1. Who is Quick Angels Limited?
Quick Angels Limited (QAL) 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.
QAL are investors who have skimmed through the system; come to appreciate the needs of startups and entrepreneurs and have decided to give solutions to them. We are basically helpers to businesses and social entrepreneurs with smart ideas and initiatives.
2. Who is the brain behind Quick Angels Limited?
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 living 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.
3. What are the core mandates of Quick Angels Limited?
- Startups Equity financing
- Early Stage Equity Financing
- Business Growth Equity Financing
- SME Equity Financing
- Buying and selling of Businesses
4. Why an ‘’Angel Investor’’?
Because of the current needs of the country’s 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.
5. How relevant is this business and how does it directly impact economic and national development?
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.
Angel investing 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.
6. There has been a lot of investment schemes lately with its own challenges .How different is Quick Angels Limited from these?
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.
7. Your system seem very similar to that of venture capital tell us the difference
ANS: 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.
8. Who are eligible for your funds and how do they pay back?
Potential or existing entrepreneurs or businesses. They do not pay back. We invest in return for equity.
9. 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?
We have enough funds and are prepared to support as many as possible.