I think the money is too small. I thought so when I first saw this.
If you have a team of 3 and you trying to get traction for say 6 months, this will work if you are not paying anyone, maybe just handling bills and cost of getting work done, but not salary. How much will 3 quality hands go home with…for 6 months while totally focused on building?
When you think about a lot, giving up 5% for N1,000,000 becomes a tough one. It should not be a “tough one”.
You didn’t read this, obviously.
This was my second comment. While it shows I read and understood the explanation, it still stands, as I think the concept is really cool thinking but that does not mean I don’t feel like the money involved (however arbitrary) is still small for a Fin-tech. It might be OK for you and anyone else that goes on to apply and that is fine.
You don’t know about people having different opinions, obviously.
Perhaps - but is it too small for someone with a great idea that is still conceptualising. I don’t think so and the goal is to fund edgy ideas that others may scorn, rather than the conventional “good” ideas which I see. My personal view is that for a variety of reasons, too many are not taking enough risk. We are trying to solve that and so that small team that has done x months together maybe isn’t the right target market. That lady or team of 2 that has a great idea at an early stage without much traction (but grit, smarts etc), where everyone is telling them this is a good idea but will never work - I think this is for them if they can defend their idea, however irrational.
I’d have applied for this if it had come my way about Dec 2015- April this year. My only issue is this founder pitch parade is getting tiring. And to think you have to do that in 5 mins. Can anyone truly learn and understand a business enough in 5 mins? I have always thought these things should be a conversation. But good luck to the guys applying.
You raise a good point Akindolu. Just finished the first pitch and the feedback from attendees was that they liked the conversational format - it was still a pitch with other teams watching but it wasn’t in the glare. I hear you on the time element and really it boils down to how much time investors are willing to spare and invest in learning about the business - its a work in progress but the way we try and “game” it such that people who may not be great at presenting but have solid plans is to have as much information beforehand as possible. Thanks for feedback.
p.s. congrats to Loystar
Strange I thought Loystar would win once he got shortlisted.
Who is Loystar?
This is loystar.
Thank you #TeamArise 
Random scrolling through G.A. I had to ask what was going on here.
Thanks for the mention @Ogunleye_Damilare 
Thanks for the reply.
When will Arise have another of this pitches?