Dark and Lovely Beauty Accelerator – Terms and Conditions
[vc_row][vc_column][vc_column_text] 1. The Promoters for The Dark and Lovely x SLA Beauty Accelerator (“the Program”) are Devorent Nigeria Limited (“She Leads Africa “) and L’Oreal South Africa (Proprietary) Limited (“Dark and Lovely Africa”) (collectively, “the organisers”). 2. The 2018 Dark and Lovely x SLA Beauty Accelerator (the“Program”) begins on 31 August 2018 and ends on 8 December 2018 (“Program Period”). 2.1 The Program consists of 3 (three) phases, namely: 2.1.1 The Application Phase: 31 August 2018 – 21 September 2018; 2.1.2 The Judging Phase: 24 September 2018 – 25 September 2018 2.1.3 The Program Phase: 1 October 2018 – 8 December 2018 3. By participating, all participants agree to be bound by these Terms and Conditions and the decisions of the Judges and/or Organisers, shall be binding and final on all matters relating to this Program. NOMINATION PHASE 4. ELIGIBILITY: 4.1 Employees, board and committee members of the Organisers, their respective affiliates in respect of the Program, their parent companies and subsidiaries, agents, distributors, sales representatives, advertising and promotion agencies and the immediate family members and/or those living in the same household of each of the foregoing are not eligible to be nominated for the Program. 4.2 Participants who wish to enter the Program (“Participants”) must be residents of Ghana, Kenya, Nigeria or South Africa who are in possession of a valid identity document. Businesses must have at least one woman aged 18-35 as a shareholder or owner, have been in operation for less than 3 years and have received no more than $50,000 in total investment; 4.2.1 must submit their application at www.sheleadsafrica.org/beauty; 4.2.2 complete, accept the terms and conditions and submit the application form at the abovementioned website by no later than 11.59pm WAT on 14 September 2018 (the Closing Date). Entries received after the Closing Date will not be counted. This also includes submission of the business’ pitch deck. 4.2.3 Applicants may apply for themselves or apply for someone else, provided that the Applicant has obtained valid consent from the Participant; 4.2.4 One entry per person. Bulk, automatically generated or third party entries are void. 4.2.5 Participants who are selected as Finalists must be able to supply up to three (3) references who can be contacted to verify the scope and extent of the Participant’s activities. References should be persons familiar with the business activities for which the application is made and should not include the Participant, or any person related to the Participant i.e. family members. 4.2.6 Potential nominees are subject to verification of eligibility and identity, which may include a background check and completion of any documentation required by the Sponsor to complete such background check, the results of which must be completely satisfactory as determined by Sponsor in its sole discretion. 4.2.7 Entries which are unclear, incomplete, and illegible or contain errors will be declared invalid. SELECTION PROCESS 5. SELECTION OF FINALISTS: 5.1 The selection will take place in two phases, namely She Leads Africa will narrow down the applications to the top 20 and then together with Dark and Lovely the top five will be selected. The judging will based on objective judging criteria listed below 5.1.1 Solution (20%): Is the company’s product solving a major problem or pain point for the customer? How well does the solution address the problem? Assessment of the proof of concept and product/market fit. 5.1.2 Team (20%): Assessing the team’s competencies, is this the best team to solve the problem the business is attempting to be the solution for. 5.1.3 Traction (15%): Is there proof of existing customers and revenue generated to date 5.1.4 Scalability (15%): Does the business demonstrate a significant capacity for future growth 5.1.5 Market size (10%): Is there a large addressable market for the company’s product? 5.1.6 Clear growth strategy (10%): Feasibility of the milestones identified by the company for the next 6 months 5.1.7 Unique Value (10%): The company’s product’s edge over other similar products 5.2 The organisers will contact the Selected Participants via e-mail by 20 September 2018. Should the selected participant not be contactable by the organisers after three attempts and by 12h00 WAT on 22 September 2018, the Selected Participants shall forfeit the program and the organisers will be entitled to select a different Selected Participant on the same conditions, except that the organisers will make only one attempt to contact each further name selected until Selected Participants are confirmed. 