Tech competitions and a sustainable startup ecosystem in Nigeria, By Zeenat O. Sambo

It was a remarkable experience for startups to be part of the recent World Creativity and Innovation Day (WCID 2022) activities…. The theme, “Creativity and Innovation: Powering Collaboration for a Sustainable Digital Economy”, provided access for startups to pitch their ideas and use the platform to revamp their innovations into marketable solutions.

The concept of technological innovation is an extension of innovation. This is the means of identifying technology as a source of innovation for market competitiveness by an organisation or group where they constructively build a technical capacity to enhance business value through what is called a startup.

Startups are young companies or innovators that develop unique digital products or services, bring them to the market and make them irresistible to customers. They are often formed to resolve issues with existing products or to invent entirely new categories with technology.

Simply put, they are a means of introducing easy approaches to thinking and doing business across entire industries technically.

Over the years in Nigeria, the effort of the National Information Technology Development Agency (NITDA) to sustain awareness of developing startups and to enhance digital innovations in the ecosystem has attracted international companies to set up competitive ventures enabling indigenous innovators to compete favourably in the global sphere.

When startups participate in tech competitions they get the chance to pitch their innovations to investors for cash prizes or investment capital. This inclusion makes startups to access several investors at once, to raise capital to launch their innovations.

Although tech startups require a lot of time and resources to develop, with funding as a major struggle, but participating in a startup competition is a worthy investment for participants to source capital.

In recent times, the effort to encourage local startups to engage in competitions as an opportunity to advance and achieve their goals is now an established phenomenon, whereby competitions with numerous investments and rewards are often available for young innovators to succeed in the realm of technology.

It was a remarkable experience for startups to be part of the recent World Creativity and Innovation Day (WCID 2022) activities organised by NITDA. The theme, “Creativity and Innovation: Powering Collaboration for a Sustainable Digital Economy”, provided access for startups to pitch their ideas and use the platform to revamp their innovations into marketable solutions.

NITDA, alongside its subsidiaries, the National Centre for Artificial Intelligence and Robotics (NCAIR) and the Office for Nigerian Digital Innovation (ONDI), has organised numerous hackathons and competitions to promote Nigeria’s digital innovation and entrepreneurship agenda. Such initiatives have helped to expand the agency’s advocacy for digital inclusion amongst Nigerian youth.

1X Bet AD

Another great opportunity for Nigerian tech startups is the request for applications from African startups to participate in the GITEX 2022 North Star Pitch Competition organised by the Dubai World Trade Centre (DWTC) from October 10th – 13th. A final shortlist of the four most innovative startups will enjoy full sponsorship to participate in the competition.

The global initiative is designed to support startup innovations across various sectors in Africa and get some of the continent’s brightest innovators to join their peers from other parts of the world to shape the new global digital economy.

To crown the effort of NITDA and its subsidiaries, the introduction of digital innovations, and global exposure have drawn numerous international companies to invest in and sustain funding for young startups and entrepreneurs.

In this regard, the latest call for applications by Mobility54, a corporate venture capital of Toyota Tsusho and the CFAO group, is another step up for the startup ecosystem. This organisation is inviting innovative African startups to apply for its 2022 Digital Transformation Challenge.

The venture capital firm is seeking innovative solutions in five investment areas, including logistics, transport, mobility marketplaces, mobility fintech, and mobility carbon neutral.

Several tech competitions have provided opportunities for startups in Nigeria to connect with global tech companies and investors periodically.

About three days ago, a Nigerian fintech startup, Shecluded, emerged as the overall winner of the US-backed SelectUSA tech pitch competition for Nigerian female-led tech startups interested in expanding their business operations into the United States.

Ifeoma Uddoh, the founder of Shecluded, a company dedicated to bridging financial inclusion for women of colour, has been awarded a complimentary ticket to attend the annual SelectUSA Investment Summit to hold in Washington on June 26, with the opportunity to participate in the Regional, Middle East and Africa Pitch event.

On April 21, five startups emerged tops at a pitch session which formed part of activities to mark the WCID 2022 organised by NITDA. The five finalists went home with prize moneies ranging from N2 million to N5000, 000 to support and further their innovations.

We should also recall that three Nigerian startups had won about $25,000 in the U.S.-Africa Business Centre’s Digital Entrepreneurship Competition in December 2020. These are just a few among the many young Nigerian startups garnering awards and financial prizes in different tech competitions to push their innovations into the global market.

In addition, the Federal Government of Nigeria received $50 million as a startup investment fund, after it sponsored 10 tech startups at GITEX 2020 summit in Dubai, United Arab Emirates.

The Ministry of Communications and Digital Economy and its agencies, especially NITDA, are helping to reposition Nigeria as a lucrative hub for investments in startups. It demands collective effort by all stakeholders in the startup ecosystem to raise awareness through a sustained media campaign to encourage indigenous innovators to participate in pitch competitions.

With NITDA branches spread across the country, the agency can organise competitions for innovators operating outside the urban cities. Through this approach, more Innovation-Driven Enterprises (IDEs) will emerge with innovative solutions to create wealth and prosperity for the country.

Zeenat Sambo writes from Wuye District Abuja zeenatsambo@yahoo.com


Support PREMIUM TIMES’ journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: To place an advert here . Call Willie – +2348098788999







PT Mag Campaign AD

Leave a Reply

Your email address will not be published.