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Course curriculum

  • 1

    Welcome to the African Angel Academy

  • 2

    Introduction to Angel Investing

  • 3

    Module 1: Angel Investing Strategy

    • Introducing Module 1

    • 1.1. Strategy: Why, what and forms {LESSON}

    • 1.2. Strategy: Types and models {LESSON}

    • 1.3. Invest alone or as a group? {ANGEL INTERVIEWS}

    • 1.4. Angel Investing Strategy Template

  • 4

    Module 2: Deal Sourcing

  • 5

    Module 3: Due Diligence

    • Introducing Module 3

    • 3.1. The Due Diligence Process {LESSON}

    • 3.2. What do you look for when assessing a potential deal? {ANGEL INTERVIEWS}

    • 3.3. Initial Due Diligence {LESSON}

    • 3.4. What grabs your interest? {DISCUSSION}

    • 3.5. Formal Due Diligence {LESSON}

    • 3.6. How do you manage your Due Diligence process? {ANGEL INTERVIEWS}

    • 3.7. Additional Resources

  • 6

    Module 4: Deal Structuring

    • Introducing Module 4

    • 4.1. Deal Structuring and Parameters {LESSON}

    • 4.2. Term Sheets {LESSON}

    • 4.3. How do you approach Term Sheet Negotiations? {ANGEL INTERVIEWS}

    • 4.4. Deal Mechanisms {LESSON}

    • 4.5. Debt and Equity Structures {LESSON}

    • 4.6. Concluding The Deal {LESSON}

    • 4.7. Additional Resources

  • 7

    Module 5: Valuations

    • Introducing Module 5

    • 5.1. Introduction to Valuations {LESSON}

    • 5.2. Valuing Early-Stage Companies {LESSON}

    • 5.3. Mzuri Taxi Case Study & Valuation Model

    • 5.4. Introduction to the Case Study {LESSON}

    • 5.5. Multiples Approach {LESSON}

    • 5.6. Discounted Cash Flows Approach {LESSON}

    • 5.7. Venture Capital Method Approach {LESSON}

    • 5.8. Other Valuation Methods {LESSON}

    • 5.9. How do you Calculate Valuations? {ANGEL INTERVIEWS}

  • 8

    Module 6: Negotiations

    • Introducing Module 6

    • 6.1. Negotiation Principles {LESSON}

    • 6.2. Preparing for a Negotiation {LESSON}

    • 6.3. Negotiation Process {LESSON}

    • 6.4. Additional Resources

  • 9

    Module 7: Mentorship and People

    • Introducing Module 7

    • 7.1. Intro to Mentorship {LESSON}

    • 7.2. Mentorship Principles {LESSON}

    • 7.3. Your Role as a Mentor {DISCUSSION}

    • 7.4. The People {LESSON}

  • 10

    Module 8: Investment Management and Governance

    • Introducing Module 8

    • 8.1. Boards {LESSON}

    • 8.2. Adding Value and Hard Decisions {LESSON}

    • 8.3. Reporting and Portfolio Management {LESSON}

    • 8.4. How Do You Manage Your Investments and Add Value to Your Portfolio? {ANGEL INTERVIEWS}

    • 8.5. Additional Resources

    • Join Our AAA Community

  • 11

    Module 9: Exits

    • Introducing Module 9

    • 9.1. Understanding Exits {LESSON}

    • 9.2. Executing Exits {LESSON}

    • 9.3. Exit Options {LESSON}

    • 9.4. Additional resources

  • 12

    Module 10: Angel Group Management and Structure

    • Introducing Module 10

    • 10.1. Establishing Your Angel Group {LESSON}

    • 10.2. What Partnerships Do You Have With Other Organisations in the Angel Space? {ANGEL INTERVIEWS}

    • 10.3. Managing Your Angel Group {LESSON}

    • 10.4. How Do You Form and Manage Your Angel Group? How Do You Keep the Group Engaged and Motivated? {ANGEL INTERVIEWS}

