10 Startups Selected For The Inaugural SLA Accelerator

Earlier this year we kicked off the first ever She Leads Africa Accelerator Program. In partnership with the Work in Progress! Alliance (VC4Africa and Oxfam) and Guaranty Trust Bank we set out to create a 3-month accelerator program designed to identify, support and fund the next generation of Nigeria’s brightest female entrepreneurs. The SLA Accelerator received applications from over 120 startups from across Nigeria. The selected entrepreneurs were evaluated based on their traction and progress in the market, management team and vision to grow and scale across Africa. The selected businesses are: Fresh Direct Produce and Agro-Allied Services – An eco-friendly social enterprise that produces premium organic produce through hydroponics and community action. DeliveryBros – Helps you save time and stress through pickup and drops from the market to your house or office. Medsaf.co – Solves the medical industry’s procurement problem, by providing a technology enabled distribution solution resulting in transparency and simplicity. Koko’s Kitchen – An indigenous brand of confectionary dry mixes specially tailored to suit the taste buds and pocketbook of the quintessential person on the go. Bubble Tii – Bringing the Bubble Tea phenomena to Africa. Shuttlers – Enables professionals to access comfortable and efficient transportation to and from work using seat matching technology. Keek’s – Designs tailored weight loss packages for busy women who want a plan that is both effective and simple to implement. Art Splash Studio is a virtual art studio offering a social art experience through our Paint Nite painting classes hosted at different venues in Abuja. Paint, eat, and sip on cocktails while you create. Our instructors will guide you. So bring your friends and let’s have an art party! BathKandy Co. – Creates sumptuous dessert-inspired beauty treats for women who crave the finer things. Independent Personal Assistant (iPA) – Provides strategic virtual assistance to high-level executives across Africa. We take care of the mundane while you focus on what matters. SLA Accelerator participants will spend the next three months working on their business strategy and growth, while networking with investors and potential partners. Experts and program mentors include Chudi Amu, Vice President of Investment at Verod Capital; Shirley Somuah, Investor at Cardinal Stone Partners; Seun Abolaji, Creative Director at Wilson’s Juice Company; and Tunde Kehinde and Ercin Eskin, Cofounders of ACE. The entrepreneurs will have the opportunity to pitch their businesses at an investor Demo Day in October and compete for N2 million investment from She Leads Africa along with other business support services. Congratulations to all of the selected entrepreneurs!
8 things we learn from the acquisition of Kenyan beauty brand, SuzieBeauty

In 2011, Suzie Wokabi, founder of Kenyan cosmetics brand, Suzie Beauty, said the following about her vision for her brand: “My dream is to turn SuzieBeauty Limited into a household name for everything beauty on the continent, and internationally. I want to become the MAC of Africa!”. Six years before that, she had returned to Kenya as a trained makeup artist looking to stock up on goods. She faced a number of challenges such as not being able to find the high quality brands she was used to. Where she was able to find them, they were often unavailable, overpriced, or counterfeit. So in 2009, Wokabi launched her own local brand. Seven years later, she is in reach of the vision she set out for her company. On January 25th, 2016, SuzieBeauty announced that it has been acquired by regional manufacturing company, Flame Tree Group, pending approval of the competition authority. Suzie said the following about the sale of her company: “For me this is the biggest milestone so far.” Wokabi explained, “with the resources at Flame Tree Group, SuzieBeauty will likely expand its range to include skincare products such as cleansers, moisturisers and eye creams. There will also be investments into better distribution and marketing. In the long-term, production could be moved from China to Kenya”. This wife, mother, daughter, and entrepreneur is trailblazing the way for other Motherland Moguls. There is so much to learn from the successful sale of Wokabi’s company. We’ve narrowed it down to just 8. 1. Do your research In choosing to start a beauty brand, Wokabi did extensive research on the Kenyan beauty market. In an interview with How We Made It In Africa, Wokabi said the following: “My research shows that the development of products to fill our specific market needs has the potential of becoming a big and profitable business.” She also did extensive testing of her products in the market before launching her business. She developed her product line and spent a year of testing on the market before launching in 2011 and beginning retail operations in 2012. 2. Choose to work in your passion Wokabi once said, “If I did not completely love everything about SB and the beauty industry, I would have given up a very long time ago. I now understand why most startups fail. When you don’t have the passion and everything is an uphill battle, it becomes so easy to quit.” 3. Dream BIG From the start, it is clear that Wokabi had a strong vision for her company and brand. From her early interviews before the launch of her product line to more recent ones, the vision has always been, as she said, to “distribute Africa-wide. The sky is the limit”. 4. Know your magic While strong on quality products, Wokabi has said time and time again that the affordability of her products is what makes her competitive in the local and international market. When she was asked if SB stand out in the midst of international beauty brands that had recently entered the Kenyan market? She responded, “None of them will ever beat me in price. The whole point of SB is the affordability of quality beauty products.” 5. Get help in your weak areas Wokabi says she knew nothing about business prior to her endeavor. She has especially struggled with financials, an area her husband has supportive in. 6. Learn from your mistakes While successful, Wokabi has never shied away from the mistakes and mishaps in her journey. After some false starts with partners, Wokabi made sure to engage differently with future partners. She explained: “We have had so many bad partnerships. We have had both equity partners and debt investors. There were just too many mistakes made. We were very particular about this one. This time we didn’t make any mistakes – and it feels right, completely.” 7. Engage with investors and finance partners who understand your company and your vision While in talks with Flame Tree Group, Wokabi was in talks with other potential investors. She had this to say about Flame Tree Group: “The chemistry has always been right from the beginning. So any challenges we ever came across, we would fix together.” Flame Tree Group CEO, Heril Bangera, also had this to say, “We want to increase the brand’s presence in the market. We have seen the brand is successful, so there is an opportunity now to use that as a base to grow it within Kenya and beyond.” 8. Knowing that someone did it helps Wokabi often mentions her role models, Bobbi Brown, in interviews. Bobbi Brown was an American professional make-up artist who founded Bobbi Brown Cosmetics. Estée Lauder, the America beauty products giant, bought the brand in 1995, with Brown retaining creative control. Wokabi will similarly retain creative control of SuzieBeauty. We wish Wokabi, SuzieBeauty, and Flame Tree Group much success in their new venture. What other insights have you learned from this acquisition? Share them below.
Webinar with Andrea Barrica: The Do’s & Don’ts of Investor Pitching (Feb 2)

