber of Commerce registration and add a pitch deck to their documents. See the Five steps to fundraising on VC4Africa for more information.
As a VC4Africa listed entrepreneur you’ll find the integrated QuickScan on your venture profile. See the full list of integrated QuickScan questions below:
IDEA & STAGE
Are you working on this business full time?
Is there a demo, prototype or working product?
Do you have paying customers?
Are you making a profit?
Has the business existed longer than one year?
Has the business existed longer than three years?
Do you have more than five employees?
Do you have more than 10 employees?
Is your annual turnover more than USD $50,000?
Is your annual turnover more than USD $100,000?
TEAM & ORGANIZATION
Is this your first time running a company?
Have you started a business before in a similar/same sector?
Have you exited a previous business successfully?
Do you have co-founders?
Is there technical/product development experience in the team?
Is there sales and marketing experience in the team?
Do you have an advisory board?
Do you have a board of directors?
Are you already incorporated?
Do you have references?
MARKET & MARKETING
Do you know the size of your market?
Do you know your customer acquisition cost?
Do you know your profit margin per customer?
Do you know how many customers you need to break even?
Do you have signed contracts with marketing partners?
Do you have signed contracts with customers?
FINANCE
Do you have a finance expert in your team?
Do you have a three year financial forecast?
Have you calculated your break even point?
Do you have audited financial statements?
Have you invested your own money in the company?
Have you received grant funding?
Have you received outside investment?
INVESTMENT
Do you need working capital?
Do you need capital investment?
Are you willing to give up equity?
Are you willing to give up a majority share?
Are you looking for debt finance?
Do you prefer an active investor?
Do you already have external shareholders?
See the Five steps to fundraising on VC4Africa for more information. Also see the ventures presently fundraising on VC4Africa, and the ventures that have successfully closed a round of finance. Only investors with a VC4Africa Pro Account can access full details of ventures fundraising on VC4Africa.
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