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Norris Krueger

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Dr. Norris Krueger talks to everyone, especially people on the “elevator.” He believes networking is key when growing a business.

What’s your story?
I’m a recovering Caltech physics major and tech entrepreneur, who turned into a leading entrepreneurship academic. I’m now an ecosystem builder and experiential educator. I spent the last 15 years in glorious Boise, Idaho while getting to travel and speak at various events across Idaho. I’m a senior subject matter expert for OECD and EU on entrepreneurial learning and on entrepreneurial ecosystems.

What is your involvement with Investment?
Today, I’m primarily coaching and mentoring entrepreneurs but I started out with an investment banker focus on portfolio strategy and forecasting.

How did that come about?
I went to grad school to study forecasting and got recruited by Ohio State’s chair in entrepreneurship, the legendary Al Shapero. I interned with a local VC firm. Soon I was immersed in a semiconductor production equipment startup, helping my technical cofounder by revising his 200 page business plan [back when business plans were a thing] to something readable. That landed a key angel investor. I kept critiquing business plans with a certain knack of finding the fatal flaw. I returned to academe, building an entrepreneurship program that won 6 national and 2 global best practice awards. Now I help entrepreneurs to grow.

What are some of the key things you have learnt about Investing?
The need to educate both sides. I am not terribly amazed when entrepreneurs simply do not understand how to purse money (and when) but I am often amazed by veteran investors who also do not understand the process as well as they should. Moreover, many other key players in the entrepreneurial ecosystem are also under- and ill-informed. Simply educating everyone on what makes entrepreneurial investment work for all concerned, is something that we all need to do more of.

What mistakes do you see less experienced investors making?
“Never confuse brains with a bull market.” Something I learned in equity markets applies equally here. A successful investment need not mean I’m terribly smart. I see veteran investors always rethinking their methods. In short, we don’t learn from our mistakes and we don’t learn from our successes – unless we work at it!

Similarly, the data on angels in North America suggests that it is all too easy to get hung up on trying for that 10X hit. Pushing entrepreneurs too hard is counterproductive. On the other hand, there is no shortage of US angels who seem to be playing at angel investment. There’s nothing wrong with having a lot of fun but you owe it to your investees to be serious.

What mistakes do you see Entrepreneurs making?
Biggest mistake, not bootstrapping. Getting outside equity may be sexy and growth accelerating but was it worth giving up equity early? (Inc. magazine’s annual list of the 500 fastest growing firms always shows that almost all of them are bootstrapped.) Number two, not understanding that once you take someone else’s money, it’s not really your company any more. A close number three, why don’t entrepreneurs do their homework on the people helping them, whether mentors or investors?

What’s the best piece of advice you ever received?
Never settle for just one piece of advice? If I did pick one: “Always talk to people on elevators.” It’s not a cliche, you really can learn from everyone and you never know who they know. It’s no longer “6 degrees of separation from Kevin Bacon”, it’s more like 3.

What advice would you give to those seeking funding?
DO YOUR HOMEWORK! On your customers. On your industry. On your mentors. On your investors.

Who inspires you?
The resilient. I’m persistent but am I just stubborn? I admire anyone I can learn from… and that’s pretty much everyone.

What have you just learnt recently that blew you away?
Changes daily! I follow many science/tech blogs and something incredible pops up almost daily. I read a great deal of science fiction in my younger days; now I’m living IN those stories. If I had to pick one: LIGO. LIGO is the Laser Interferometer Gravitational Observatory… The people who discovered/proved the existence of gravity waves. This is beyond awesome.

What business book do you recommend the most?
The one I write! Seriously, though, Peter Drucker’s 1993 Innovation and Entrepreneurship is one I give people. It’s a good place to start. Brad Feld’s 2012 Startup Communities is my other go-to gift book. But I’d also recommend the websites out there that curate the best stuff: the Kauffman Foundation’s entrepreneurship.org, Stanford’s EdCorner (videos galore), Alex Osterwalder’s Strategyzer.com.

Shameless plug for your business/organisation:
Nobody knows more about how to grow entrepreneurs, whether it’s by growing the entrepreneurial mindset through deep experiential learning or whether by growing a healthy entrepreneurial ecosystem that’s bottom-up and entrepreneur-led. There are plenty of people who know as much, though and, yes, some do know more; but many are my friends and I know almost all of them.. And I keep meeting new ones on the elevator!

