“Ten (10) years ago, I embarked on a journey as an entrepreneur; the journey appeared very far, the road very narrow and rocky. My financial backbone was very tiny and minute, so I decided to look out for financial assistance.
I went to as many financial institutions as I could, the answer was NO because it was a start up with little or no substantial financial records, my structures appeared weak as in the case with all startups which made me appeared as a high risk borrower.
Disappointed as I was, I decided to look elsewhere. I visited a couple of venture capitals. They also showed no interest at all. Finally family and friends became my last option guess what?
The disappointment became so real; I was heartbroken and felt like giving up.
This is my story and I know that is not different from many of my colleagues and fellow Ghanaians”
During this 10 years journey, I have met a lot of potential and existing entrepreneurs with brilliant business ideas who have lamented to me that the only reason they have failed to start their entrepreneurial career or grow their businesses from the level they started is because of Scarcity of investors in the economy leading to Inadequate capital and lack of support for young businesses- CEO, QUICK ANGELS LIMITED, MR RICHARD NII ARMAH QUAYE
Mr. Richard Nii Armah Quaye is an entrepreneur with over a decade experience. He started off trying to get money to start his business. Unfortunately, banks and family members could not help him. However gradually, he was able to establish Quick Credit and Investment Micro–credit Limited, which today employs over 300 people across the country. The company which only gives loans and is not into other financial services such as investments, savings and Deposits, has impacted small businesses in the country and has provided a source of livelihood for families. He doubles as the CEO of Quick Credit and Investment Micro-credit Limited and now CEO for Quick Angels Limited, an initiative meant to support entrepreneurs.Mr Quaye indicated although government has been helping in this regard, there is still a gap that has to be filled. Hence the formation of Quick Angels limited to provide funds to support struggling Indigenous start-up businesses and people with business ideas.
This he believes would contribute to the economic development of the country.
The crying tears of these young entrepreneurs and businesses coupled with the danger it poses for the next generation and the economy as a whole has inspired me to intervene now rather than later. This has given birth to QUICK ANGELS LTD .
ABOUT QUICK ANGELS LIMITED
Who are Quick Angels?
Quick Angels limited is a fully owned Ghanaian ANGEL INVESTOR company established in 2019 under Section 24 of the Companies Code 1963 (Act 179) with registration No. CS067512019.
The company’s prime focus is to support startups and business growth.
What are our Objectives?
I. Provide seed capital for startups. II. To rapidly expand existing businesses by making available the requisite capital and premium management expertise. III. Partnering already existing businesses and startups with the aim to providing strong financial returns and creating institutionalized entities over long periods.
Our vision is to become a leader in ANGEL INVESTING in Ghana and beyond by promoting entrepreneurship through strategic partnerships.
Our mission is to drive innovative commercial ’Angel Investments’ that seek to propel Ghanaian startups and also restoring promising businesses through strategic partnerships that exceed expectations.
Our Core Values
Team work: We work together across boundaries to meet the needs of entrepreneurs and help to foster win-win situations for all.
Integrity: We uphold the highest standard of integrity in all our business actions.
Respect: We value our partnership with all our stakeholders.
Reliability: Entrepreneurs can be assured of tailor made services to suit their needs.
I. Startup Equity financing
II.Early Stage Equity Financing
III. Business Growth Equity Financing
IV. SME Equity Financing
V. Buying and selling of Businesses
Why this Business (Quick Angels Limited)?
A. To prevent great ideas dying due to lack of financial support
B. To help small scale businesses struggling with funds and expertise
C. To ease financial pressure on entrepreneurs
D. To help scale up businesses in Ghana to enhance job creation for economic growth.
E. To aid great minds and prepare the 21st century thinkers
Why an Angel Investor?
QAL: Because of the current needs of the countrys economy. Research shows there are a lot of entrepreneurs who but for financial aid would have supported the economy through their businesses for national development. It is against this background that Quick Angels Limited, an angel investing company has decided to support and fund these great minds to be able to contribute their quota to the economic development of the country. This is the first formal and institutionalized angel investing Company in Ghana.
How relevant is this business and how does it directly impact economic and national development?
QAL: The fact is entrepreneurs require equity funding to thrive rather than loans to start their businesses. However what is available is debt financing or loans which are mostly not granted to startups in our part of the world.Loans do not give entrepreneurs room to be innovative and take risk, which drives business growth. However equity funding which does not require re-payment provides the appropriate platform for entrepreneurs to focus more on innovative ideas and plan for long term.
Quick Angel Limited does not require collateral and guarantees.
These are often requested by financial institutions before supporting entrepreneurs, which often they do not have leading to ideas prematurely dying or businesses totally breaking down.
There has been a lot of investment schemes lately with its own challenges .How different is Quick Angels Limited from these?
QAL: We are not a financial institution.
We are totally different from these schemes that operate in the financial sector that are currently on their knees. We do not give loans, accept deposits or investments, or deal in forex. We are not a savings and loans company, neither are we a micro finance company and obviously not a bank. We only support entrepreneurs with funding in return for equity stake.
Your system seem very similar to that of venture capital tell us the difference
QAL: Whereas Venture capitals pull resources from large corporations, Pension funds, investment companies, and the public and invest on their behalf. As such they are very bureaucratic and selective in supporting entrepreneurs; Angel Investors use their personal funds to support entrepreneurs.With angel investors, decision making is easier and faster. Angel investors are able to take risk in areas venture capitalists will not be interested.
Who are eligible for your funds and how do they pay back?
QAL: Potential or existing entrepreneurs or businesses. They do not pay back. We invest in return for equity.
There are millions of startups and entrepreneurs in dying need of this kind of investors /investing how are you going to control or manage numbers?
QAL: We have enough funds and are prepared to support as many as possible.Through angel investing the world gave birth to amazing entrepreneurs that are celebrated worldwide today and businesses that have changed our world today. Few examples are Facebook, Google, Uber,etc. I believe in the ingenuity of the Ghanaian and strongly believe that with the necessary and right support we as a nation can also produce the likes of these great companies I have mentioned.
I therefore say to all my fellow Ghanaians today with entrepreneurial dreams, smart business ideas, struggling early stage businesses that regardless of what industries you find yourself or intend to operate, we are ready to do this together with you.
Walk into our office here at the No. 12 Ring Road central, Circle, and Accra. Between provident insurance Head Office and Ernest Chemist, or visit our website on www.quickangelsghana.com or call our office lines on 0302-267-381 or 0302-267-382 for assistance or you could also email us on Info@quickangelsghana.com
QUICK ANGELS; your ideal angel investors.
Long live entrepreneurs.Long live Quick Angels Limited.Long Live Ghana.