A total of 44 Founders, registered for the First Cohort of Founder Institute, Lagos, but after 13 weeks of grueling tasks, only 25 Founders are left standing and are set to graduate.
The Founders were taken through a series of classes, where they were guided by a plethora of top-rated business tycoons, on how best, to build their start-up businesses that will not, only survive the first 5 years, but have high potentials of scaling, exponentially.
The last class for the First Cohort of the Founder Institute Lagos was held on Friday, September 20, 2019, at the Premises of GodoHub.
The top-rated business tycoons, from across the country, as well as, from abroad, were drafted to mentor and share their experiences, with the Founders.
Most of the Founders, signed up for the cohort, with just a business idea, but after putting the ideas through the Founder Institute’s well-structured program, designed to build up a start-up to the level of a unicorn, the ideas were refined, through rigorous tasks and feedbacks, given by the mentors and the dedicated Founders Institute Lagos Directors.
For the 13th week, tagged Equity and Funding, the Founders were exposed, to the basic principles, surrounding equity and how best to seek funding.
The Mentors for the day, were Obi Ozor, Co-Founder and CEO, Kobo360, the digital technology platform that is disrupting and leading African third-party logistics, Oluyomi Ojo, CEO, Printivo, an online print provider that provides its customers, with free templates, created by designers across Nigeria and Jean Marc Ricca, Managing Director, BASF West Africa.
Unlike in the previous sessions, where Mentors took turns to give lectures to the Founders, the Mentors did a three-in-one session, this time around.
Jean started by stating the most basic way of funding start-ups, which is bootstrapping. This is the stage, where the Founders invest their own money, to start-up their businesses.
“If you are not willing to put your own money and time into your idea, how could someone else?”, Jean Marc queried.
He noted that there are, some companies that never received any external funding and are incredibly successful today.
Obi, then, took it up from there, dropping some key points, on how best to get the needed connections to investors. Some of the ways he listed include:
Building and growing your network
Get your figures right
Show maximum confidence. Investors will want to know the level of your confidence, before they release their funds to you, to run your business.
To access funds, Obi opined that, you needed two decks, (PowerPoint slides), to show to investors.
The first should contain an overview, of your business idea. You can show people this.
The second is a business plan that goes in-depth into your business, as it will contain, all the milestones you want to achieve, in a stipulated period.
This is what you should show to investors that are interested in funding your business.
The first deck is, meant to get investors interested, while the second deck is, meant to make investors understand your goals and what you hope to achieve, in clear details.
Oluyomi, on his part, opined that Founders must never miss an opportunity, to pitch to an investor.
“You must be ready, at all times, to pitch and get funded, as you never can tell, which investor may pick up an interest in you”, Oluyomi stressed.
He also admonished Founders, not to launch, if they have not gotten their acts together.
“It is way better, to start with the little funds that you have, before getting an investor to come in”, he concluded.
The Founder Institute Directors quite appreciate all the Mentors that gave their time, from the commencement to the end, for their tireless and selfless contributions, to the business sense of the Founders that signed up for the First Cohort, of the Founder Institute, Lagos.
In all, it was an eventful evening, as the Founders got fired up, by what they just learnt, from the Mentors.
Featured Image: (L-R) Oluwarotimi Fasuyi, FI Director; Jean Marc Ricca, Managing Director, BASF West Africa.; Obi Uzor, Co-Founder and CEO, Kobo360; Oluyomi Ojo, CEO, Printivo; Chukwuemeka Fred Agbata, FI Director