By: Robert
Kwaku Annor
Sierra Leone’s Ministry of
Communication, Technology and Innovation has brought local startup founders
face to face with Wansung Park, Chief Executive Officer of Seoul-based
Ventureport VC, as part of efforts to prepare businesses for international
investment and strengthen the country’s technology economy.
The engagement was organised
this week through Felei TechCity under the READY Salone Project, supported by
the KOICA Nigeria Office and implemented by the International Trade Centre
(ITC).
During a session on Tuesday,
entrepreneurs pitched their businesses using their own presentations, answered
questions from Park and received an assessment of their readiness for funding.
In a second session, Park
outlined what investors examine before committing capital, including organised
financial records, contracts, market research and forecasts grounded in actual
business performance.
For businesses that are not
yet generating revenue, he explained that the founder’s credibility carries the
case.
The Ministry said the
engagement forms part of its work to help young companies move from promising
products to businesses capable of raising capital and employing young people,
in line with the Government’s Big Five priorities on youth employment and technology.
Park is also scheduled to
speak at the third T.I.E2 Meetup in Freetown, themed “From Product to
Investment”. The Ministry asked applicants to check their email to confirm
their attendance.
