Ghana - Startup under 3 years old

Describe your project or startup in a few words

The eiConnect app connects entrepreneurs and investors. Entrepreneurs can share pitch videos, request funding, make offers, and negotiate terms. Investors can watch pitches, initiate chats, make and counter offers, request proposals, and negotiate terms

01.01 Describe your startup in more detail

EI Connect is a startup located in Accra, Ghana. The vision of the company is to provide every Start-up or MSME equal opportunity or avenue to pitch their business to potential investors so they possibly access funding irrespective of socio-economic status, location, gender, ethnicity or race of the entrepreneur or founder. Our mission is to easily match potential investors and Start-ups or MSMEs. The flagship project of the company is the eiConnect app. The app is platform where entrepreneurs can share at most 3-minute pitch videos or video stories of their businesses (products, service or business processes) directly with potential investors and ask for funding. Investors can respond to entrepreneurs’ asks by accepting to connect or giving counteroffers. The app provides the flexibility that allows founders and potential investors to engage in back and forth negotiations (offers and counteroffers) on the terms of funding.

01.02 What is the main problem you are trying to solve?

Micro, Small, and Medium Scale Enterprises (MSMEs) in Africa face significant challenges in accessing funding and connecting with potential investors or partners. The SME Finance Forum estimates that Africa’s formal MSME finance gap is a staggering $330 billion, with Ghana alone accounting for approximately $5 billion of this gap. A survey conducted by the Global Entrepreneurship Network, titled "Barriers to Entrepreneurship: Views from Public Officials," highlights two critical issues: first, investment opportunities are not effectively disseminated to most potential investors; second, most entrepreneurs lack the opportunity to easily meet with investors to pitch their businesses or ideas. These barriers contribute to the ongoing struggle for MSMEs in Africa to secure the necessary funding and partnerships needed for growth and development. Addressing these issues is crucial for unlocking the potential of MSMEs and fostering economic progress across the continent.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

1. Entrepreneurs and investors can negotiate and agree on favorable funding terms directly within the app before formalizing connections. Both entities can make offers and counter offers until an agreement is reached 2. Entrepreneurs can upload pitch videos or stories in under three minutes, making it easy to connect with potential investors. The video serve as a means of communicating your company or businesses to potential investors 3. Banks, microfinance institutions, and other financial or investment entities can easily discover MSMEs they are interested in, and make loan offers with specific terms attached. 4. Investors can request business proposals or pitch decks, and entrepreneurs can conveniently send these documents in app.

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

Several groups will benefit from using the eiConnect application, including budding entrepreneurs, startups, MSMEs (Micro, Small, and Medium Scale Enterprises), angel investors, financial institutions and banks, individual lenders, venture capital firms, and corporate investors.

01.05 When was your company established?

2023-09-01

01.06 Are you already selling your product/service?

No

01.07 How many other owners are there within your startup?

2

01.08 Among the other owners, how many are female?

1

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

Susanna Adjei Arthur is a co-owner of EI Connect. A sociologist and researcher, her primary focus is on industrial and economic sociology. She has had extensive experience as a lecturer at two universities in Ghana: the University of Professional Studies and the Ghana Institute of Journalism. In addition to her academic achievements, Miss Arthur has a keen interest in entrepreneurship and investment.

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://ei-connect.com

01.11 Which industry best describes your project?

Other: SaaS

02.01.01 My startup contributes to the No poverty goal

6

02.01.02 No poverty - Justification for my startup

eiConnect contributes contribute to the No poverty goal by providing MSMEs an avenue to easily communicate the businesses in order to attract investors or business partners. This could help businesses secure essential funding which fosters business expansion, economic growth and job creation. The platform ensures inclusivity and equal opportunities for all entrepreneurs, regardless of location, gender, or socioeconomic status, helping marginalized groups access financial resources to escape poverty. This could help contribute to reducing poverty in Ghana.

02.02.01 My startup contributes to the Zero hunger goal

5

02.02.02 Zero hunger - Justification for my startup

eiConnect can help end hunger, achieve food security, improve nutrition, and promote sustainable agriculture by connecting agricultural entrepreneurs with global investors through its digital platform. This access to funding will enable farmers and agribusinesses to invest in better technologies and infrastructure hence enhancing productivity and sustainability; this can promote adequate food supplies hence contributing to the Zero Hunger goal. The application can also promote inclusive economic growth by ensuring agricultural entrepreneurs from rural and underserved areas can access global funding, supporting equitable resource distribution.

02.03.01 My startup contributes to the Good health and well-being goal

4

02.03.02 Good health and well-being - Justification for my startup

02.04.01 My startup contributes to the Quality education goal

4

02.04.02 Quality education - Justification for my startup

02.05.01 My startup contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification for my startup

eiConnect application promotes gender equality and empowers women by providing equal access to funding. By allowing female entrepreneurs to share their businesses and connect with potential investors, it eliminates traditional barriers and increases visibility for women-led businesses. eiConnect's commitment to inclusivity ensures that all entrepreneurs, regardless of gender, have equal opportunities to access investors. Real-time communication and negotiation features empower women to secure favorable funding terms.

