Lagos State has held a business clinic to motivate, nourish and grow startups by connecting them with investors and the resources needed to showcase their innovations.The initiative will also increase and enhance their products’ visibility and ultimately attract funding to their businesses, Daniel Essiet reports.
As a gateway to the nation’s technology and commerce sectors, Lagos State has become a “launchpad for entrepreneurs.
With increased support for promising companies and enhanced scheme for entrepreneurs, the startup initiative as conceived by the state is set to launch itself into the global stage as a veritable tool for businesses. But young aspiring entrepreneurs still have challenges. One of these is basic entrepreneurial skills.
To address this, Lagos State government through the Ministry of Wealth Creation and Employment inaugurated a business clinic targeting young Nigerians who lack experience but with good ideas. The programme brought together diverse and dynamic startups, which were taught entrepreneurship skills and given access to mentors.
The forum ignited a culture of entrepreneurship, where aspiring entrepreneurs worked with mentors to solve real business problems.
Speaking at the programme, Senior Special Assistant to the Governor on Wealth Creation and Employment, Mrs Temiwunmi Tope-Banjoko, said the business clinic was a result of her participation at an event where the issue of skills gaps, including communication and writing skills and business plans were discussed.
She said the business clinic was designed to expose the techpreneurs to basic business etiquette, access to funding, legal requirements for startups, business plan writing and pitching practice, among other identified issues confronting up-coming technologists.
Mrs Tope-Banjoko said the clinic was part of a broader effort to combat high youth unemployment, adding that the training which was inaugurated at Zone Tech Park, Gbagada, in September, last year, was conceived to strengthen small ventures in the state.
The clinic started with 130 startups, but the numbers were streamlined to 11 at the final ceremony.
She said since September, last year, a lot of the participants have become founders and co-founders of startups, hone their business skills, connect with local entrepreneurs and pitch to potential investors.
According to her, the programme has instilled a strong drive to succeed and created interest in entrepreneurship that the participants didn’t possess previously.
She described the training as a game-changing experience for all participants that will help them move the needle closer to success. Mrs. Tope-Banjoko said entrepreneurs took advantage of the array of seasoned mentors who facilitated different sessions at the clinic.
She said the Lagos ecosystem provides a strong source of talent and new innovative solutions with new startups coming into existence.
She said the entrepreneurs’ drive for success mirrors the state government’s strong commitment to creating jobs, nurture businesses and support innovative start-up companies.
She said the government plans convertion of Yaba Industrial Estate to an Information Technology Communication (ICT) and Innovation Hub where technology-based innovations would be provided with adequate support from the government and other identified stakeholders.
Incorporated into the event was the Pitch Slam – an open competition in which innovative startups vie to win attention of the panel of judges. The event gave the startups opportunity to present their ideas in a very competitive pitch, to a high calibre judging panel. Startups which featured came from sectors such as E-Commerce, recycling, food delivery and fisheries.
Eleven startups which participated during the pitch competition included Ola Winifred – loystar Retail & loyalty (back office app), Ogunde Wunmi – Ecoprune; Olaoluwa Bamiduro- Lunch on point food; Ogunnaike Philip Tolu – Phliot farms food; Adeyinka Adedokun – Game of knowledge Edutainment’ Salami Habib Realkon visuals Branding; Taiwo Temidayo – Temi designs ICT; Ejide Oladimeji Odowu-Farm Harvest Direct; Chinedu Amakor -Thrivehood; Abdul Salam Rizwan- and Bamidele Omotayo Fumders Network.
During the pitch competition, three winners emerged. These included: Ogunde Wunmi – Ecoprune (Recycling) First Position; Ogunnaike Philips Tolu – Phliot Farms – Fisheries, Second position and Ejide Oladimeji Idowu – Farm Harvest Direct, third Position.
The panel judging the competition consisted of Principal Consultant, Wise planners consulting, Mr. Sam Omole, Managing Director, Ladybird Advertising Limited, Mrs. Bunmi Oke; Bola Durojaiye – Megacity Technologies, ifedayo Durosinmi-Etti – AGS Tribe, Francis Osifo – 54 GENE, Timilehin Odusina- Versecom Limited and the Head, Entrepreneurship Department, Ministry of Wealth Creation and Employment, Mrs Taiwo Abiose.
A member of the judging panel. Mrs. Bunmi Oke said there are some really exciting startups in the group. CEO/Lead Consultant Ladybird Limited, Mrs Olubunmi Oke said the programme covered multiple tracks to put all startups and entrepreneurs on the right track, broaden their perspectives, and give insights and exclusive scopes to help fund their businesses.
Mrs Oke, a past president of the Association of Advertising Agencies of Nigeria said firms must stand out to succeed in Nigeria.
She said the purpose of the training is to help more entrepreneurs find their footing.
One of the mentors, Omole provided advice to help the startups go to market effectively and scale quickly. Principal consultant, Wiseplanner Consulting, Samuel Omole urged the entrepreneurs to focus on doing what they can do extremely well, rather than doing many things poorly.
He also advised that to pick a business model that they can best support and scale up the business.
According to him, what defines companies that thrive is communicating a product’s differentiation and its unique value proposition.
He added that producing quality products and focusing on providing great, personalised service have become its key differentiators.
He said entrepreneurs need to develop market presence, build key relationships and establish partnerships.
2016 Tony Elumelu Entrepreneur, Ifedayo Durosinmi-Etti was one of the mentors.
While the programme provides support for starting and running a business, she urged young entrepreneurs to be determined and willing to work hard and face challenges.
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