NITDA to host tech startups in Lagos

The Office for ICT Innovation and Entrepreneurship, (OIIE), a subsidiary of National Information Technology Development Agency (NITDA) would host the fifth edition of StartUP Friday incorporating FutureHACK program in Lagos for the first time.

From hosting 73 co-founders in February 2016, StartUP Friday has hosted 974 co-founders and 74 investors.

“Through NITDA, we have deepened the value in technology startup community by providing seed funding, mentorship, grinding sessions, access to national and global platforms for over 30 tech-driven start-ups in Nigeria”, Bunmi Okunowo, OIIE coordinator, said in a press statement.

Designed and organised by the OIIE, StartUP Friday is a community-building event in Nigeria that  “assist startups to connect to investors, mentors, celebrity entrepreneurs, buyers, partners, consultants, developers and policy makers and help the startups to grow and scale their businesses”.

According to Okunowo, the event would feature YCombinator, a Silicon Valley based seen the world’s most powerful startup accelerator that has been described as “a spawning ground for emerging tech giants”.

He said that Nigerian technology startups would have the opportunity to pitch for funding and accelerator program at YCombinator at the event.

The startups would go through the Seed Stage ShowUP, Growth Stage, FutureHACK session and fire chat. Okunowo said the Seed Stage would avail the startups opportunity to pitch their products that address agriculture, healthcare, financial services, robotics/drones/IoT and renewable energy challenges.

At the Growth Stage the nascent companies would pitch before the audience of investors while the FutureHACK session would be where out-of-this world innovative and futuristic but thought-provoking ideas would be presented for further research and funding before “becoming viable ventures”. The fireside chat would focus on sourcing and investing in deals, networking with investors and ecosystem players.

“FutureHACK! will develop tech-driven solution out of research into future lifestyle that can be disrupted or amplified. OIIE will hold a FutureHACK competition for undergraduates of tertiary institutions,” he said.

The undergraduates would pitch about 10 topnotch futuristic ideas and they would be selected to pitch at the StartUP Friday in Lagos.

OIIE would reward the top three ideas with great potential impact with cash prizes and be assigned mentors to refine their ideas for prototype development.