Start-up
businesses are set to receive a major financial boost after CcHUB (Co-creation
Hub) boosted its incubation programme with the launch of a $500 000 seed
investment fund. The fund is intended to support early stage start-ups for a
period of two years.
According
to the firm, start-ups will receive sums ranging from $10 000 to $25 000 to
support business model experimentation and operations.
According
to allafrica.com, the announcement comes on the occasion of first anniversary
of CcHUB incubation office, which among other services provides entrepreneurs
with mentorship, user testing, access to markets, office space and
administration.
The
initial beneficiaries of the seed investment went through CcHUB’s
Pre-Incubation program, which identifies and supports aspiring technology
entrepreneurs looking to address local market problems with relevant solutions.
Allafrica.co
also stated that through the $90 000 Tony Elumelu Foundation/CcHUB pre-seed
fund, beneficiaries started out with a grant award of $5 000 each to support
their ideas, build working prototypes, carry out initial market testing and
proof their concepts. The ideas grew steadily, earning revenues, increasing
their user bases and building partnerships hence needing a different kind of
support.
“CcHUB
incubation office launched in response to the need to provide business
development, mentoring and funding support to start-ups that showed traction
from our impactful Pre-incubation program. Our seed investment ensures startups
have a sure footing post-preincubation to concentrate on rapidly executing
their plans and learning from the market,” said Bosun Tijani, CEO and
Co-founder of CcHUB.
Tunji
Eleso, Director of Incubation, said discussions were already underway with
investors to provide additional funding to two of their initial beneficiaries.
“We hope
to break the news in the coming months. We welcome startups looking to
transform the way Nigerians live, play and do business to apply to join our
portfolio via,” he further stated.
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