What comes after the win at the Hi- Innovator , its time for due diligence process to commence.
Due diligence is a critical process in various fields, including business transactions, legal proceedings, and even personal investments. It involves a thorough investigation and evaluation to ensure that all necessary information is available before making important decisions. This blog will dive into the concept of due diligence, its importance, types, and best practices to conduct it effectively. First of all What is Due Diligence?
Due diligence refers to the careful, systematic, and detailed examination of all aspects of a potential investment, transaction, or deal. It aims to uncover any potential risks, verify the accuracy of information, and ensure that the decision-maker has all the necessary knowledge to proceed confidently.
Our winners were announced at the pitch day and and now it was time to start the process of handing over the seed funding but before the seed funding is handed over due diligence has to be done thoroughly.
Our team embarked on 8 sight visits to our Hi - Innovator seed funding receipts
The first sites visits involved touring the business site , meet their staff , look at their production sites , go over their finances, contracts of their staff members both part time and full time and part time. There were sit down sessions with their teams to be able to understand how the business does its day to day operations of the business. Its quite a process but is necessary and crucial and also allows for the business owners to always deep dive into their business which is rear for quite a number of business owners and mostly rely on their teams .
We had an interactive experience as our teams travelled to these sites and got the opportunity to see the production process of their products and operations on how to deliver their services . Our SGBs were so welcoming and comfortable with us during our time at their sites, meeting these entrepreneurs in their element was interesting it was like seeing someone comfortable in their own skin very intricate and simply done and were there for it.
A special thank you to Bioflame Africa, African School of Innovations Science and Technology (ASSIT),Mona Makeup Studio, Cleanway Beauty Products, Nyangoli General Services, Mapa Enterprises, Pink House Spices, Bergarite Holdings Ltd. Thank you allowing Mkazipreneur into your spaces and following the due diligence process and hoping to go through this process.