5. 3 Selection decisions will be communicated via e-mail by 01 October 2018. 5.4 All decisions of the Organisers regarding the Program are final and binding on all Participants and selection of all Winners is within the sole discretion of the Sponsor 5.5 If selected, Participants are required to participate and fully attend every part of the program, this includes but is not limited to; the week long boot camp in Johannesburg, weekly check-in calls, bi-weekly mentorship calls, completion of tasks given by the Organisers, final pitch week and Demo Day. 5.6 Should the entrant be selected to participate in the program, she undertakes to expeditiously provide to the organisers such information as may be required in order to establish her identity and eligibility to enter the competition, and to facilitate the coordinating of the prize. 5.7 The Selected Participants agree to keep all details they acquire during this Competition private and confidential until such time as the Organisers advise that they may disclose any such details. 5.8 Each entrant agrees and consents that the Organisers may run any background checks it deems necessary in relation to the Competition. 5.9 Selection for the program is non-transferable and there are no cash alternatives to the program in whole or in part. 6. OWNERSHIP OF SUBMISSIONS: 6.1 Acceptance of application constitutes the Participant’s’ consent to give the Organisers and its affiliates a royalty-free, irrevocable, perpetual, non-exclusive license to use, reproduce, modify, publish, create derivative works from, and display such applications, which includes but is not limited to the Participants images, videos, voice recordings, personal information submitted , the
Twitter Chat with Alina Vinogradova: The importance of programming for African start-ups (Nov. 24th)
African start-ups are coming up across the continent, but the investments and programming needed to ensure their growth aren’t always there. What needs to happen for the number of investments and programming for African start-ups to increase? What should investors and venture capitalists be doing to increase the strength of the African start-up space and what can entrepreneurs themselves be doing to attract the right kinds of investments? Given She Leads Africa’s accelerator program and our recent Demo Day, SLA is working hard to address these questions. Along with our partners from VC4Africa, Work in Progress, and others, SLA is working to ensure African entrepreneurs have the tools & resources they need to reach their goals. Join SLA & Alina Vinogradova of VC4Africa on Nov. 24th, for a discussion on the importance of programming for African start-ups, whether it’s accelerator programs, incubators, pitch competitions or anything else that exposes African start-ups to investors and mentors. In particular, we will focus on why we need more programming focused on African women entrepreneurs and encouraging their growth across the sector. Follow She Leads Africa on twitter and use the hashtag #SLAChats to ask your questions and participate in the discussion. Topics that we’ll cover: The toughest barriers to African entrepreneurs accessing finance, investors & venture capitalists The importance of platforms where female African entrepreneurs have direct access to investors Closing the gender difference in access to finance for African entrepreneurs What African women should keep in mind when seeking out financing for their start-ups Twitter chat details Date: Thursday Nov. 24, 2016 Time: 12pm London // 1pm Lagos // 3pm Nairobi Location: Follow She Leads Africa on twitter and use the hashtag #SLAChats Help us spread the word: [bctt tweet=”Join @SheLeadsAfrica & @VC4A for #SLAChats on Nov. 24 on the importance of programming for African start-ups” via=”no”] About Alina Vinogradova Alina develops and manages startup support programs implemented by VC4A as part of larger donor-funded initiatives, such as Work in Progress! Project or World Bank’s Pan-African Accelerator. She builds out VC4A’s network of strategic partnerships with various African startup ecosystem players and is constantly looking for fit between organizations, their objectives, and the goals of the VC4A community. Alina holds MSc in Business Economics from Baltic State Technical University in St. Petersburg and an MBA from Amsterdam Business School (UvA). Prior to VC4A she spent over 10 years working in various commercial roles in the private sector in both emerging and developed markets, with B2B marketing, sales & business development being her core expertise areas.