P.S. I am also working with the incredible Joe Bonocore (4 Silicon Valley startups, 4 significant exits) and I am learning so much from him. Check him out on LinkedIn!

How can people connect with you?
Email: [email protected] or [email protected]
Phone/WhatsApp/WeChat: +1 208 440 3747
Skype: norris.krueger
My blog: http://bit.ly/NKblog2a
My presentations: http://bit.ly/NKpres

Social Media profiles?
LinkedIn: https://www.linkedin.com/in/norriskrueger/
Facebook: https://www.facebook.com/norris.krueger
Twitter: https://twitter.com/entrep_thinking

This article is part of the World Business Angel Forum media partnership with AsianEntrepreneur.org

If you would like more information about WBAF, please contact Callum Laing WBAF High Commissioner for Singapore. [email protected]

Investors

Georges Tchokoua

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Georges Tchokoua is connecting Africa’s fastest-growing entrepreneurs to global investors.

What’s your story?
My background is in statistical finance. I spent the early years of my career working in banking. After college in Paris, I started as a currency trader in London. After I graduated, I moved on to quantitative equity trading in New York, before going back to work as a financial engineer in London. I then decided to return to Africa to contribute to the economic development of the continent. After years spent in Morocco and in Cameroon, my home country, I realized, the majority of professionals are trained to be good employees, but there are not enough companies and jobs to absorb all these employees. I then went on to discover that, those venturing into entrepreneurship and innovation have limited access to coaching, mentoring, networking and financial resources. Upon relocating to New York, I started Africa Rising Invest. Our mission is to tap into the international marketplace from New York, in order to help unlock the entrepreneurial ecosystem in Sub Saharan Africa, and connecting the continent’s fastest-growing entrepreneurs to investors, globally.

What is your involvement with Investment?
Access to early-stage investment is still mystified in many Sub Saharan African countries. Though widely recognized as the main drivers of economic growth, innovation and job creation, SMEs in many cases still remain helpless when it comes to accessing finance. They are sometimes compelled to borrow short-term (3-5 years) at 15-20% from local banks or 25-30% from microfinance institutions. Many can’t meet the collateral requirements of local financial institutions.
Here is my message to SMEs: You have other options. I recently led a kick-off meeting between an SME credit fund and a West African manufacturer of plastic products looking to raise capital to scale up. In the same vein, we have signed MoUs with various institutions interested in investing in African SMEs. Finally, I am also an expert consultant with the United Nations Economic Commission for Africa (UNECA) for the capacity building program (including how to raise cheap capital to finance growth and the development of local content in the extractive sector), currently being implemented in five pilot countries.

How did that come about?
My tenure in Africa was a wake-up call. Over 95% of Africa’s economy is driven by SMEs and entrepreneurs. However, there are only 29 exchanges on the continent, representing 38 (out of 54) nation’s’ capital markets. Access to early-stage investments is nonexistent in most countries. Therefore entrepreneurs face many funding gaps during their journey. With few crowdfunding platforms, nascent incubation and acceleration centers and almost no technoparks, many are left over-relying on government grants. But these grants are limited. The amount of money in world capital markets are virtually unlimited. Thus, my partners and I founded Africa Rising Invest to connect entrepreneurs from Africa to investors from anywhere in the world. We hope to make it easier for young techies in Silicon Mountain (“Africa’s next tech hub”) in Buea and Cameroon for example, to seamlessly tap into resources coming from Boston or Singapore.

What are some of the key things you have learnt about Investing?
Humility is extremely important. Investing in general, and investing in startups in particular, is a continuous learning process. It’s very tempting to overestimate your startup selection skills and think you have a special touch. But remember, technologies evolve much faster than feedback loops in venture capital.

Artisanal gold mining – Shire, Northern Ethiopia

What mistakes do you see less experienced investors making?
Many less experienced investors expect a quick return based on good looking business plans forecasting profitable exits within 3-4 years. But behind every startup failure, there are good looking slides and spreadsheets. The reality is usually different. Angel investment is a long-term commitment.
Some less experienced investors invest in early stages with no additional capital for follow-on rounds. As the startup expands, it will require more capital. By participating in the subsequent rounds, it’s an opportunity to set the company valuation. Otherwise, as an early investor you will be diluted and end up in a position too weak to control the terms of the deal.

