The technology innovation center, Co-creation Hub, is set to invest a total of $700,000 in tech startups based in Edo State to apply through its Innovation Challenge and Support programs.
The Hub, working in collaboration with the Edo State Government, is now calling on startups to apply for these programs to benefit from the investment. Under the programs, 30 startups will receive $10,000 each, while another set of 20 startups will receive $20,000 each, bringing the total amount to $700,000.
Announcing the opening of applications via a statement released on Friday, the Cc Hub said it was assisting the Edo State government in strengthening its digital solutions ecosystem and encouraging innovation and entrepreneurship. The programs are also being organized with the support of the Bill & Melinda Gates Foundation.
What the Cc Hub is saying
While making the calls for applications, the Hub co-founded by the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, said:
- “We are offering investment support to 50 startups through two programs – the Inclusion-Focused Support and the Innovation Challenge Program for diverse startups with underrepresented founders and teams (women) and the Innovation Challenge for all tech startups with innovative ideas and products, offering funding for those with market potential.
- “Dive into opportunity with our Inclusion-Focused Support Program: 30 selected startups, each receiving $10k USD for growth and innovation!
- “Innovate, transform, and thrive! with our Innovation Challenge Program: 20 startups, each awarded $20k USD to drive game-changing ideas forward!”
Interested startups based in Edo State can apply here. According to the Hub, the deadline for the applications is 12 February 2024.
Fedel Government’s policy
This initiative in Edo State aligns with the Investment in Digital and Creative Enterprises (i-DICE) program of the Federal Government through which the government in collaboration with international bodies, is planning to invest $617.7 million in Nigerian startups.
The program is being financed by the French Development Agency (AFD), the African Development Bank (AfDB), the Islamic Development Bank (ISDB) & the Bank of Industry (BOI).
Out of the over $600 million value of I-DICE, the AFD is contributing 100 million euros (equivalent to $116 million).
The program is spearheaded by the Office of the Vice President, and aimed at promoting entrepreneurship and innovation in the digital technology and creative industry sectors.
According to the government, the program would train two million young people, whilst encouraging them to structure their own ecosystem, through access to financing for the creation of innovative businesses and start-ups.