Exclusive Community Event: SLA Accelerator Meet & Greet
For the past 3 months, She Leads Africa has worked with 10 amazing female entrepreneurs in our accelerator program. We have helped them grow and expand their budding businesses & in just a few days, they will have a chance to pitch their business to local and international investors. The Accelerator Demo Day is a closed event specifically for investors, corporate senior executives & the press. But what about all the entrepreneurs and interested audience members who also want to hear directly from these amazing women about how they have started and grown their businesses? Then have we got the event for you! Join us 16 November 2016 for a meet & greet cocktail & networking session with presentations from the Motherland Moguls in our accelerator program. This amazing opportunity is exclusively for our community members. Details for the event will be released Nov. 10th but only to those who receive our newsletter. Event Details: When: Wednesday 16th Nov. 2016 Time: In the Evening Where: Lagos, Nigeria Cost: FREE! Who: You must be part of our community to get more details & an invitation Not part of our community? What are you waiting for? Join here: Already part of our community? Make sure you check your email for the event details on Nov. 10th. Help us spread the word: Help us spread the word about this event and you could win a Motherland Mogul or Boss T-Shirt, even if you don’t attend the event! Must be based in Lagos. Sorry, shipping’s expensive! Not in Lagos? Still spread the word & win SLA brownie points! [bctt tweet=”@SheLeadsAfrica is having an exclusive networking event just for their community members. Sign-up here:” via=”no”] Not sure this event is for you? Here is what you can expect: Learn directly from Motherland Moguls building their empires Hear the stories and learn how these 10 amazing women started their companies & their plan for expansion Network directly with the women in our accelerator program in small intimate sessions Meet other like-minded women in the Lagos area and start creating connections to help you grow your business Refreshing drinks & light snacks, of course FREE ENTRY. This is an exclusive event for our community members, so this one’s on us! You’re welcome.
SLA Accelerator Demo Day
Join us on November 20 in Lagos, Nigeria for the Demo Day of our 2016 SLA Accelerator. Demo Day is a public viewing for investors, corporates senior executives and the press to view our most recent accelerator startups. The SLA Accelerator is a 3-month program designed to identify, support and fund the next generation of Nigeria’s brightest female entrepreneurs. The selected businesses are: Art Splash Studio – A virtual art studio offering a social art experience through our Paint Nite painting classes hosted at different venues in Abuja. BathKandy Co. – Creates sumptuous dessert-inspired beauty treats for women who crave the finer things. Bubble Tii – Bringing the Bubble Tea phenomena to Africa. DeliveryBros – Helps you save time and stress through pickup and drops from the market to your house or office. Fresh Direct Produce and Agro-Allied Services – An eco-friendly social enterprise that produces premium organic produce through hydroponics and community action. Keek’s – Designs tailored weight loss packages for busy women who want a plan that is both effective and simple to implement. 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. 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. Medsaf.com – Solves the medical industry’s procurement problem, by providing a technology enabled distribution solution resulting in transparency and simplicity. Shuttlers – Enables professionals to access comfortable and efficient transportation to and from work using seat matching technology. SLA Accelerator is in partnership with the Work in Progress! Alliance and Guaranty Trust Bank The Work in Progress! Alliance is focused on unlocking the economic potential of young women and men in Egypt, Nigeria and Somalia. The project aims to enable them to generate sustainable and living incomes – by finding regular employment or starting enterprises. Alliance partners include Oxfam, VC4Africa and Butterfly Works Guaranty Trust Bank is recognized as one of the most profitable and well managed financial institutions in Africa for providing quality service, ethics, professionalism, integrity, innovation and internationally accepted corporate governance standards. SLA Accelerator is also one of 16 global incubators and accelerators selected as a Village Capital Community VilCap Communities enables anyone, anywhere to use peer-selected investment to support entrepreneurs within their communities. In 2016, each VilCap Community will be running its own entrepreneur training program and investing in two ventures using Village Capital’s peer selection methodology.
