The reality is, most budding startups hardly have enough capital or resources to bring on an entire team upfront or effectively run their businesses. Thus, leveraging accelerators and incubators gives them the much-needed foundation to advance their brand.
These programs provide business funding (sometimes), access to seasoned mentors, collective knowledge and years of experience needed in nurturing their startups.
Some of the accelerators and incubators for Nigerian startups include the following:
1. Passion Incubator
The Passion Incubator‘s cashless acceleration model provides entrepreneurs with resources to launch lean startups. The incubator was founded by Olufunbi Falayi and Taiwo Ajetunmobi.
The Passion Incubator has also launched its co-working space, called Leadspace, in Yaba with seed investment from Leadpath Nigeria. Some of the startups in Passion Incubator include: Waracake, Talkingbookz, Beattrafik, Medrep, Easyspace and Stylista.
2. iDEA
iDEA (Information Technology Developers Entrepreneurship Accelerator) was established in 2013 to leverage information technologies to bring disruptive change. iDEA supports a new generation of Nigerian digital entrepreneurs to develop innovative solutions and business models that make businesses and commerce more efficient.
iDEA provides essential support to entrepreneurs to build software skills, solutions and businesses critical to their success. Entrepreneurs accepted into iDEA Centres receive support in the way of physical work space, shared facilities, training, mentoring and access to capital.
3. The Innovation Ecosystem (Co-creation Hub)
CcHUB is Nigeria’s first open living lab and pre-incubation space designed to provide teams with mentoring, pre-seed funding, project planning, usability testing and customer validation to bring to life their creative social tech ventures. The HUB is a place for technologists, social entrepreneurs, government, tech companies, impact investors and hackers in and around Lagos.
They have provided support programs to BudgIT, WeCyclers, Truppr, Traclist, Genii games, Vacantboards, Jobs In Nigeria, 500 shops, Efiko, Nigerian Constitution app, NaijaTeenz, Open apps, Church+.
4. 440NG
440NG was founded as a joint venture between 88mph and L5Lab, in order to invest in mobile and internet startups in Nigeria. Chika Nwobi and Kresten Buch serve as co-directors and investors at 440NG. The accelerator kicked off operations in 2014 with 9 startups in its first cohort. Their website currently lists 10 startups in the 440NG portfolio, the latest startup addition being Davton Learn.
Not much has been done since its Deal Weekend in 2015. However, there are hopes of programs in the future.
5. Leadpath Nigeria
LeadPath Nigeria launched in February 2015 with a $1.5 million accelerator fund and startup workspace. LeadPath is exclusively aimed at startups doing business in software applications, mobile applications, electronic payments and big data. Startups like PushCV and Uregista are some of the 7 startups under LeadPath’s acceleration program.
Leadpath focuses on technology entrepreneurs that solve real problems. Their average investment ranges from $25,000 to $100,000.00 for seed investment and several millions of dollars for follow on funding series.
6. Wennovation Hub
Wennovation Hub is one the earliest, if not the first technology startup accelerator in Nigeria. The accelerator is managed by Wole Odetayo and operates out of their Mokola, Ibadan and Ikeja, GRA Offices.
Wennovation focuses on building a skilled Africa by inspiring and empowering young and budding African entrepreneurs in the areas of Technology, Agriculture, Healthcare, Education, and other Social-Based Economies.
7. Spark* Accelerators
Spark* Accelerators is an international accelarator program for all startups, including tech. Spark* Accelerators are proven entrepreneurs who have built highly profitable startups or have changed the lives of tens of thousands of people living in poverty. Support facilitators are successful international entrepreneurs or Spark* entrepreneurs who have been through the Accelerator before.
Entrepreneurs who reach a certain level of growth can access grants of $25,000 Australian dollars and connected directly to investor partners to help them strategise specific approaches for their businesses.
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