What mistakes do you see Entrepreneurs making?

  • Most entrepreneurs tend to think VCs invest in technology. Wrong. VCs invest in businesses and people they believe can deliver; they don’t invest in ideas and technologies. Your technology is only one of many critical elements required to build a successful business.
  • They tend to focus on what maximizes their ownership more than the drivers of enterprise value: Valuation, not your percentage of ownership is everything. You will have to be diluted if you want to raise capital.

What’s the best piece of advice you ever received?
Remember the last time you were preparing a presentation to speak before an audience. How long did you devote to polishing your body language and refining your voice as opposed to perfecting the words? Did you know, 55% of the meaning, people take away from any communication is based on body language, 38% on voice and only 7% on the actual words spoken? Mastering your communication skills, especially the three Vs of communication: Visual (what people see), Vocal (how it sounds), and Verbal (the actual words spoken) is key. To echo the President Gerald R. Ford, “If I went back to college again, I’d concentrate on two areas: Learning to write and to speak before an audience. Nothing in life is more important than the ability to communicate effectively.”

What advice would you give to those seeking funding?

  • Fundraising is a complicated process. Have a plan, arm yourself. Be open to listen and adjust. Invest in your financial education.
  • Research and diligence of your target investors, just like they diligently research you.
  • Summarise your info memo or your business plan in: (i) a 10-15 page presentation, (ii) a one pager, and (iii) a 2-3 minute elevator pitch. Investors usually don’t have long attention spans. It takes time and resources to read a 50 page business plan. You may not need it.

Who inspires you?
Tony Elumelu, a Nigerian economist, entrepreneur and philanthropist. He is the Chairman of Heirs Holdings, the United Bank for Africa (UBA), Transcorp and founder of The Tony Elumelu Foundation. The Foundation’s mission is to drive Africa’s economic development by enhancing the competitiveness of its private sector. As a premier pan-African-focused not-for-profit institution, the Foundation is dedicated to the promotion and celebration of entrepreneurship and excellence in business leadership across the continent, with initiatives such as The Tony Elumelu Entrepreneurship Programme (TEEP). I still vividly remember what he told me during the African Development Forum in Casablanca, Morocco last year: “African private sector has to be the generator of the continent’s economic development.”

What have you just learnt recently that blew you away?
The concept of agglomeration: This is a unique type of collaboration where a group of SMEs from the same or similar industries can join forces and list publicly on a global exchange. It is a huge opportunity for small businesses to grow faster through using the public markets. As a “co-operative of entrepreneurs,” it is a unique innovation that can be leveraged by African SMEs to leapfrog their development curve. It can be extended to lending, microfinance, nano finance and more. Cooperation and collaboration, not competition is a crucial concept in how we download and redistribute the limited financial resources available in this world. I am eagerly looking to source potential candidates on the African continent.

What business book do you recommend the most?
“From Business Cards to Business Relationships: Personal Branding and Profitable Networking” by Allison Graham. It is well known that your network is your net worth. Most professionals (including entrepreneurs) are usually not well equipped to take advantage of profitable networking. The whole process of attending events, getting business cards and building successful business relationships is an art, which can be intimidating if not mastered. It is almost never taught in schools. But how do you build that network? This book teaches you the practical way of realising your dreams by effectively connecting with the right people, at the right time.

Shameless plug for your business/organisation:
We are committed to helping the next generation of African entrepreneurs to access global finance and to scale their business to realise their vision. We structure innovative financial instruments suitable to our global network of investors. Sub-Saharan Africa is our market. The global financial marketplace is our capital reservoir. We are sector agnostic. Examples of startups we assist include the multi-award-winning EduAir (Formerly Kwiizi): An innovative solution designed to offer access to high quality digital education to schools and universities where there is no internet connection. The solution designs portable and open media libraries in the form of Boxes, giving access to a heap of educational content and offering an integrated communication system where learners can make video calls within the local network deployed by the Box.

How can people connect with you?
Website: www.africarisinginvest.com
Email 1: [email protected]
Email 2: [email protected]

Social Media profiles?
LinkedIn: www.linkedin.com/in/georges-tchokoua

This article is part of the World Business Angel Forum media partnership with AsianEntrepreneur.org

If you would like more information about WBAF, please contact Callum Laing WBAF High Commissioner for Singapore. [email protected]

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Investors

Emmanuelle Norchet

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Emmanuelle Norchet works with Golden Equator Capital. Her focus is on technology investments across the southeast region in the online travel, media and entertainment, digital health and financial tech sectors.

