MAIDEN ACCELERATOR PROGRAM LAUNCHED BY INNOVEST AFRIKA IN COLLABORATION WITH TECHPOINT AFRICA

The launch of the Innovest Ignite Lagos accelerator program is a significant development in the effort to foster innovation and support early-stage startups in Nigeria. The partnership between Innovest Afrika and Techpoint Africa indicates a collaborative approach to providing essential resources for Nigerian startup founders.

Key highlights of the program include:

1. Empowerment through Mentorship: The accelerator program aims to empower Nigerian startup founders by offering mentorship. Mentorship is a crucial element in the growth of early-stage startups, providing guidance, industry insights, and expertise that can contribute to long-term success.
2. Global Networks: Innovest Ignite Lagos plans to connect startups with global networks. Building international connections is essential for startups looking to scale and expand their reach. The program recognizes the importance of fostering a global perspective for Nigerian founders.
3. Funding Opportunities: The accelerator program acknowledges the funding challenges faced by African founders historically. To address this, Innovest Ignite Lagos aims to provide funding to selected startups. Access to capital is vital for startups to develop their products, scale operations, and compete in the market.
4. Long-Term Vision: Innovest Afrika, with its goal of accelerating 5,000 African-founded startups by 2030, demonstrates a long-term commitment to supporting the growth of the African startup ecosystem. This aligns with the broader narrative of promoting sustainability and success for African startups.
5. Collaboration between Innovest Afrika and Techpoint Africa: The collaboration between Innovest Afrika and Techpoint Africa indicates a shared commitment to amplifying stories of innovation in Africa. Techpoint Africa’s involvement suggests a dedication to showcasing and promoting the achievements and potential of startups on the continent.
6. Focus on Underrepresented Founders: Femi Moito highlights the historical underrepresentation of African founders in venture capital funding. The accelerator program is designed with a targeted approach to reach the best founders and startups, aiming to provide them with increased chances of long-term success and sustainability.

Overall, the Innovest Ignite Lagos accelerator program appears to be a well-rounded initiative addressing key challenges faced by startups in Nigeria. It combines mentorship, global networks, funding, and a focus on underrepresented founders, contributing to the growth and success of the African startup ecosystem.

he details of the Innovest Ignite Lagos accelerator program provide a comprehensive overview of its structure, eligibility criteria, benefits, and support mechanisms. Here are the key points:

1. Program Format: The accelerator is a fully remote six-week program culminating in a demo day in Lagos. This remote format allows for wider accessibility and participation.
2. Demo Day: Founders will have the opportunity to pitch their startups during a demo day to a curated audience of global investors and partners. This exposure is crucial for startups seeking funding and partnerships.
3. Open to All Sectors: The accelerator program is inclusive, accepting early-stage startups from all sectors. This broad approach recognizes the diversity of innovation across various industries.
4. Eligibility Criteria: Founders must be of African descent and reside in Nigeria. This requirement emphasizes a commitment to supporting local talent and entrepreneurs.
5. Encouraging Nationwide Participation: Startups from across Nigeria are strongly encouraged to apply, promoting geographic diversity and inclusivity.
6. Cohort Size and Funding: At least ten startups will be selected for this cohort, and the top quartile will receive up to $20,000 in equity funding. Financial support is a crucial component for early-stage startups to kickstart their growth.
7. Learning Curriculum: Selected startups will gain access to a comprehensive learning curriculum covering subjects vital for startup growth. The involvement of seasoned professionals, including industry experts and exited founders globally, enhances the quality of the learning experience.
8. Post-Program Support: Innovest Afrika commits to providing ongoing support to founders even after the program concludes. This includes investor introductions, business development assistance, and hiring support, contributing to the long-term success of the startups.
9. Ideal Founder and Startup Profile: The ideal founder is described as having deep expertise in their sector, demonstrating traction, and operating in a large or fast-growing market. Additionally, the ideal startup should address one of the United Nations’s 17 sustainable development goals, aligning with a socially responsible approach to innovation.
10. Application Process: Interested startups can apply through the provided link, and inquiries or additional information can be directed to the specified contacts.

In summary, the Innovest Ignite Lagos accelerator program offers a well-rounded package, combining financial support, mentorship, a global network, and ongoing assistance, with a focus on inclusivity and impact-driven innovation. The emphasis on sustainable development goals and continued support positions the program as a holistic initiative for the growth and success of African startups.

Interested startups are encouraged to submit their applications using this link.

For further inquiries or additional information, please contact:

Ayomide Adebule: ayomide@innovestafrika.org

Chimgozirim Nwokoma: chimgozirim@techpoint.africa

Source: Techpoint africa