“Start-up pitch to Business Angels”

Turbine organized a start-up pitch to business angels event with funding opportunities. The event was held at Turbine last week whereby start-ups could meet, pitch and discuss with business angels. Start-ups who seized the opportunity and came to pitch are at different stages of the business life cycle.

Startup pitch to Business angels

Turbine Incubator, Business angels, Mauritius, Investment, Start-up, funding, pitch

Based on this experience, we understood that entrepreneurs coming to face Business Angels need some prep. This article is to help entrepreneurs understand what they need to prepare before meeting Business Angels.

We interviewed a Business Angel regarding his expectations from start-ups and their pitch.

The Business Angels who came over for this meetup prefer to remain anonymous. With respect to their request, we will not mention their names.

What attracts a Business Angel the most in a start-up?

The most important factor is often the entrepreneurs themselves. We can have a good idea, a good business model but the most important is to believe in the ability of the team to deliver. We invest more in people than in the idea itself.

What is a perfect pitch for you?

Simple, that goes straight to the point. The pitch needs to be clear about what problem is being worked on and how the solution provides a unique way to solve it. The pitch must be clear how to generate income and what is the potential. The perfect pitch must be understandable to both my mother (elderly people) and my daughter (young children).

What do you expect from the start-ups when they come to pitch?

I want people who believe in their ideas but who are open minded enough to rotate if it turns out that their assumptions were wrong. I am waiting for them to do their job; define their business model, define the hypotheses and validations, define the potential of their products. I’m not waiting for market studies, but rather Lean startup methodologies to help build a good record at a lower cost.

Is a pitch enough for you to invest in the start-up?

No. At the end, we talk about business. Even if we like pitch, we need to validate ideas, investment conditions, potentials. Sometimes it’s very fast, especially when you invest more in people than in ideas.

What do you think the next immediate stage of a start-up should be after a pitch?

I’m waiting for the start-up to come back to the questions with answers. They should share their assumptions and plans to validate them. I am also waiting for a plan of action such as what will they concretely do in the next 100 days after my investment.

We attended a pitch event

We attended the Bean Tree Capital event: How to pitch in front of investors. This event was carried out at The Irish. The speaker was Jovin Hurry, strategist for small enterprises, writer, speaker, mentor and coach on sustainability, strategy and entrepreneurship.

The way of how to best pitch may evolve with time, we were pleased to know that we are very well aligned.

Every pitch starts with a hook and that hook is a compelling story that catches the attention of the various stakeholders.

There are various online tools of how to pitch in front of investors or even customers.

If you want to get our version of a perfect pitch, stay tune! We will soon bring out a pitch event and an article. Let us know which one you prefer! Contact us on hello@turbine.mu with reference to this article. Also check out our event page for upcoming events, you will need to send us an email if you wish to participate. Many are reserved for Turbine’s Incubated start-ups.

Turbine has the pleasure to receive 20 years old Matina Razafimahefa, CEO and founder of award winning best social enterprise of Madagascar, SAYNA. The competition was organized by “l’Organisation Internationale de la Francophonie” in March 2018 and a Madagascar incubator, Incubons.

Matina is spending one week at Turbine as part of her prize, the aim being for her to know better the entrepreneurial ecosystem, meet key people and make partnerships.

We bring you her exclusive interview with Turbine!

1. Hey Matina, tell us about you and what best describes you.

I am a young Malagasy woman, student in sciences politics at Sorbonne and a social entrepreneur! If I have to choose 3 words to describe me, I would say : fearless, crazy and adventurous ! I love having new challenges, being out of my comfort zone and I am not afraid of the unknown.  I am passionate about meeting new people and knowing their story so that i can help them or learn from them.

2. Tell us about your start-up, SAYNA.

SAYNA means intelligence. I launched SAYNA in November 2017. However, SAYNA has been on my mind since 2013  when I discovered the educational system of France, which compared to Madagascar, is free and of great quality. Back then, I thought that being a woman and that too so young, I cannot do this project. I changed my mind last year when i met Emma Rosman who built the Welcome app which helps immigrants to find jobs, friends and family in Sweden, who also happens to be young and a woman. Inspired, I decided to go for my dreams and launch SAYNA. I am so happy I did. Sometimes, just a single step and a little encouragement lead you to dare and break barriers.

SAYNA help young people rise out of poverty by training them to be a web developer. We have 12 students finishing their 4 months intense training this week. They will each be joining a company, notably Acces Bank, La Star, Axian, P4H among others.  We have 12 more trainees joining us as from Monday 18th June, pre-selected by the companies who will be recruiting them. The company pays for their training,  which is 800 Euro per student, the most affordable code training in Madagascar.
SAYNA has educational partners such as the Hacking Project and hopefully very soon Simplon, who train the students at our premises in Madagascar.

SAYNA exists because I want be part of that generation that will make this world a better place and provide better quality education.

3. Tell us about the competition you won.

I am here in Mauritius and  at Turbine because SAYNA won the competition of the best social company of Madagascar 2018 awarded by the « International organization of Francophonie» and « Incubons » a local incubator in Madagascar. Out of 30 projects, only 10 reached the final destination; the pitch. SAYNA came out as a star project. Check out the sneak peak of the award night here.

4. What brings you to Mauritius?

The prize was a business trip in Mauritius with Turbine so that I will be able to meet new clients, build new partnership and help create a good atmosphere of collaboration in our beautiful region, the Indian Ocean!

The things that I want to achieve here is simple : have new clients and partners  & give the opportunity to the Mauritian firms to have a huge social impact beyond their borders by working with our students !

How is your journey in Mauritius so far?

It is totally crazy. I am meeting interesting people, potential big clients and partners. Turbine is really an incubator with a vast network. They planned all my visits, gave me contacts, invited me to their events and even gave me a Mauritian welcome lunch!

Turbine is really such a beautiful place, the atmosphere is so fun yet productive. People here are so helpful, constructive and amazing.  One week here is too little. I am coming back for sure!

What is your vision of SAYNA?

I want to see SAYNA grow and have 10,000 digital workers all around the world in the next 6 years.

A tip?

Yes! Imagine what you would do if you get an unlimited credit card? And when you know what you would do, set your goals, plan, find the ways to achieve your goals and just go for it!

The Turbine had the chance to host Dasha Kelly Hamilton, American spoken word artist and social entrepreneur though a fabulous event organised by the US Embassy!

With Dasha’s guidance, we learned tools to use our creativity in exciting and productive ways. Thanks to an imaginative and empathetic group of participants, we could come up with new ideas by going out of our comfort zones.

We were quite impressed to see how newly formed teams could draft comprehensive solutions to tackle civic, economic and social challenges!

At Turbine, we hope to keep contributing to connect creative people from different industries to build collaborative communities of entrepreneurs who will make Mauritius, the region and the world a better place!