02.06.01 My startup contributes to the Clean water and sanitation goal

4

02.06.02 Clean water and sanitation - Justification for my startup

02.07.01 My startup contributes to the Affordable and clean energy goal

4

02.07.02 Affordable and clean energy - Justification for my startup

02.08.01 My startup contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification for my startup

eiConnect promotes decent work and economic growth by connecting MSMEs with potential investors or business partners. This access to capital fosters business growth and job creation. The World Bank and SME forums have made recommendations that are in line with the eiConnect application, which highlights the contribution of digital technologies to improving MSMEs' access to financing in Africa. Physical barriers are eliminated and access to financial opportunities is made more accessible to MSMEs through our platform. MSMEs, which are core drivers of economic growth and employment, stand to benefit immensely from this mobile application.

02.09.01 My startup contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification for my startup

eiConnect can help build resilient infrastructure, promotes inclusive and sustainable industrialization, and fosters innovation through its digital platform that connects entrepreneurs and investors. The platform ensures inclusive access to funding regardless of location, gender, ethnicity, or social status, supporting equitable access to finance and sustainable industrial growth. By lowering barriers to funding, eiConnect encourages diverse, innovative ideas and promotes collaboration between entrepreneurs and investors across regions. This cross-pollination of ideas drives technological advancements and innovation, while funding access allows businesses to invest in research and development, further fostering innovation.

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

eiConnect reduces inequality within and among countries by bridging the gap between entrepreneurs and investors through its digital platform. It democratizes access to funding by allowing entrepreneurs, especially those from developing countries, to reach a global investor audience. This platform transcends geographical boundaries, promoting international investments and partnerships. By addressing the information gap, eiConnect provides investors with diverse business opportunities and helps MSMEs secure funding which is essential for job creation and economic growth. It emphasizes inclusivity, ensuring all startups, regardless of social status, location, gender, ethnicity, or race, have equal access to funding.

02.11.01 My startup contributes to the Sustainable cities and communities goal

4

02.11.02 Sustainable cities and communities - Justification for my startup

02.12.01 My startup contributes to the Responsible consumption and production goal

4

02.12.02 Responsible consumption and production - Justification for my startup

02.13.01 My startup contributes to the Climate action goal

4

02.13.02 Climate action - Justification for my startup

02.14.01 My startup contributes to the Life below water goal

4

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

3

02.15.02 Life on land - Justification for my startup

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

4

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

1 - Strongly Disagree

02.17.02 Partnerships for the goal - Justification for my startup

eiConnect can strengthen the means of implementing the Global Partnership for Sustainable Development by connecting entrepreneurs with global investors through its digital platform. This enables MSMEs and startups, crucial for economic growth and innovation, to secure necessary funding. eiConnect facilitates direct communication between entrepreneurs and investors, ensuring transparent negotiations. It democratizes access to funding, promoting inclusive economic growth and reducing disparities. Its scalable design enables replication in various regions, broadening its impact.

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

4

06.02 The product/service represents an entirely new type of product/service.

6

06.03 The product/service could be described as a new technology.

4

06.04 The product/service is an improvement on an existing product or service.

4

06.05 The product/service could be described as an extension of a range of products or services.

3

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

6

06.07 The product/service is a new version of an old product/service.

3

06.08 Justification for my startup

eiConnect is unique and innovative due to several standout features. It allows entrepreneurs to easily present their businesses through engaging video pitches, enhancing appeal to investors. The platform emphasizes global reach and inclusivity, providing equal opportunities regardless of location, gender, or social status, thus promoting diverse business ideas. Real-time communication features such as in-app chat and proposal exchange streamline the funding process, facilitating quicker decision-making. Entrepreneurs and investors can give offers and counter offers in negotiations to agree on favorable terms before finalizing their connection. Banks and microfinance institutions can easily find MSMEs they are interested in lending to and can provide their loan offers and terms directly.

06.09 Competitive Analysis

eiConnect's main competitors include AngelList, Seedrs, Crowdcube, and Kickstarter, all of which connect entrepreneurs with investors. eiConnect stands out by offering video pitches, allowing entrepreneurs to present their ideas more engagingly. The platform emphasizes global reach and inclusivity, ensuring equal opportunities regardless of location, gender, or social status, which promotes a diverse range of business ideas. Real-time communication features such as in-app chat and proposal exchanges streamline the funding process, making interactions more efficient. Unlike some competitors, eiConnect specifically targets Micro, Small, and Medium Enterprises (MSMEs), addressing the financing gap in developing economies. Additionally, eiConnect supports investments in sustainable and innovative business practices, aligning with global sustainability goals.

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?

Not at the moment