It was an eventful evening, as Stanbic IBTC Founder Institute, Lagos held a one-day Bootcamp that connected prospective founders, hoping to enroll for the second cohort, with mentors.
The event was tagged, ‘Startup Pitch Bootcamp – Learn from Lagos’ Top Entrepreneurs’ and it was held, at NG Hub, Yaba, on December 10, 2020.
Mentors for the day were:•
Charles Emembolu – An IT Professional; a serial and social entrepreneur. His background in Engineering, from the University of Nigeria, Nsukka, (UNN) and love for technology, in empowering young people, using STEM, led him, to propose the establishment, of a technology hub, for the University of Nigeria, Nsukka, which birthed ROAR Nigeria, which he runs.
Banke Alawaye – The Principal Consultant, at BAV, a Digital Consultancy outfit, based in Lagos, Nigeria. Banke, also, serves, as Program Manager for CodeLagos – an initiative in collaboration, with Lagos State government, to train one million Lagos residents, to code.
Gordy Oshoko – Gordy is the CEO of Treadgold Limited that specializes, in Print Management, Technology and Consultancy. His experience, at Pan African University, as a facilitator, in publishing concept, has made him gather a lot of experience, in branding, promotional advertising, digital printing, and custom publishing.
Kayode Aladesuyi – Kayode is, the Chairman/CTO of AdsMyWay, a subsidiary of BBGN&K International Group of Companies, developing an advertising network, to assist publishers and SMEs. BBGN&K International Group of companies oversees the development and expansion of several technology business divisions, into various markets, around the world.
After a round of pitching, by the founders, the mentors gave them feedback that, encompasses how well, to structure their pitch decks and how to get the attention of investors, in 5 minutes.
The first mentor to speak was Gordy Oshoko. He outlined, four key points that, founders should take to heart, if they want their start-ups to survive, in a challenging environment, like Nigeria. The four points include the following:
Your business already exists because it is in your imagination. It came to your imagination because your society needs it. If you refuse to birth it, someone else will see it and execute it.
There is a new industrial revolution going on, where it no longer takes time, for development to occur. In less than 6months, a business revolution can take place.
You will never have a perfect product. Start with a lower version of your product. Negativity is different from feedback; it is you, sensing doubt in your idea. When you believe in your product, the market will accept you.
Investors want to invest in you, before your idea. If you do not believe in the idea and how marketable it is, no investor would invest you.
The second mentor to speak, was Banke Alawaye, who shared her key points as follows:
As an entrepreneur, you have the task of selling your ideas to yourself, your family, your investors and your customers.
You must be specific, on the number of people your business can sell to before you set it rolling.
Do not be moved, by statistics, or, the supposed size of the country. Do your homework and be certain of the real number of people your business can reach.
The third mentor, Kayode Aladesuyi, then, came on and shared some key points.
He started by saying that, there is nothing you will attempt to do that, you will not get a thousand ‘no’, from people who think your idea will not work.
He, also, added to Banke’s points, by saying that, before you do your pitch, investigate your investors, so, you will know what their interests are.
He stated that, before you stand to pitch, do the following:
Carry out a feasibility study of your business.
Investigate your investors.
Practice your pitch.
The fourth mentor to speak at the event was Charles Emembolu, who stated that, founders need to have a clear understanding, of what pitching is all about. “Pitching is a team game and not personal”, Emembolu noted.
He further stated that a business will go through these processes:
- The learning processes
- The creating part
- The testing phases.
- The prototype and present phase
- Demo days
Concluding the event, Chukwuemeka Fred Agbata “CFA”, Channels TV Presenter, The Punch Columnist, Founder Institute Regional Director and GoDo Hub Co-founder, gave the closing remarks.
To sign up for the second cohort, of Stanbic IBTC Founder Institute, click on this link.
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