Mentor Driven Capital in Zambia
The Value of Business Angel Mentorship to the Startup Ecosystem
There has been an increasing number of entrepreneurs across the continent who have wholeheartedly invested in their respective ventures and are keen to expand their operations. In order for entrepreneurs to get their fair share in the industry, they need to look at investment at a broader view. The entrepreneurship journey can be a daunting one, most founders do not have the industry expert experience to make impactful decisions to grow their businesses while they also grow themselves. It is this reason that makes it necessary for entrepreneurs to engage business angels who can share their expert knowledge and experience.
As the Venture Capital for Africa (VC4A) guide to mentors handbook indicates- “Where any startup requires cash to operate, it is the application of capital in smart ways that secures a greater impact and return on investment.”
One smart way of applying capital is through recognising the value of mentor-driven capital that provides hands-on support to meet an entrepreneur’s business needs.
As BongoHive, we are happy to be implementing partners of the VC4A mentorship programme where mentors with various industry experts are recruited, trained and matched with startups who can benefit from their individual skills.
Highlights of the 2020 Mentor Driven Capital Programme
On February 15, 2020, we hosted the Mentor Driven-Capital Bootcamp where we trained 14 mentors who are specialised in Law, Strategic Planning, Business Performance Development, Digital Marketing, Finance and Human Resource Advisory, among others. The program also brought together 14 startups who met the mentors they were matched with.
The programme kicked off with a morning session where the VC4A moderators run the mentors through an Introduction To Mentor-Driven Capital session by highlighting topics such as why mentor a startup and four building blocks of a strong mentor-mentee relationship, among others.
This was followed by a session from BongoHive’s Executive Director on How to Prepare Mentees for Corporate Partnerships. In this session, the mentors were enlightened on the importance of corporate partnerships with startups and brought them to the realization of why corporates are looking for partnerships with startups. Insights were also shared on how mentors can assist their mentees with this process in practice.
Jito Kayumba, a partner at Kukula Capital led a session on Starting To Think Like An Angel Investor. This session was aimed at placing mentors in a position to step into the shoes of an investor. The session also highlighted how to assess the readiness of a company to fundraise based on factors such as the market, team, competitive advantage and scalability.
The afternoon sessions brought the mentors and the startups together where mentors met face to face with the startups they were matched with. The startups had conversations with their mentors around their businesses; laying a basis for the next 3 months of mentorship.
“ Apart from guiding me as an entrepreneur, my mentor and I have developed a more personal relationship and he has opened up opportunities for me.”
Komeki Songwe — Co-Founder at Teejays Tech
My experience with the VC4A Zambia Mentor -Driven Capital Programme as a VC4A Mentor and Start Up Cup of USA Certified Business Mentor and Coach has been so stimulating and satisfying on my part as I have had an opportunity to provide mentorship to a Zambian truly innovative and enterprising individual- Annaniah Sakala who is the founder and ideator of a business called SMARTZED on its journey to providing smart digital solutions in reading English and Science to the grassroots communities of Lusaka to enable learners to pass their junior grade Examinations Council of Zambia examinations. Simply thrilling experience and looking forward to similar assignment.
Christopher Chilongo-Zambia Institute of Marketing
The mentors have dedicated four hours of their time every month to build a pool of guided entrepreneurs who are ready to maximise their ventures.
Are you interested in unlocking startup opportunities? Apply for the next VC4A Mentor-Driven Capital programme here.
