The accelerator program which opened its
entries last month, received 306 registrations and after rigorous assessments
was later shortlisted to 30 participants.
Theses finalists were further screened by
the Head of the Africa Fintech Foundry, Mr. Daniel Awe; Group Head, Emerging
Businesses, Access Bank, Mrs. Ayodele Olojede; and Vice President, Investments
MBO Capital and Fintech Consultant, Mr. OshoneIkazobor, in a bid to narrow it
down to 10 -15 finalist.
Speaking on the sidelines of the event, Awe
said the AFF was committed to empowering startups with resources and to ensure
start-ups are equipped to scale their businesses.
He said: “If a start-up has an idea and you
throw it into a market of 42 million customers, the acceleration is going to be
faster. So, it is using the entire ecosystem of our group to build the future
of the country.”
“In the next 10 years, these guys coming
here we see them becoming a unicorn worth over $100 million and a season is
coming where would see these startups becoming the next drivers of our
economy.”
On funding available for the start-ups, he
added: “Funding is based on ideas and what would be required to move the idea
forward. We have a commitment of about N10 million. After they come into the
accelerator program, there are a top three but the other ones are going to be
exposed to investors.
“This initiative would have a direct impact
into the economy because it is targeted at the medium scale businesses and
these are the businesses that can change economies in terms of reducing
employment rate and socioeconomic levels.”
Also speaking at the event, the Head, Retail
Product Insight and Capabilities, Access Bank Plc, Mr. Rob Giles said: “We are
looking for companies with ideas that can solve real world problems and were we
are different from venture capital firms is we offer an environment where
startups can be supported, nurtured, advised and get access to people who are
further ahead on their journey like mentors.
“We have seen three companies that can go
all the way and our job is to make sure they stay the course and structure
their foundations from the very beginning that would allow them to scale.”
Furthermore, speaking to one of the
participating startups, the Founder, Farm Delight Ms. Love Uduma, a start-up
focused on agriculture value chain from production to distribution and
consumption said this platform is an impactful stream for startups to get
support from.
On her expectation, she said: “I am
expecting tech support and a good relationship with the tech community. We have
the agricultural aspect covered but we need the technology assistance and also
funding.”
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