“When we can’t find investable ventures, we find world-class entrepreneurs and partner with them.”
This is what Factor e Ventures is telling entrepreneurs in East Africa through its Entrepreneur in Residence (EIR) program in 2018. Factor e Ventures is a seed-stage venture capital firm based in Fort Collins, Colorado.
It also has offices in Nairobi and in Pune, India. Factor e Ventures works by seeking out early-stage enterprises by following a thesis driven investment approach. This means they choose who to invest in through, generally, sciencey methods.
As a the successful applicant, you will get to work closely with Factor e Ventures to build a startup they, and their partners, will invest in. Don’t worry, you will have ownership interest in that new venture.
You will also get a market-rate monthly stipend for the entire 6 months that the program will last. This plus medical cover, office space and internet.
The EIR program will focus on the following areas:
- Access to electricity
- Waste and resource management
The process will involve you agreeing on and developing the business idea to build. You will have to de-risk the concept and build a business model. This covers areas such as value proposition, customer segments, market channels, partners, resources, revenue streams and cost structure.
You will then adjust your business model to the results of a market test and wrap up with financial projections, organizational structure and hiring plan. Sounds a lot like the business plan we shared with you!
Ultimately, you will pitch for investment
- Must be a citizen of; Kenya, Rwanda, Tanzania, Uganda, Burundi, DR Congo, Congo or Ethiopia
- Must be living in Nairobi or ready to relocate for the duration of the program
- Have a Bachelor’s Degree in business, engineering, agricultural science, international development and other related programs
- Appetite to co-found a venture in Kenya and alignment with Factor e Ventures focus areas
- “Get the job done” attitude
- Successful experience with project management (track record building a venture will be an added advantage)
- Excellent written and verbal communication in English
- Prove track-record of executing against deadlines
- Strong passion and understanding of entrepreneurship
Deadline for application is 28th March, 2018. To apply fill an application form, submit your CV and include a cover letter explaining your interest and fitness for the program.
Download the Application Form from the program’s official webpage.0