About the Innovative Startups & SMEs Fund
The Innovative Startups and SMEs Fund (ISSF) aims to increase early stage equity finance for innovative small and medium-sized enterprises (SMEs) in Jordan. ISSF puts into practice the first recommendation of the Jordanian Economic Policy Council to set up a fund to facilitate financing for innovative startups and SMEs in an effort to increase the level of startups with high-growth potential. The fund was established and is to be managed based on best international investment practices.
The ISSF will invest in Jordanian innovative companies and in funds, incubators, accelerators and service providers seeking to support SMEs, entrepreneurship and the innovation space.
The ISSF is created as a special purpose vehicle with contributions from the Central Bank of Jordan and the World Bank bringing the total working capital of the ISSF to US$98 million.
The ISSF’s initial investment strategy will be to use a combination of direct investments in SMEs alongside private investment funds seeking to leverage financing on specific deals and indirect investment in SMEs through funds. Initial selection criteria for all investments, Financial Management detailed guidelines.
About the Position:
An extraordinary opportunity for an experienced professional to take on a leadership role in devising and implementing the financial strategy for the ISSF in addition to the establishment of the financial operations to ensure orderly and efficient management and control of all program resources.
- Provide strategic and operational direction to the ISSF’s finance and accounting department.
- Assist the Chief Executive Officer in establishing financial strategic objectives and operating policies and procedures to ensure attainment of ISSF’s objectives.
- Advise the Management team on financial planning, treasury, tax structure planning for investment, budgeting, cash flow, investment priorities, investment review, portfolio management and policy matters by continuously analyzing performance and associated risks.
- Develop good working relationships with banks, investment communities, auditors, Board of Directors and shareholders.
- Oversee all financial functions including accounting, reporting, budgeting, tax, treasury, etc. in accordance with the International Financial Reporting Standards (IFRS).
- Establish and maintain internal controls to ensure compliance with regulatory agencies
- Oversee the formal implementation of internal policies.
- Drive the overall preparation of financial activities including forecasting, budgeting, variance analysis and annual auditing.
- Interface and coordinate with ISSF’s external auditors.
- Lead and manage day to day recording, disbursements, and transfers to other entities, as well as maintaining the designated account of the ISSF.
- Establish, manage and maintain the appropriate analytical tools and financial system to capture all financial transactions and generate reports.
- Develop and set cash policies and procedures for the ISSF’s cash and bank accounts, and ensure that cash and bank transactions are based on proper authorization, controlling, monitoring and classifications in the accounting records.
- Ensure that finance plans and policies are understood and administered by the management team.
- Oversee statutory compliance, registrations, and licenses.
- Follow procurement principles as defined by the World Bank.
- Assist in the development of internal procedures and TOR that cover the approved selection criteria, due diligence work, applied investment exit methods for all ISSF’s investment recipients and beneficiaries; venture capital funds, early-stage investments, accelerators, incubators, angel networks, etc.
- Assist in defining the broad investment parameters and the type/size of investment and financial allocation in line with the ISSF’s strategy, compliance and guidelines.
- Provide guidance to ISSF portfolio companies on how to set up their financial systems to be compatible with ISSF requirements.
- Assist and review in the development of financial models for investment valuation purposes.
- Provide valuation, negotiation, transaction structuring, and due diligence support
Oversee all due diligence reports and investments activities.
- Ensure on-going knowledge of trends and regulations to ensure effectiveness and compliance.
- Anticipate internal and external financial factors to help guide forecasts and budgets.
- Lead and conduct simple financial management assessments for support providers to ensure acceptable financial management procedures are in compliance with ISSF and the World Bank.
- Prepare financial reporting systems, including profit and loss statements, cash flow statements and asset valuations as required for use by management, lenders and financial partners.
- Lead and manage all financial and operational forecasting, sensitivity analysis, management and financial reporting.
- Analyze operations and investments results of ISSF versus approved plans and objectives to ensure the soundness of the overall financial structure.
- Provide insight and guidance on the structuring of investments and valuation of the ISSF portfolio.
|Job Location:||Amman, Jordan|
|Job Role:||Finance and Investment|