IN PICTURES: Funding talks at Riversands Incubation Hub
RIVERSANDS – Funding language helps business hopefuls.
Acquiring the knowledge that the funding landscape possesses was the order of the day for entrepreneurs at the third annual FundEx at Riversands Incubation Hub.
According to Jenny Retief, chief executive officer of Riversands Incubation Hub, “This year’s programme provided insights that went far deeper than what was generally available and kept it real by emphasising the need for entrepreneurs to have sound financial records and a good team when seeking funding.”
Taking place on 16 August, the day had a range of funders from angel investors through to international development funders, crowdfunding platforms as well as more traditional mainstream banks and other institutions to help entrepreneurs see the different funding options available to keep their business afloat.
Emcee of the expo, Andile Khumalo advised the audience on validating the business model before applying for funding. “Funders are taking a risk with other people’s money, so it’s important to start with your own money to prove the business concept. No funder will provide cash for an idea. When the concept has been proven, it reduces the funder’s risk.”
The one-day event featured two-panel discussions as one had funders and the second with entrepreneurs who have successfully raised money to grow their businesses.
The funders stressed the importance of an entrepreneur cultivating a good relationship with the funding institution to enable them to view the application in context. Founder of angel investors, Jozi Angels, Abu Cassim shared that they tell their clients they need knowledge, networks and capital and that the organisation builds businesses together with their clients.
According to operations manager for FinFind Alice Leah, the online platform matches seekers of business finance with suitable funders and outlined the mechanics of the service. She explained that the platform carried over 450 SME finance offerings from both the public and private sectors and also offers a number of other services to entrepreneurs.
Other speakers included David Morobe from Business Partners, Dr Nthabiseng Legoete, founder of Quali Health, Altaaf Aboo from Edge Growth, Nedbank’s Regina Gounden, GroFin’s Trevor Conradie and Vije Vijendranath from Tapsnapp, which also attracted funding.
ProfitShare Partners’ chief executive officer, Andrew Maren explained that the company was established with the aim of becoming a disruptive funder in the SME space and guarantees a very quick response based on a questionnaire for start-ups. “We bridge the gap between formal and informal funders and fund bankable transactions between R250 000 and R5-million. Everything is done online.”
