Thoughts on Meet the Toshikas

Q1. Why did you apply for Meet the Toshikas?

One of the main reasons we applied to the Meet the Toshikas program is that we already have a few Japanese investors in our company. We saw this program as a great opportunity to attract more Japanese investors, given their long-term view on capital. Unlike some angel investors who seek immediate returns, Japanese investors are often more patient.

We realized that Japanese investors are familiar with the problem we're addressing because of Japan's emphasis on education and the need for immediate employment after university. This issue resonates with them, making it a relevant and understandable concept.

Additionally, the program's focus on Sustainable Development Goals (SDGs) was a key factor for us. Although we are a for-profit company, we are a social enterprise at heart, striving to contribute to these goals. Being recognized by the UNDP as a startup that aligns with their SDGs adds significant credibility to our mission.

Having the UNDP's endorsement not only enhances our credibility but also reinforces the impact we're aiming to make. This recognition, along with our commitment to the SDGs, influenced our decision to participate in 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?

Two big issues:

First, we would like to improve our operations, administrative, and financial management. We need to build better systems for these aspects. Part of the investment readiness process is to help us develop these systems. 

Second, we are concerned about valuations. It’s difficult to determine the right valuation method for a startup like ours. There are various methods such as DCF, revenue multiples, Berkus methods, and comparative valuation, but it's unclear which one is appropriate for our stage—whether we are seed, pre-seed, or post-seed. Often, investors will ask for our valuation and then propose their own, making it crucial for us to confidently understand and justify our valuation approach. We hope that investment readiness will provide us with the tools to determine our valuation confidently and engage in informed discussions with investors. While DCF might not be suitable for us due to our current stage, having a solid methodology and expert guidance will help us present a well-supported valuation to potential investors.

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

Firstly, I'm excited to go back to Japan. It's my favorite country in the world. It was a place ai learned how to run a start up. So, I'm really excited to go back for that.

I'm really keen to see how the ecosystem has developed since then and how we at Jobox can explore different opportunities within it. Jobox can thrive anywhere there's a university, students, and businesses. That's all we need. So, what can we do to expand there?

The networking opportunities with other startup founders will be invaluable. Having fantastic founders in your network is crucial. The quality of any program I've been on isn't determined by the program itself but by the founders involved. I'm eager to spend a week with these founders and learn from them. Some of their profiles are impressive, and I'm excited to see what knowledge they can impart.

Q4. How did you find the selection process and the events so far and what do you think sets you apart?

Starting with the forms - I think completing the forms was okay. There were a lot of questions, but I think it’s a standard procedure. What I really enjoyed personally was the bootcamp. I loved it. Especially when we were doing the pitching – Pitching together in the room with other founders and giving each other advice and helping each other– it was really fun. 500 startups did the similar thing, and it was interesting. For future reference, try to have more in person engagements.

Workshops from Grindstone were really good, especially the ones on finance. Because they were asking things that I don't really necessarily ask myself on a day-to-day, like what is Jobox's LTV? So, getting that kind of advice and stuff was like really, like really cool.

In terms of what sets us apart. I asked myself the same question – why did they pick us? I think its more about our team - I think the team really stood out to them and how we knew our stuff. Also, I think during the bootcamps and the workshops we were quite interactive and engaging.

Also, I think, and I feel this every single day of life, that we are trying to solve a very difficult problem to solve – youth unemployment – 58% of the youth here don’t have a job. It’s huge, it’s hard. And I think they kind of saw that we were very passionate about solving this problem And I think that kind of like came through like this is a problem that needs to be solved. We have no right to solve it. I'm, I'm not an HR, and there's not a single person on my team who comes from an HR background.

Q5. What have you learned so far from the MTT program?

I think one valuable experience, which might seem counterintuitive, was the office factory visit and the subsequent session. There, I truly saw and appreciated the level of detail involved. The questions asked showed that they had thoroughly reviewed the documents and application; they weren’t just asking superficial questions but delving into the nitty-gritty of our work.

This experience was a major highlight for me because it taught me how to unpack my business in greater detail and how to communicate those details effectively. Now that we’re in the fundraising process, I realize how much that session has helped me. Many of the questions they posed are now part of my fundraising materials, and investors are impressed by the level of detail I’ve provided. I learned this from the Meet the Toshikas program.

Being able to articulate your business with such fine detail not only clarifies your own understanding but also earns respect from partners and investors.

Another particularly helpful aspect was the needs assessment process during the boot camp. It allowed me to step back from the day-to-day operations and view the business from a high level. This process forced me to evaluate the state of the business objectively, identifying where we were excelling and where we were falling short.

This exercise has been valuable, and moving forward, I plan to incorporate it into our routine, perhaps quarterly or semi-annually. It will help us assess our performance across various metrics, identify gaps, and develop plans to address those gaps.

Q6. How different is MTT from other accelerators and incubation programs?

It looks like the program is actually going to be tailored to our problems, which I think is quite unique. Many programs just offer a set of 12 workshops and wish you luck. But with this one, they had an onboarding session where they asked about our specific problems. Then, they said, "Okay, cool, we're actually going to help you solve your problems."

I don't want to sit through another design thinking workshop—I know what design thinking is. I don't need help with that. What I need is help sorting out my backroom operations. So, the fact that this is a very tailored program is pretty cool.

Q7. Any advice for future applicants to this program?

Definitely, they should apply to program. Honestly, if you're a founder and you're not yet raising million-dollar rounds, you need to apply to as many opportunities as possible. Just apply for things—you never know. Shoot your shot, guys. When we applied, there was no specific category for HR tech or Ed tech; we saw e-commerce and decided to go with that. Look where we are now.

If you do get in, the biggest thing you can do is show up and be present. Every time we had a session, my camera was on, I was raising my hand, asking questions, and setting up meetings beyond the normal schedule. For instance, when Yannick suggested monetizing universities, we spent the next three weeks setting up conversations and calls. Now, we have a university monetization plan even before the program ended.

So, be proactive in everything they do. Show up and participate. It's hard when you have a million other things going on as a founder, but when you’re there, just show up and engage.

Q8. Do you have any final words for people who are interested in startups in Africa including Japanese investors and corporates reading this article?

I would say across the board, African founders are some of the most hardworking and diligent people that you will find. And not to speak ill of other founders in developed and mature markets, but African founders are trying to solve real problems. We're not trying to optimize corporate spending by 2% or something like that. We’re trying to address real, significant issues—problems that people in developed markets often take for granted.

Many African founders could have comfortable corporate jobs, but they’ve chosen to take big risks to solve big problems. We do this every single day. We wake up in the morning and tackle these challenges. I believe African founders are some of the best in the world. The only thing we need is for more people to believe in us.