Big boost for local businesses as Quick Angels launches

Big boost for local businesses as Quick Angels launches
Source: GNA
Date: 14-05-2019 Time: 07:05:31:pm

A formal angel investor firm has been launched in Accra to provide capital for potential and existing entrepreneurs through partnerships.

The firm, dubbed: ‘Quick Angels Limited’, is expected to ensure a win-win relationship between them and all business and boost the economy through their investment in entrepreneurs.

Mr Richard Nii Armah Quaye, Chief Executive Officer of Quick Angels Limited who launched the firm said the establishment of the firm was necessitated by the need to ensure that entrepreneurs with brilliant business ideas do not fail due to inadequate capital or lack of support.

Angel investor provides capital for business start-ups usually in exchange for convertible debt or ownership.

He said it was through angel investing, the world gave birth to amazing entrepreneurs like the founders of Facebook, google, uber among others that have changed the world

“I believe in the ingenuity of the Ghanaian and I strongly believe that with the necessary and right support we can as a nation produce the likes of these great companies,” he said.

Quick Angels

Mr Quaye said the firm would provide services such as start-up equity financing, early stage equity financing, business growth equity, small and medium enterprises equity financing and buying and selling of businesses to the public

The theme for the launch was “Angel investors, partnering entrepreneurs for economic growth”

Mr Quaye hoped that the establishment of the firm would address issues such as the scarcity of investors in the economy leading to inadequate capital and lack of support for young businesses.

Mr John Kumah, Chief Executive Officer of National Entrepreneurship and Innovation Plan (NIEP) observed that Angel Investors were not common in Ghana, stating that the launch of Quick Angels Limited would fill the huge gap in the entrepreneurship and start-ups ecosystem.

Mr Kumah said, the government through NIEP provided training to 7,000 start-ups and funded 1,350 of them with a minimum seed capital of GH₵10,000.00 and a maximum of GH₵100,000.00 last year.

“The major problem with most start-ups in Ghana is that they are not interested in sharing their equity with the investors but international start-ups succeeded because of the support they received from investors and because they accepted the global trend for business successes,” he said.

He advised start-ups to allow institutions to come on board as shareholders or board members who would finance their business to the maximum.

Mr Edward Ashong Lartey, a senior investment officer at the Ghana Investment Promotion Centre (GIPC) congratulated Quick Angels Limited for venturing into the financial space.

He said the GIPC as the leading investment agency was happy that the angel firm was established to raise the much needed capital to assist entrepreneurs.