Technology development plays a crucial role in furthering any country’s capabilities, and it’s for that reason that Nigerian incubation centre Co-Creation Hub has made $500 000 (R5m) available for funding ideas, trials and experimentation of tech startups in the country.
Startups who apply for the funding over the next two years will be given between $10,000 and $25,000 to experiment with different business models and develop their operational strategy, and Vacantboards, Truppr, Traclist, 500shops and GeniiGames has already received its initial funding.
“The initial beneficiaries of the seed investment went through CcHUB’s Pre-Incubation program which identifies and supports aspiring technology entrepreneurs looking to address local market problems with relevant solutions. Through the $90,000 Tony Elumelu Foundation/CcHUB pre-seed fund, beneficiaries started out with a grant award of $5,000 each to support their ideas, build working prototypes, carry out initial market testing and proof their concepts,” the hub said in a press statement.
Bosun Tijani, CEO and co-founder of CcHUB explained where the idea of an incubation office came from.
“CcHUB incubation office launched in response to the need to provide business development, mentoring and funding support to startups that showed traction from our impactful Pre-incubation program. Our seed investment ensures startups have a sure footing post-Preincubation to concentrate on rapidly executing their plans and learning from the market.”
Tunji Eleso, director of Incubation, added there has already been talks of further additional funding for some of the projects and startups.
“Discussions are already underway with investors to provide additional funding to two of our initial beneficiaries and we hope to break the news in the coming months.” Ideally Co-Creation Hub said that it’s looking for startups who can transform the way Nigerians live, play and do business.[Source – CcHUB, image – CC by 2.0/Heisenberg Media]