    • 10.5. Co-Investing {LESSON}

    • 10.6. Angel Groups {DISCUSSION}

    • 10.7. Additional Resources

  • 13

    Module 11: Impact Investing

    • Introducing Module 11

    • 11.1 What Does Impact Mean For You {LESSON}

    • 11.2 Your Impact {DISCUSSION}

    • 11.3 Choosing Impact {ANGEL INTERVIEWS}

    • 11.4 Making investments {ANGEL INTERVIEWS}

    • 11.5 Adapting Your Investment Processes {LESSON}

    • 11.6 Managing investments {ANGEL INTERVIEWS}

    • 11.7. Measuring Returns {LESSON}

    • 11.8 Impact returns {ANGEL INTERVIEWS}

    • 11.9. Additional Resources

  • 14

    Course resources

    • Join the AAA Community

Course Instructors

Alex Fraser

Alex is Founder and Director of Viridian; a founding member of the African Business Angel Network (ABAN); and a co-founder of Dazzle Angels, a South African female-focused angel fund. She is passionate about building a vibrant, sustainable entrepreneurial ecosystem and culture on the continent. Alex has over a decade of experience in the early-stage funding space, having working for government, academia and corporate; and has evaluated over 4000+ businesses in a wide variety of sectors.

Stephen Gugu

Stephen is a co-founder and Director at ViKtoria Ventures, the entity that runs Viktoria Business Angels Network (VBAN). VBAN is a sector agnostic angel network out of Kenya focused on commercially viable early stage investments from East Africa which are post traction. Through Viktoria, Stephen has made several investments and assisted angel investors in Kenya access and make investments. He has consulted widely for early-stage innovative businesses training over 400 entrepreneurs, carried out valuations and assisted them in fundraising and deal structuring. He sits on the advisory board of several start-ups and of the African Business Angels Network. Stephen is also a Venture partner with Consonance Investment Managers, a focused early-stage and growth investing platform that helps entrepreneurs build leading companies across Sub-Saharan Africa.

David Van Dijk

David van Dijk is co-founder and managing director of the African Business Angel Network (ABAN), a pan African non-profit association founded to support the development of early-stage investor networks across the continent and to get many more investors excited about the opportunities in Africa. Until recently he was also the managing director of Stichting IGNITE, a Dutch not-for-profit organisation supporting entrepreneurship in post-conflict countries through direct and indirect financing and part of the investment committee of the IGNITE Fund. Since 2011 David has been involved with Venture Capital for Africa (VC4A), a community that includes the world’s largest database of African startups.

Impact Investing Instructor

Michelle Matthews

Michelle Matthews Michelle started her career in journalism and then book publishing, launching and heading up a new imprint at Random House Struik. Looking to increase her impact, she then worked for many years at philanthropy and sustainability consultancy Trialogue, giving her an excellent overview of the entire development landscape, and a strong grounding in research, analysis and M&E. Until early 2019 Michelle was the Head of Innovation at Africa’s oldest tech incubator, the Cape Innovation & Technology Initiative (CiTI). After leaving CiTi, Michelle took up a short contract as a portfolio manager with venture philanthropy fund, Innovation Edge. Through Viridian, where she is a Director, she has continued her entrepreneurial programme design work, as well as conducting ecosystem research, developing online training content and mentoring entrepreneurs across the continent with a focus on the SDGs and impact reporting. Michelle has consulted to organisations including Telkom, Western Cape Provincial Government, UK-SA Tech Hub, the Ministry of Foreign Affairs of Finland, the Netherlands Consulate, Royal Academy of Engineers, Reach Trust, Injini, OneBio and Airbnb. Michelle is a co-founder and director of open-license children’s book publisher, Book Dash. Michelle has a BA (UCT), B Phil in Sustainable Development (Cum Laude, Stellenbosch) and in 2018 completed an elective on Strategic Foresight through Stanford Continuing Studies. https://www.linkedin.com/in/michellematthewsattwell/

African Angel Academy Consortium Partners