No startup is easy to build, in fact, some startups fail at kick-off due to the challenges and bottlenecks faced by the founders. But to every problem, there is a potential solution.
Startup accelerators are like nitro boosters to a racing car. They help boost the speed of the cars, provide guidance, comprehensive support and limited funding in exchange for equity. See it this way – Your startup is the car, you are the driver and accelerators are your nitro boosters.
What does a Startup Accelerator do?
A Startup accelerator helps businesses to grow, become profitable quickly and make a return on its investment (ROI).
For example, Google, PayPal, and Zoosk all harnessed the Silicon Valley accelerator – Plug and Play Tech Center to morph their ideas into profitable businesses. Other well-known accelerators include Techstars, which has funded more than 21 companies, and Y Combinator, which created Airbnb, Dropbox, and Reddit.
What are the Benefits of a Startup Accelerator?
As a startup owner, you want to know the benefits of enrolling or partnering with an accelerator.
- Seed funding: Most accelerators offer seed investments to startups while they make money by exchanging these investments for a percentage of their equity.
- Coworking and private work time:Accelerators provide coworking space or private offices for you, to enhance your personal drive, productivity and independent work time.
- Training & Mentorship: Accelerators avail startups the opportunity to partake in seminars, workshops, mentor meetings and pitch practices.
- Networking: Accepted startups get to collaborate with founders of successful companies, get access to exchange ideas with fellow innovators and access to an alumni network.
- Demo day: The program culminates in a pitch day. After scaling their companies, each team gets to pitch their startup to potential investors.
What are the differences between Incubators & Accelerators?
Both terms are similar but they offer different services.
- Accelerators are three-to-six-month-long programs that are generally only open to startups with a minimum viable product (MVP).
- Incubators basically look for idea-stage startups with a time frame that can extend beyond the two-year mark.
- Accelerators frequently offer initial seed funding in exchange for equity.
- Incubators, on the other hand, may request equity in exchange for the networking opportunities, office space, and mentoring they offer, while funding or funding opportunities may come at the end of the program.
I’ve taken ample time to research and carefully curate a list of 5 Nigerian-based Companies Providing Accelerator Programs for Startups.
The peculiarity of this article is the fact that these accelerators have physical branch offices across Nigeria.
Without further ado…
5 Nigerian-based Companies Providing Accelerator Programs for Startups
1. Co-Creation Hub (CcHub)
Year of Establishment: 2011
Services they offer: Pre-Incubation, Incubation and Acceleration to Startups.
Locations: Lagos & Abuja, Nigeria.
Areas of Focus:
- Smart Infrastructure
- Governance
- Health & Well-being
- Fintech
- Education
- Digital Security
Notable Partners: Facebook, BBC, Microsoft, MainOne Cable Company, Schmidt Foundation, TEF, Union Bank.
Credibility Rate: 90%
2. Wennovation Hub
Year of Establishment: 2010
Services they offer: Incubation, acceleration and investment-readiness programs
Locations: Lagos, Ibadan & Abuja, Nigeria.
Areas of Focus:
- Agriculture
- Healthcare
- Education
- Clean Energy
- Infrastructure
Notable Partners: Asusu, Afrimash, Fuel Metrics, Jiffix, Reliance HMO, Crop2Cash, FarmMonie, Printivo, OTGPlaya, Vertmance, Rural Farmers Hub, AGCNigeria, NerveFlo.
Credibility Rate: 87%
3. Itanna
Year of Establishment: Unknown
Services they offer: Funded by Honeywell Group, itanna provides accelerator Programmes, mentorship and investment for startups.
Areas of Focus:
- Disruptive businesses targeting the African Market
- Entrepreneurs
- Startups
Locations: Lagos, Nigeria
Notable Partners: Honeywell Group
Credibility Rate: 87%
4. GreenHouse Capital
Year of Establishment: 2014
Services they offer: They invest in transformative technology companies run by the most daring founders but they also partner with companies to provide accelerator programs for startups.
Areas of Focus:
- Agency/ Digital Banking
- Applied Crypto
- Fintech Infrastructure
- Funds
- Lending
- SME Ecosystem
Location: Lagos, Nigeria
Notable Partners: apaya, BFREE, BoxCommerce, Busha, Collect Africa, CredPal, Dapi, Dojah, E-Settlement Limited, eBanqo, Encore Pay, Flutterwave, GetEquity, Gigson by DevCenter, Growth Capital, Hacked Capital, Helium Health, Indicina, KalPay, Keble, Knabu, LipaLater, Mano, Magic Fund, MarketForce, Max, Migo, MoneyMie, Monimove, NOW Money, Pezesha,Popote, Rensource, Riby, Route.Money, Sabi, Scalex, Schoolable, Superfluids, SureGroup, Tanda, Uqudo, Wallets Africa, WirePay, Yellow card, Yep!, Zemo, Zone.
Credibility Rate: 93%
5. Founder Institute
Year of Establishment: 2009
Services they offer: Incubation, acceleration and investment-readiness programs.
Areas of Focus: Tech or tech-enabled businesses and teams at the pre-seed stage
- Aspiring founders who are still employed full-time
- Solo-founders, or teams
- Founders of established companies (generally less than a few years old, and before significant funding, revenue, or traction)
- Founders open to building an enduring business in a number of different ways, whether through bootstrapping, funding (not a requirement), or otherwise.
Location: Abuja, Nigeria
Notable Partners: Candelp, Dream VC, FASYL, Female Founder Initiative, KSH Foundation, Lona Media, Matrix Solicitors, NCDMB, Pacer Ventures, Startup Arewa, The Stalwart Group.
Credibility Rate: 90%
Conclusion
The accelerators above are credible enough to assist innovative founders in the pursuit of their goals. We urge you to seize the opportunity today and invest in your startup through partnerships with any of the aforementioned companies.
Applications for other accelerator programs are occasionally opened throughout the year, and you can harness such opportunities by daily visiting MSME Africa or by joining the MSME Africa Community.
– msmeafricaonline.com
