Thoughts on Meet the Toshikas

Q1. Why did you apply for Meet the Toshikas?

We were drawn to this program for several reasons. Firstly, the investment readiness component was crucial for us. From day one, we knew there was a personalized investment readiness program, which is key for our Angolan startup. Angola has often attracted negative press and essentially zero funding. My work involves promoting Angola and putting it on the map, as there are no real comparable companies in our country.

Collaborating with institutions like Double Feather and the UNDP helps us create a strong foundation for fundraising. They assist us in understanding what investors look for, including key KPIs and all aspects of investment readiness. Additionally, connecting with potential investors interested in the African market is invaluable.

Moreover, the program offers more than just financial support. The experience of investors who have invested across geographies and seen companies like ours can provide invaluable advice. This expertise is worth much more than just monetary investment.

Exposure to international funds and organizations is another significant draw. Learning best practices and quantifying our social impact initiatives, such as our Women for Women driver program, is essential. We've faced challenges in hiring female drivers, and now that we have our first female driver, we want to structure this initiative better with the support of experienced partners like the UN.

Lastly, we were pleasantly surprised to discover how active Japanese investors are in Africa. Many Pan-African funds, including Double Feather Partners and Mobility54 from Toyota, are investing across the continent. Understanding the investment criteria of Japanese investors and fitting into their mandates is important for us, as their experience and potential funding are highly valuable. These factors collectively attracted us to the program.

Q2. You will be provided with a 2-month intensive Investment Readiness Support Program, what business-related issues do you look forward to address?

For us, a key focus right now is on scaling. We have done a lot of work, gone through trial and error, and now that we have a strong base and things that work, we really want to scale efficiently and properly. There are certain things we can handle ourselves that we already know, but we need guidance on:

• Targets for Growth: What should our growth targets look like? How do we balance efficiency and growth?
• Growth Strategies: What does growth actually mean for us? Do we need a growth officer? What would their role be?
• Retail Locations: Should we have more retail locations? What are the best strategies for expansion?

We believe that people with experience investing in startups, especially those that provide asset financing at scale, can advise us on what works, what is efficient, what isn't, and what common pitfalls to avoid. And this we look forward to in this program. 

If you were to ask where we need the most support, it’s really in the scaling phase. We need to think through what it looks like to set out a solid plan to scale and then follow that plan. We are at a point where we are ready to take on funding, and we understand that funding is like rocket fuel - if the rocket is unstable, it explodes. We don't want that; we want to be super-efficient and continue our focus on excellence. So, the more support we can get in the scaling phase, the better.

Q3. You will be attending a 1-week roadshow in Japan with an opportunity to secure investment and build partnerships - what are your expectations?

For us, it's really important to get as much exposure as possible to Japanese companies that are investing in Africa or have a presence in Africa in some way. This could include companies with operations in Africa, like Toyota, for example, which clearly has experience and involvement on the continent. Connecting with stakeholders like that is key. Potential partners are the biggest thing I would look for, but even those who aren't potential partners can serve as valuable advisors.

Investors are obviously a key focus. We believe that good investors will support us with their experience and insights. We already have some high-quality investors and angels who bring a lot of value by believing in our vision and supporting us with their advice. Japan presents a massive opportunity to meet people in person and create these connections.

I'm also super excited to meet with other startups. I would love to have some time organized where we can just chill, talk, and share experiences to see how we can help each other. For instance, another startup selected in Angola is doing food delivery, and we've already met several times to discuss how we can work together to grow the ecosystem rather than compete against each other. Collaborating on a pan-African level with startups from South Africa and Zambia would be a dream come true.

I hope to leave Tokyo with a strong base of contacts for future partnerships, potential investors, and a network we can reach out to. This will allow us to keep building and start tapping into those connections.

Q4. How did you find the selection process and the events so far, what sets you apart, any learnings?

The selection process was overall excellent and very professional. Communication was smooth, although there was some anxiety due to the anticipation of the results. It would have been helpful to have clearer timelines to manage that anxiety better.

However, if I were to point out one area for improvement, it would be the initial application process. It was quite lengthy, with around 60 questions and relatively high character limits. This made it time-consuming, and I found myself repeating information in some sections. If the process could be streamlined by bundling similar questions and setting tighter limits, it would force applicants to be more concise and focused, eliminating unnecessary fluff.

Despite the length, the detailed application had its advantages. For example, we now have a comprehensive FAQ sheet about our company that we created by repurposing content from the application. This has been beneficial for various purposes.

In terms of learnings from the programs, the detailed application process forced us to think more critically about our business and articulate our value proposition clearly. This clarity has been valuable in refining our pitch and understanding our business better. Additionally, the exposure to potential partners, advisors, and investors has been invaluable, as their insights and support are crucial for our growth and scaling plans.

For what sets us apart, I think it’s about the clarity and thoroughness of our work. When we got selected and were presenting, it became evident that we stood out because every part of our presentation was meticulously thought through. We had rehearsed and refined our content countless times, so when questions were asked, we had immediate, well-prepared answers. This preparation made our responses second nature. In contrast, some presenters seemed less polished and hadn't nailed down key aspects like market sizing, partnerships, and financials. This level of preparedness is typically a reflection of startups that are more mature and have undergone significant refinement.

Q5. How different is MTT from other accelerators and incubation programs you’ve participated in?

I think the key point would be, and what I would also advise for the future, because we really like it, is how tailored it is to the startups that are selected. The fact that it's a smaller program, selecting 2 startups from a country, 6 in total, creates a small cohort. We've participated in other programs, where there are more startups at various stages of readiness. This can make it difficult to share experiences and build partnerships because not everyone is at the same level of development.

The biggest difference in the Meet the Toshika's program is keeping the cohorts small, which allows for a more personal approach and deeper dives into specific issues. In bigger cohorts, this level of engagement is harder to achieve. The benefit of this program is not just learning standard things like creating a data room, which you can Google or YouTube, but engaging with experienced people who dedicate time to you and the other startups. The focus and attention given to each startup are what set this program apart.

Q6. Any advice for future applicants to this program?

My advice to future applicants is to ensure that you have a tangible product and some proven traction before applying. The startups selected for the program were not in the idea stage; they had some form of a product and measurable progress. It's crucial to have numbers that back up what you're doing, but it's not about having astronomical revenue figures. Instead, focus on demonstrating a solid foundation and using available data to support your claims and justify your business's potential.

Be succinct and clear about your business, what it does, and where it's heading. This clarity will be key in making your application stand out. Make sure you can effectively communicate your vision and the rationale behind your strategies. Being precise and thoughtful in your application will significantly improve your chances of being selected.

Q7. Do you have any final words for people who are interested in startups in Africa including Japanese investors and corporates reading this article?

For investors, I would say there is a very young growing population with a promising demographic dividend that everyone is looking. And I think what they should be looking at is what startups are going to benefit from in terms of scaling and eventually becoming a Unicorn. 

Again, looking at startups across different sectors, you will see high-quality founders that by investing a little bit more time and supporting them through their journey, providing the opportunities will go a long way. 

Africa is the base and the frontier for growth. I am 100% positive that it will be a success.