Tag: Digital Innovation Hubs

AfriConEUBusiness

Building and Using a Network of Funding Sources

In the past years, there has been a growing focus on developing new funding models and leveraging existing networks to support innovative projects and startups in Africa. One of the main drivers of this trend has been the rise of digital innovation hubs, incubators and accelerators in Africa, which have helped to connect entrepreneurs and innovators with the resources and networks. Additionally, a number of new funding initiatives and programs have been launched in recent years, aimed at supporting the growth of small businesses and startups in Africa.

Despite these efforts, however, many entrepreneurs and innovators continue to face significant challenges when it comes to accessing funding and other resources to support their projects. This is why the workshop on “Building and Using a Network of Funding Sources” organized by Emerging Communities Africa (ECA) as part of the AfriConEU Networking Academy activities aims to provide valuable insights on how to identify and access funding sources, and how to build a sustainable partnership framework for innovative projects.

The workshop held on Thursday, January 26th, 2023, at The Nest Hub, Yaba, Lagos Nigeria and online via zoom and brought together a diverse group of individuals and organizations in academia, business and government, all of whom were interested in learning more about how to access and utilize funding sources to support innovative projects and drive economic growth in Africa.

The workshop began with a presentation by Bankole Oloruntoba, CEO Nigeria Climate Innovation Center (NCIC) on the concept of an innovation lifecycle. He explained how understanding the different stages of an innovation’s development can help entrepreneurs identify the best funding sources for their projects. Additionally, He highlighted the difference in accessing private sector funding, government funding, and funds from foreign sources. He later went on to clarify that accelerator and incubation differ and a startup will need pre-incubation at its ideation phase to produce a prototype after that it needs incubation to gain market entry and will only require acceleration when it needs growth and scaling.

Following Bankole’s presentation, Ireayomide Oladunjoye, Immediate past Head, Lagos Innovates (Lagos State Employment Trust Fund) spoke on the various funding sources available to entrepreneurs, including government grants, venture capital (VC), and crowdfunding. She stressed on the fact that at an early stage, bootstrapping or funding from friends and family is advisable and a business should only consider VCs when they have started making revenue.

The workshop then featured a panel session with Amarachi Nwachukwu, co-founder MendHQ, Mike Rosanje, CEO Cashbuddy, Ibrahim Ajala, co-founder VS Creatives, and Joba Oloba, co-founder The Nest Hub. The panelists shared each of their company’s funding stories and offered valuable insights into the challenges and opportunities of securing funding for innovative projects. One of the panelists mentioned that more than funding, the environment also played a vital role in determining the success of their organization.

Next, Joba Oloba, Co-founder The Nest Innovation Technology Park, discussed the concept of an innovation ecosystem and how to map it. He emphasized the importance of understanding the different players and resources in a local innovation ecosystem and how they can be leveraged to support the growth of innovative projects. He focused on the academia as a driver of research into current problems and innovative solutions and how the academia and DIHs should collaborate on upskilling programs.

To wrap up the event, attendees participated in a group activity session where they worked together to propose a sustainable funding/partnership framework for innovative projects. The goal of the activity was to explore and maximize opportunities that could bring economic growth to target markets. Group A devised a plan to scale the export of high-quality leather from Aba, a city in Abia, Nigeria using technology, while Group B developed a partnership strategy to bridge the institution and industry mismatch using digital innovation hubs as enablers.

At the close of the workshop, participants were able to describe funding sources within their innovation ecosystem, match financing sources to project needs, describe the role of DIHs as reference points, and understand best practices for maximizing funding opportunities and collaboration.

CommunitiesDigital InnovationHubs

Digital Innovation Hubs and Their Impact on Local Communities

Digital innovation hubs, also known as co-working spaces, have become a driving force in the Nigerian tech space by providing support and resources to entrepreneurs and start-ups, assisting them bring their ideas to life. They have played a significant role in supporting local communities by providing access to technology and fostering innovation. Examples of these hubs in Nigeria include Akure Tech Hub, The Nest Innovation Technology Park, Aiivon Hub, Edo innovates, Wennovation Hub etc. In this article, we will explore the impact of digital innovation hubs in Nigeria on their local communities.

One of the major impacts of digital innovation hubs in Nigeria is the opportunity they provide for local entrepreneurs and start-ups to access resources and support that would otherwise be out of reach. Many of these hubs offer access to funding, mentorship, and training programs, mostly in the form of accelerators and incubation, all of which can be crucial for early-stage businesses looking to get off the ground. For example, the Co-Creation Hub (CcHUB) in Lagos provides prototyping, product development, and business incubation services. In addition to its core services, CcHUB also hosts events and workshops focused on technology and innovation, providing a platform for knowledge sharing and networking.

The support provided by digital innovation hubs can help tech startups develop their ideas and bring them to market. This can have a positive impact on the local community by promoting job creation and economic growth. Start-ups that receive support from innovation hubs are more likely to succeed and create jobs, which can have a ripple effect on the local community. The provision of space for start-ups to flourish can aid in job creation and the stimulation of economic activity. This, in turn, can have a positive impact on the local community, promoting growth and development.

In addition to providing support for tech startups, innovation hubs and accelerators can contribute to the development of a stronger Nigerian tech ecosystem. These organizations can foster collaboration and networking by bringing together tech professionals, entrepreneurs, and investors, thereby contributing to the birth of a vibrant and thriving community of tech professionals in the country. This can lead to the development of new products, services, and technologies that can benefit the local community.

For example, Akure Tech Hub provides co-working spaces, business development, training, and mentorship services to entrepreneurs and start-ups which promotes collaboration. The Nest Hub also provides similar services. These organizations help support various startups and entrepreneurs in their respective locations, assisting them in turning their ideas into successful businesses.

Digital innovation hubs can also help bridge the digital divide by providing access to technology tools and co-working spaces to underserved communities. Many of these hubs offer internet access, computers, and other technology resources to entrepreneurs, students, and other members of the community. This can help to level the playing field and provide opportunities for individuals and communities that may otherwise be left behind.

In conclusion, digital innovation hubs in Nigeria are having a significant impact on their local communities. By providing support and resources for entrepreneurs, driving economic development, and fostering collaboration and networking, these hubs are helping to shape the future of Nigeria’s tech space. They are helping to create jobs, promote economic growth, and bridge the digital divide. As the tech space in Nigeria continues to evolve, digital innovation hubs will also evolve to keep meeting the needs of Nigeria’s innovation Ecosystem.