Need to support early-stage entrepreneurs – CEO of Venture Capital
Mr Daniel Duku, Chief Executive Officer of Venture Capital Trust Fund, has observed that job creation and economic prosperity in Ghana would depend on efforts of the next generation of entrepreneurs.
He called for the initiation of measures to promote early-stage entrepreneurs and said: “I believe initiatives such as Ghana Angel Investor Network (GAIN) and its efforts will change the landscape of Ghana’s startup ecosystem by creating the environment for early-stage entrepreneurs to have access to capital, mentoring and networks.”
Mr Duku made the observation in a statement issued in by Ghana Angel Investor Network (GAIN) at the end of its first Business Pitch Session in Accra.
The Pitch Session was attended by members of GAIN, referred to as Business Angels.
GAIN is a high-powered network of successful entrepreneurs and business executives, who have made their mark in business and have the strong passion to grow new ventures.
The entrepreneurs, who were nominated through a robust selection process by the GAIN Secretariat, pitched their business ideas to the Business Angles in a bid to source equity capital to start their business.
The Business Angels made investment decisions on deals presented, based on their individual assessment of the growth and scalability potential of the business.
The Pitch Session is no small battle, but entrepreneurs, who are successful at closing an investment deal with Business Angels, will also receive significant non-financial support including green channels, strategic networks, technical support, and nurturing from the Investors and the GAIN Secretariat.
Mr Percival Ofori Ampomah, Officer-in-charge of GAIN at the Venture Capital Trust Fund, said: “Access to capital for early-stage companies is one of the major challenges for startups and aspiring entrepreneurs in Ghana. However, through the efforts of GAIN, access to capital can be increased tremendously.
“We expect this to translate into the formation of more high-flying businesses, creation of jobs, and the expansion of economic activity for the country. More importantly, GAIN brings renewed hope for Ghana’s unemployed graduates, who have limited opportunity to secure formal jobs due to the rather smaller size of the formal sector.
“Entrepreneurs, who succeed at closing a deal with investors can be assured of world-class mentoring and an armoury of support from investors, as well as GAIN Secretariat and its corporate partners, which include the Venture Capital Trust Fund. We want to make sure the possibility of success is increased exponentially for these startups”.
GAIN is a network of Angel investors with passion for investing in early-stage businesses with significant growth prospects and the potential to generate superior returns.
GAIN was founded by the Venture Capital Trust Fund and launched in September 2011.
Source: GNA