Advice from the Accelerator Moguls: Keeping your business afloat
Keeping your new business afloat is not easy. The first year after you launch your business can also be referred to as the battlefield. This battlefield claims the lives of many young businesses. For some it’s the first few months, for others it’s a year and yet for others it’s five years before the light at the end of the “break even” tunnel emerges. Keeping your business afloat can be tasking, you’ll mostly definitely lose some money and maybe some friends too but the idea is that after all the stress and drama, you’ll be rewarded for your effort. So how exactly can you keep on top of things and make sure that your business emerges from the battlefield unscathed? We thought the best way to find out more on this topic would be to speak with other young business owners in our networks. After all, it’s better to hear it from other people in the same boat. BathKandy, Medsaf and Koko’s Kitchen are among the companies chosen for SLA’s Accelerator program, here they share advice on how they manage stay afloat. 1. The importance of re-invention For Blondie Okpuzor, founder of BathKandy, the best way to keep your business afloat is to keep re-inventing. This will give customers something to look forward to. “Customers love to get value for their money and if they feel they are getting that with you, they will keep coming back. The only thing that should be consistent in a business is excellent customer service!” Blondie says. Re-inventing here doesn’t mean a complete overhaul while your business is till taking baby steps. Once you get the excellent customer service thing down pat, focus on little ways you can define your brand. If you’ve noticed something isn’t working, go back to the table and look at your strategy. What can you do to improve things? Don’t be afraid to make changes early on in the game. 2. Have a flexible plan Motherland Moguls know that when starting a business, you need a plan on how you are going to reach your targets and achieve your mission. Vivian Nwakah of Medsaf, let us know that a flexible plan is key to staying afloat in the first year of business. “A good amount of research and planning should have been done to lay the groundwork for the business.” Vivian says. Consider where you want your business to be in a year, three years and ten years. Think strategically about your business aspirations and write down how you plan to get there. You could spice things up by writing a letter from the future you to the you of today informing you of how she overcame challenges to become a bombass mogul. Once you’ve drawn you plan, you know the next thing is to gather a team that will make sure you achieve your goals. 3. Invest, invest, invest The importance of investment cannot be overstated. We’re not just talking about money here but also resources and time. Vivian also advises that, “Founders should invest an equal amount of money to get the business going to prove their financial dedication to the success of the business. The founders should also throw as much of their resources and time to dedicate to business strategy, and execution. They have to believe wholeheartedly in the mission and value of the company.” After you’ve poured your heart, soul and money into your business, the next step is to be positive. If you’re starting already expecting that your business will not succeed because of all the horror stories you’ve heard, you won’t get very far. There will be many roadblocks and challenges but if you’ve invested in your dream and are dedicated, the chances of overcoming them and keeping your business afloat increases. 4. Everyone will hate your product You’re gisting with your friend and you have a brilliant idea that you’re both 100% sure it’ll be viable and that everybody will love it. According to Sifa Asani Gowon, co-founder of Koko’s Kitchen, this isn’t the best way to start out. “Make sure you have feedback from strangers and people who aren’t afraid to tell you the truth. Your business will be all the better for it.” Don’t rely on what your friends or family say about your business. They may think you have the greatest idea on earth but on the flip side they may also think your idea is useless and will fail. Overcome this by getting opinions from people who don’t know you but know enough about the market you want to break into. The information you gleam from this could just be your armour during that trying year. 5. Master your market One of the many reasons businesses don’t make it past the initial stage aka the battlefield is that they find it difficult to draw in customers. “You may have a wonderful product…but no marketing structure to get it into the hands of customers. Creating a proper and reliable marketing and distribution network is absolutely crucial.” Sifa says. Building on this network will ensure you have what you need to draw customers in and bring in the money you need to break even. Do you have a plan for how you’re going to market your products? Are you connected with the people who will move your goods/services from producers to consumers? If you’re still clueless about your market even after you’ve started officially launched your business, then you have a code red situation.
