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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}

  • 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

    • Join Our AAA Community

  • 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

  • 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.

Course Instructors

David Van Dijk

David van Dijk is currently heading up the team building the support program for Boost Africa, a fund-of-fund by the EIB and the AfDB with funding from the European Commission. He is also working with German development agency GIZ to support agri entrepreneurs and is actively supporting the African Angel Academy, an organization he helped launch. David has been a cofounder and the founding MD of ABAN, the African Business Angel Network and has worked with Venture Capital for Africa (VC4A) for many years. He sits on the advisory board of different organizations supporting entrepreneurship in Africa including Amref Ventures NL, the Enrich in Africa Program and the New Africa Impact Fund (NAIF).

Michelle Matthews

Michelle is a Director at Viridian as well as a Co-founder and Director of open-license children’s book publisher, Book Dash. Michelle's professional mission is to find and nurture passionate, talented, driven people, and connect them with the resources they need to build sustainable, world-changing organisations. She works at the intersection of social and business innovation, from curating industry-leading portfolios of talent to driving small, pioneering projects.

African Angel Academy Founding Partners