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Today we are announcing the launch of Microtraction Scout Program — an initiative that empowers venture-backed founders and operators to identify and invest in high potential startups across the African continent.
Microtraction was founded in 2017 to be the most accessible and preferred source of pre-seed funding for remarkable African technology entrepreneurs building companies and products that solve important challenges being faced on the continent.
In less than two years since we launched, we have backed and partnered with 9 companies who are building a future we want to create. They are building the first and largest biobank of African DNA for the entire continent, democratizing access to wealth for the average African and powering cashflow across schools in Africa, to mention a few. 100% of the companies we partnered with have secured follow-on funding within 12 months of us investing, raising from top investors globally and continentally
However, there’s a problem that we must solve — the majority (>90%) of our applications are from Nigeria and 100% of all our investments to date have been Nigerian investments.
At Microtraction, we understand that we have to innovate on Africa’s innovation infrastructure. Our model of investing is a slight deviation from the standard incubation model and we have looked at how some of the best VC funds in the world have tried to solve this same problem i.e. How do you increase diversity of deal-flow, increase awareness and reach entrepreneurs/startups as early as possible.
Scout Programs aren’t new — they invest money in startups on behalf of sponsoring VC funds and keep their eyes and ears open for ideas that the VC fund might like. The largest and the most successful one is Sequoia’s Scout Program, which empowered entrepreneurs like Jason Calacanis to back Uber at its seed round with $25k and is now worth over $120M after Uber’s IPO.
Our goal is to identify and invest in the very best founders regardless of geography. Africa has 54 countries with very diverse technology ecosystems each of which requires local network and insights to understand market dynamics and identify the best investment opportunities.
Opportunity is About:
Candidates should be from:
Description of Ideal Candidate:
Who is a Microtraction Scout?
A Microtraction Scout is someone who will identify startups in their own local ecosystem, invest and support those companies with Microtraction’s financial & business capital.
We are looking to partner with individuals that
- can be ambassadors of Microtraction in their local ecosystem
- agree, understands and is willing to support Microtraction’s goal, mission and thesis
- are people-friendly, supportive, humble and empathetic
- have a great eye for spotting high-trajectory individuals and high-growth companies
- are well connected and deeply understands their local community/market
We’re open-minded about your background; however, it would be brilliant if you have had some experience in at least one of the following fields:
- Software Engineering
- Product Design and Branding
- Startup Operations
- Community Building
- Journalism and PR
- Growth Hacking
Deadline: As soon as possible
Cost/funding for participants:
Benefits of being a Microtraction Scout?
- Network — Direct exposure and access to Microtraction’s high-quality network of investors, founders, advisors, operators, and business partners
- Personal Growth — Great opportunity to build meaningful relationships and learn more about angel investing and its processes in emerging markets
- Personal Brand — Speaking opportunities at events, scout website portal, and publicity through our channels
- Fulfillment — A sense of fulfillment of being part of a company that is focused on improving the economy of the African continent
- Carry — Carried interest on the deals shared and made.