This ambitious move comes as AyaHQ aims to address the high failure rate of African blockchain ventures. The startup’s core strategy is to build a collaborative, de-risked ecosystem for investors and founders. By creating a collective talent pool and providing extensive support, AyaHQ hopes to prevent a repeat of past failures seen in companies like Nigeria’s LazerPay and South Africa’s Momint.
A New Approach to Incubation
Founded in 2020 by Eric Annan, Pishikeni Tukura, and Dennis Ukonu, AyaHQ has undergone a significant transformation. Initially, the company launched Ayagigs, a marketplace for Web3 developers, but it was discontinued a year later due to scaling challenges. Since then, AyaHQ has pivoted to a collective incubator model, providing training and founder residencies in Ghana and Kenya. The company has since supported over 50 startups.
AyaHQ’s model is built on shared ownership and collaboration. The company takes a 2% equity stake in every incubated venture. Notably, 1% of this equity is retained by AyaHQ, while the other 1% is pooled and distributed among all founders in the ecosystem. This unique arrangement incentivizes founders to support one another by sharing advice, resources, and even talent. According to AyaHQ co-founder Eric Annan, "Aya is a trust layer. It is not just about talent. It is about collaboration and building conviction together."
AyaHQ’s portfolio is diverse, spanning payments, gaming, edtech, and decentralized finance (DeFi). The startups are currently small and largely pre-revenue, but the equity model is a long-term play, with value to be realized from future funding rounds, acquisitions, or public listings. The upcoming microfund is expected to give these ventures a much-needed capital boost, further solidifying the company's commitment.
This arrangement was confirmed by Vicentia Asilevi, co-founder of Soccersm, an AyaHQ-incubated Web3 e-tournament platform. "We are an AyaHQ incubated company, and AyaHQ has 2% equity in Soccersm with no profit share agreement," Asilevi stated, adding that they are aware the remaining 1% of the equity goes into the collective founder pool.
Generating Revenue and Building the Future
In addition to its incubation services, AyaHQ operates AyaLabs, a platform for Web3 hackathons and developer experiments. Inspired by platforms like DoraHacks, AyaLabs allows blockchain companies to host events, run bounties, and reward developers directly. Since its launch, it has attracted nearly 5,000 developers and distributed close to $100,000 in prizes. AyaHQ monetizes this platform by charging companies for access and services.
The company also generates revenue by providing incubation-as-a-service to specific blockchains. Its most prominent partnership is with Lisk, a layer 2 blockchain. While incubated startups are encouraged to build on Lisk, they are not restricted from using other blockchains. "Our incubation-as-a-service is generating revenues for AyaHQ at the moment," Annan said. "We are presently working exclusively with Lisk but will entertain other conversations once our contract lapses."
AyaHQ has already secured approximately $1 million in funding, including grants and investments from backers like Flori Ventures and Techstars Crypto Boston. The startup's potential to provide a more stable foundation for Africa's crypto sector could make it an attractive proposition for investors looking for a less risky entry into the continent's growing tech landscape.