What’s your story?
I am currently working as an investment professional with Golden Equator Capital, a private equity and venture capital fund manager, with a strong focus on technology, headquartered in Singapore. I joined the firm to look at technology investments across the Southeast Asia region, with a focus and interest for sectors such as online travel, media and entertainment, digital health and financial technology. The firm currently has 11 investments that are active across 2 technology funds. Our portfolio can be found here: https://www.goldenequatorcapital.com/portfolio-2/.

Prior to joining Golden Equator Capital, I worked with Nest, an early venture capital firm focusing on B2B technology plays in sectors such as healthcare, financial services, automotive and insurance. In my early days at Nest, I gained operational experience acting as general manager for Investable.vc, a first-to-market equity crowdfunding platform in Hong Kong set up to help early stage companies get access to financing through a community of over 800+ accredited investors and subsidiary of the Nest Group. I started my career working at a Chinese law firm in the field of inbound and outbound direct investments. I hold a Bachelor of Law, a MSc in Finance and I have been admitted to the Bar of Quebec, Canada.

What is your involvement with Investment?
As part of the investment team, I am involved with sourcing, identifying new investment themes, due diligence on new potential investments, presenting those opportunities to our investment committee, and finally working closely with portfolio companies to help them with their expansion strategy, corporate partnerships, customer acquisition and fundraising post-investment.

How did that come about?
After working with a startup and an early-stage venture firm, it made sense for me to move to Golden Equator Capital and focus on the technology sector in the Southeast Asian region. It is the right timing to focus on the region as we are starting to see more successful companies raising larger rounds from international players such as KKR, Expedia, JD.com and Alibaba.

What are some of the key things you have learnt about Investing?
There will always be some risks and some hurdles along the road, but ultimately, you have to believe in the team you are investing in and their ability to adapt as they continue to grow the business. As the technology sector is evolving quickly, our founders also need to have the ability and drive to move fast and adapt to the new market needs. A clear vision and good synergy between the founding team is important.

What mistakes do you see less experienced investors making?
They have usually seen enough companies, founders and business models to be able to see the big picture, trust their instincts and not doubt their decisions.

What mistakes do you see Entrepreneurs making?
One of the biggest ones that I’ve observed with early stage companies is for the founding team to focus or spend too much time on fundraising, resulting in less attention and focus on business and product development. The other mistakes would be the lack of focus, inability to delegate and building a clear organisational structure, resulting in the inability to do one thing well and affecting the execution.

What’s the best piece of advice you ever received?
As cliche as it sounds, I would go for, “focus on what you can control.”

What advice would you give to those seeking funding?

  • Don’t use buzzwords in your deck or presentations
  • Be clear about the vision and the focus of the company
  • Keep presentations short and to the point, leave most of the time for Q&As
  • Enquire about the fund mandate to ensure alignment (geography, sector, stage)
  • Don’t focus too much on the valuation in the early days
  • Speak to the portfolio companies of your potential investors to better understand their personal experience working with them

Who inspires you?
Many of the local entrepreneurs that have managed to build amazing companies from scratch. Some examples are:

  • Ching Tse-Tseng, founder and CEO of Vault Dragon
  • Joseph Phua, founder and CEO of M17 Entertainment
  • Lingga Madu, founder and CEO of Sale Stock
  • Ethan Lin, founder and CEO of Klook
  • Rosaline Chow Koo, founder and CEO of CXA

What have you just learnt recently that blew you away?
All of the challenges that JD.com had in their early days to get their company off the ground. I would recommend the book, “The JD.com Story.’

What business book do you recommend the most?
The one I mention above and also, some other interesting reads are:

Shameless plug for your business/organisation:
If your company is looking to join our business club at Spectrum (https://www.spectrum.global/), please contact [email protected]. If you are a startup at the Series A or B stage in the region, please feel free to contact us at [email protected]

How can people connect with you?
[email protected] or [email protected]

Social Media profiles?
https://www.linkedin.com/in/emmanuelle-norchet-b2001ba/

This article is part of the World Business Angel Forum media partnership with AsianEntrepreneur.org

If you would like more information about WBAF, please contact Callum Laing WBAF High Commissioner for Singapore. [email protected]

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