“Be realistically audacious” : Teniola Adejuwon on the 500 StartUps accelerator experience
Podozi.com is a beauty ecommerce platform that gives African women access to both local and international beauty brands. Co-founders, Teniola Adejuwon and Wale Babatunde, recently completed a 4-month accelerator programme with 500 StartUps, a leading venture capital fund in Silicon Valley. To date, 500 StartUps has invested in over 1,500 businesses across 50 countries worldwide. Every year, thousands of businesses apply either through a formal application or referral, and after passing 5 or 6 rounds of interviews are accepted onto the programme. Podozi was one of 50 startups accepted for the most recent cohort ‘Batch 16’. With the programme, Podozi worked in Silicon Valley, learned how to take their business to the next level and received a net investment of $100k. In this interview, Teniola shares her experiences with 500 Startups and gives some advice for aspiring entrepreneurs. How did you get involved with 500 Startups? It came as a total surprise. Last year, we were introduced to 500 Startups through an investor who was a personal contact. As my mentor Tara Fela-Durotoye always reminds me, your network is your networth. Previously, the investor had mentioned that although they typically focus on Series A funded businesses or higher, they really liked the Podozi business. So we agreed to keep in touch for when the business grew bigger. Applying to 500 Startups was an aspiration of ours, which we planned to pursue in the future. About a year later, we got an email introducing us to 500 Startups, and that was it. How has being part of the 500 Startups programme helped develop Podozi? We recently completed the programme, so it’s still very early to articulate the full benefits, but being part of the 500 network is like being part of a global family. It’s a lifetime thing, where you grow and evolve. We were exposed to people and ideas from across the world. While we have formally finished the programme, we continue to keep in touch with our batch and the other businesses in the community via a group email. We have a well of resources to draw from and access to mentors who we can reach out to for advice. Throughout the programme, we had opportunities to pitch to hundreds of investors and peers in the startup ecosystem. One of our pinnacle moments was presenting Podozi during the closing ‘Demo Day’. Being able to articulate our brand raised our profile with international peers and investors, which also helped our profile in Nigeria. Also, to be eligible for the programme, we had to (re)incorporate as a U.S. company which gave us access to U.S. specific venture networks and investors. Tell us more about your experience in Silicon Valley as part of 500 Startups Batch 16? Living in California was an interesting experience. Given the 8-hour time difference, we were working from 9am to 7pm U.S. time, then worked after hours to service Nigeria alongside our colleagues back home. It was a demanding but authentic experience of what it means to run a truly international business. All businesses in our batch worked from the same office in San Francisco. This helped develop a spirit of camaraderie, collaboration and shared learning, which is not always a given in most accelerators. We travelled to Los Angeles, New York and other cities across the U.S. which gave us exposure to international best practices and processes. Once you get established processes in place, you’re able to serve your customers better. I’ve always been an advocate of this and Podozi advocates this too. While it’s not always possible to please everyone, I remind my team to put themselves in the customer’s shoes. Empowering the customer is crucial, and something businesses on the continent tend to miss. What advice would you give to aspiring startups and entrepreneurs? Cultivate an attitude of excellence. Being entrepreneurial isn’t about calling yourself the CEO, you need to have a long-term mindset. My first company, Beauty by Nature, ran the Beauty Business Masterclass series. We would teach attendees that no matter whether you’re a nail technician or a self-taught makeup artist, you need to develop your craft and put the right structures or systems in place to support it. That is the difference between a sustainable business and one that burns out quickly. Also, it is not only about funding. Successful entrepreneurs are convinced beyond reasonable doubt about what they are doing. In the past I’ve seen African startups get deterred early on by investor questions about about basic things like their business model or business numbers. If you are not convinced about your product, it will be difficult to enter in, let alone survive in Silicon Valley. It can become quite distracting when your brand gets bigger and your profile increases, so you need to keep focused. As one of my mentors says, ‘the media, awards and accolades will come; just do your work’. What tips would you recommend for making a successful application to an accelerator? Firstly, do your homework. There are funds and accelerator programmes that may be targeted to your industry or geography. Be aware that while some of them are global, their funds might be localised to specific regions. Then, develop a proof of concept. Ideas are a dime a dozen, so don’t just go about touting ideas. Don’t simply try to replicate an idea that works in another country, ensure that it’s relevant to your market. My mentor, Mrs Ibukun Awosika says, “Be the expert of your business – know your numbers and keep your books tidy”. Businesses sometimes rush to launch an app without considering the consumer behaviour in their locality or whether they have the capacity in-house to maintain such. In e-commerce the big question is traction! It’s all about your metrics. Third, be humble enough to admit what you don’t know and be ready to learn quickly. Utilise your resources, prepare in advance and ask as many questions as possible, there’s a wealth of resources out there like Quora to keep you
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!