CashMadam wins the 2018 Tony Elumelu Foundation, TEF Pitching Competition during the TEF Entrepreneurship Forum 2018, which took place at the Balmoral Event Centre, Federal Palace Hotel, Lagos.
Five TEF entrepreneurs took part in a pitching competition anchored by BBC News Correspondent, Mayeni Jones.
The entrepreneurs were Vital Sounovou of Exportunity (Benin Republic), Sandra Onwuekwu of Ecoprune (Nigeria), Jessica Rakotoarisa of Nomad Solar Bag (Madagascar), Mohamed Dhaouafi of Cure Medicare (Tunisia) and Mahassin Quadri of CashMadam (Nigeria).
These entrepreneurs were given three minutes to deliver a pitch to an expert panel of judges. The panel was led by Sam Nwanze and had Lanre Da Silva-Ajayi, Oluchi Orlandi and Alessia Balducci who asked questions and gave the entrepreneurs advice drawing from their wealth of experience in business.
Founded by Mahassin Quadri, a lawyer, Cashmadam is an innovative solution created to help small and medium enterprise owners solve business challenges that affect revenue and business growth. The startup aims to make inventory and sales management easy for low tech companies.
Developed as an app, the CashMadam helps businesses record key business information and uses them to make business recommendations to users.
Launched in 2015, other features embedded in its app include invoice generation, stock alerts as well as daily reports about revenue margins.
Since its creation, the company has kept quite a low profile especially as regards its finances. However, the startup has participated in several competitions, the penultimate one been ‘Tech in Heels’ at the Lagos Innovates competition in June 2018. Yet, not much is known about how the startup operates.
During her welcome address, the CEO of the Tony Elumelu Foundation, Parminder Vir OBE, stated that the Foundation has invested 20 million dollars in seed capital to 4000 entrepreneurs in the four years that the programme has run. She also stated that within 18 months to 2 years of being a part of the programme, the entrepreneurs have generated 52 million dollars in revenue and created about 12 thousand jobs, a giant leap from the 18 million dollars generated in revenue and 4 thousand jobs created before the programme.
There are over 3000 alumni and 700 mentors on the entrepreneurship programme who are changing the African narrative through their ingenuity and innovation in their respective business. The Tony Elumelu Foundation recognised the entrepreneurs and mentors who have made outstanding impacts in 2018. These awards were presented by Dr Awele V. Elumelu, TEF Trustee and CEO Avon Medical.