Don’t miss another event! Join our community and always stay informed. [vc_row][vc_column][vc_custom_heading text=”RSVP for the webinar” font_container=”tag:h2|text_align:center|color:%23ffffff” use_theme_fonts=”yes” link=”url:https%3A%2F%2Fplus.google.com%2Fu%2F0%2Fevents%2Fcdig7e0ir5ci7h33r7napcvkts8||target:%20_blank” css=”.vc_custom_1454250856561{border-top-width: 2px !important;border-right-width: 2px !important;border-bottom-width: 2px !important;border-left-width: 2px !important;background-color: #d1d1d1 !important;border-left-color: #d1d1d1 !important;border-left-style: solid !important;border-right-color: #d1d1d1 !important;border-right-style: solid !important;border-top-color: #d1d1d1 !important;border-top-style: solid !important;border-bottom-color: #d1d1d1 !important;border-bottom-style: solid !important;border-radius: 4px !important;}”][vc_column_text]If raising capital from an investor is one of your top business goals for 2016, then you need to join us on February 2 for a special webinar with an experienced entrepreneur and venture partner from Silicon Valley. Some of the questions we’ll cover: At what stage in your business should you be looking to speak with investors? How long should your business pitch be? How can you find investors interested in your business? Do you need a professionally designed pitch deck? About Andrea Barrica: Andrea Barrica is a Venture Partner at 500 Startups, a global seed fund and accelerator for early stage startups based in Silicon Valley. She was previously co-founder at inDinero, an accounting and taxes software solution where she led the team to the first $1M in sales in 10 months. Andrea was a guest trainer at She Hive Lagos and coached our bootcamp participants on effective pitching and is excited to work with the SLA community again. RSVP for the webinar here. Make sure you’re part of our community to get access to more upcoming events and programs. Want to learn more about preparing for pitch events and competitions? Read our article on 4 things you must have to be pitch perfect.[/vc_column_text][vc_custom_heading text=”RSVP for the webinar” font_container=”tag:h2|text_align:center|color:%23ffffff” use_theme_fonts=”yes” link=”url:https%3A%2F%2Fplus.google.com%2Fu%2F0%2Fevents%2Fcdig7e0ir5ci7h33r7napcvkts8||target:%20_blank” css=”.vc_custom_1454250918263{border-top-width: 2px !important;border-right-width: 2px !important;border-bottom-width: 2px !important;border-left-width: 2px !important;background-color: #d1d1d1 !important;border-left-color: #d1d1d1 !important;border-left-style: solid !important;border-right-color: #d1d1d1 !important;border-right-style: solid !important;border-top-color: #d1d1d1 !important;border-top-style: solid !important;border-bottom-color: #d1d1d1 !important;border-bottom-style: solid !important;border-radius: 4px !important;}”][/vc_column][/vc_row][vc_row][vc_column][vc_video link=”http://www.youtube.com/watch?v=WGA7ZMH0vBk”][/vc_column][/vc_row]
Quick Read: Your 1 minute guide to startup financing
You already know that it takes more than a stellar business plan and an ace team for your startup to thrive. You also need financing to get your ideas off the ground. COLD. HARD. CASH. But what type of financing is available for me, you ask? Well, you have 3 options: 1. DEBT FINANCING Your company receives a loan and gives its promise to repay the loan. It includes both secured and unsecured loans, and can be long-term or short-term. Pros: You aren’t giving away any part of your business. Cons: Defaulting on the loan = signing your life away. 2. EQUITY FINANCING Your company obtains finances from potential investors, family and friends, business angels or by issuing an Initial Public Offer (IPO). Pros: You are not obligated to pay a dividend Cons: Equity finance generates capital from external investors in return for a share of the business. 3. MEZZANINE FINANCING This is a combination of both debt and equity financing. It begins as debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. This type of financing allows the owner both debt and equity options. Pros: Allows you to get the money you need without giving up a huge chunk of your company’s ownerships…as long as you pay your debt on time. Cons: Interest rates are much higher than traditional debt financing. Want to learn more about financing and savings options for your business? Visit PAL Pensions to learn more about their unique products for young entrepreneurs.