Over the years following the Technology Trends in Nigeria,of key interest has been the constant development of the Nigeria Startup Ecosystem.So it becomes an exciting news when certain progresses are being made,as we receive this great news that Co-Creation Hub Nigeria(CcHub) is boosting her incubation program with the launch of a $500,000 seed investment fund to support early stage start-ups over the next two years. Start-ups will receive sums ranging from $10,000 -$25,000 to support business model experimentation and operations. The announcement comes on the occasion of first anniversary of its incubation office which amongst other services provides entrepreneurs with mentorship, user testing, access to markets,office space and administration.
The initial beneficiaries of the seed investment went through CcHUB’sPre-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 & proof their concepts. These ideas grew steadily, earning revenues,increasing their user bases and building partnerships hence needing a different kind of support.
‘CcHUB incubation office launched in response to the need to provide business development, mentoring and funding support to start-ups 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’says ‘Bosun Tijani, CEO & Co-founder of CcHUB.
‘Discussions are already underway with investors to provide additional funding to two (2) of our initial beneficiaries and we hope to break the news in the coming months’ remarked Tunji Eleso, Director of Incubation. We welcome startups looking to transform the way Nigerians live, play and do business to apply to join our portfolio .he further stated.
For sure i know this amount of money is not much when you compare to developed countries but I can tell that this will have great impact in the startups that will benefit from this.Nice one guys!