440.ng has introduced a 24 hour event, Deal Weekend Lagos, where startups can compete to receive equity investment of between $100k and $250k.
A lot can happen in one weekend. 440.ng promises that in one weekend,
440 and selected founder-investors will meet the shortlisted group of startups on, in order to:
- Quickly find out which startups are interesting investment opportunities
- Do one on one mentor sessions with Startups and 440 mentors and founder-investors
- Conduct deal sessions in which 440 will decide which startups to invest in and term sheets will be signed.
The first edition of Deal Weekend will take place on Friday 4th and Saturday 5th September 2015.
According to the organisers of this initiative, this process is a little bit different from the accelerator process:
- Pre-Deal Weekend is pretty much the same as for the accelerator program. We will source deal flow via the 440 application platform and filter down to a shortlisted group of viable startup businesses that will be interviewed and, if successful, invited to Deal Weekend.
- Deal Weekend is where the real difference lies, as we spend 24 hours looking under the hood of selected startups, where only the most promising ones will receive investment offers.
- Post-Deal Weekend we will work with the startups and investors to transfer cash, and ensure that procedures have been put in place to follow the startups progress.
But the tools and goals used in this process are similar to those used during an accelerator program.
- Due diligence checklist (from our previous experience with startups)
- Lean canvas session
- Setup management accounts
- Use SAFE docs – simple term sheets and investment contracts
The week will be hosted at Lagos Garage, facilitated by 440 team.
To apply now, click here
