Co-Creation Hub Nigeria and The Tony Elumelu Foundation have signed a partnership to provide managed seed funding to up to 20 social technology start-ups in Nigeria in one year. The main purpose of the fund is to support experimentation and proof of concept of novel application of tech4social good in several aspects of the economy including healthcare, education, agriculture, governance, inclusive technology, small business development, and finance.
This is a welcome development to the cash-strapped Nigerian startup scene as funding remains a major challenge for so many Tech Entrepreneurs out there. While the barrier may still be high for tech. startups, things are getting better. There is definitely light at the end of the tunnel. So, let the tech. entrepreneurs show up!
However, from the press release made available to us it was not made clear how startups can apply for the fund, but the Lagos-based Cc-Hub will act as an incubator designed to accelerate the successful development of the funded social technology ventures through an array of business support resources and services developed and orchestrated by the hub’s management. The Tony Elumelu Foundation has already identified and selected the following three social technology ventures being incubated by CcHub, who will be the first recipients of the business development grants:
- Efiko is a product of a social tech start-up targeted at improving the pass rate for Nigeria’s secondary students in national exams. The solution is a mobile testing platform tied to school curricula and designed to provide access to assessment and learning resources for secondary school students.
- OfficeMotion is a software company that develops software products for small and medium-sized businesses. They are currently developing a product called Traclist, a web platform that allows micro and small retailers to showcase their inventory over the Internet, thereby giving consumers access to their inventory from web browsers and mobile devices.
- Varsoft is a product of Varsoft Technologies Ltd. It is an inclusive ICT product targeted at congregational type audiences, i.e. libraries, churches, seminars, libraries etc. The solution enables content delivery without the use of the Internet.