THE HUNT IS ON to find entrepreneurs who need financing to grow their businesses.
With funding recognised as one of the key challenges to establishing and developing an enterprise, the Trident Angels investor network, which operates under the Barbados Entrepreneurship Foundation (BEF) umbrella, is looking for “ventures that have the potential to grow and create value”.
Last month, the BEF announced that interested entrepreneurs, who could benefit from between $10 000 and $2 million in financial assistance if selected by the seasoned group of business people, could submit proposals up to March 31. It was also announced that coaching is provided to the entrepreneurs selected to pitch at the investor meeting in June.
However, the opportunity does not end there. There will be two further application rounds ending on July 31 and November 30.
According to the call for proposals document, The Trident Angels meet quarterly following several stages of review in order to make their funding decisions.
“The amount of money invested can vary from $10 000 to two millions depending on the number of investors interested and the type of business. Some angel investors will invest cash into the business through different rounds of funding provided that the company meets certain milestones,” it stated.
“The network members are successful business leaders across industries. They operate within predetermined guidelines and ethics but actual deals are negotiated independently by the investors and entrepreneurs on a deal-by-deal basis.”
The Trident Angels initiative was officially launched nearly a year ago. An angel investor network is typically a group of successful entrepreneurs and high net-worth individuals who are interested in investing in startup/early stage ventures which have the potential to create value.
Outside of money, an angel network “provides constant access to high quality mentoring, networks and inputs on strategy as well as execution”.
The BEF’s Trident Angels network includes 30 experienced business leaders. In order to access the financial support, interested entrepreneurs will have to satisfy various criteria. This includes demonstrating “strong integrity and a clear desire to learn which translates into a willingness to give up some amount of ownership and control of the company”.
This is in addition to having a product/service that was developed or near completion, and having existing customers or potential customers “who can confirm they will buy from you”.
The recipient of funding must also have a company that “is likely to realise significant revenues and earnings in the next five to seven years, and produce a return for investors”. (SC)
