News
Itanna Hosts Demo Day
Lagos-based accelerator and investment vehicle Itanna, backed by leading Nigerian corporate the Honeywell Group, today held its inaugural Demo Day, marking the end of its four-month innovation programme for tech-enabled, for-profit African startups.
Held at Itanna’s Enterprise Factory, Demo Day saw the pilot Cohort pitch to Honeywell Group’s extensive network of high net-worth investors, as they, the cohorts, vied to secure investment, corporate backing and strategic partnerships, for their companies.
A step in the journey of Honeywell Group’s reinvention through its new innovation strategy, Itanna’s Demo Day also hosted a panel of leading players in the Nigerian tech and business ecosystems, who discussed the role of corporate Nigeria in achieving win-win collaborations with tech start-ups.
Panellists included Deji Oguntonade, Head Fintech & Innovation, Guaranty Trust Bank, Lola Ekugo, Head Digital Innovation Lab, First Bank, Obi Emetatom, Managing Director, Appzone and Seun Faluyi, Managing Director, Uraga Power Solutions.
Launched in August 2018, Itanna’s four founding Cohort companies were chosen from over 200 applications from across Africa. They included: Accounteer -providers of online accounting services for SMEs across Africa,
KoloPay – a cashless target savings mobile and web application
Tradebuza – an online platform for managing and brokering commodities sourcing and outgrower scheme
PowerCube – providers of affordable power supply using renewable energy.
Along with up to USD $25,000 each in investment from Honeywell Group, startups received training and mentorship from leading industry experts in the form of UI/UX Sessions, legal and HR workshops, classes on technology, business and marketing, reviews of revenue/pricing model and operational metrics, mentorship sessions and guest lectures from some of Nigeria’s most renowned entrepreneurs and business icons.
Obafemi Otudeko Honeywell Group’s Executive Director, says, “Our vision for Itanna was to see an accelerator that merged the best of corporate and entrepreneurial spirit in order to fulfil our mission of using enterprise to make our world better. Itanna has exceeded our expectations as we look to cement our position as a facilitator and impactor of growth in key sectors, including tech within Nigeria and across Africa”.
With plans underway for a second cohort intake in 2019, Itanna will also invest in more developed tech startups looking for growth capital with its direct investment arm, which will support investee companies in scaling, by leveraging Honeywell Group’s extensive network and industry expertise.
Tomi Otudeko, Head of Sustainability at Honeywell Group and Director of Itanna says, “Itanna is uniquely placed, as our goal continues to be bridging the gap between our tech startup ecosystem and corporate Nigeria.
Over the last four months, the entire team at Itanna, along with our strategic partners and the Honeywell Group, have committed to creating a professional environment where businesses can learn from experts in their field and build innovative and dynamic businesses of the future.”
Tony Idugboe, Vice President, Head of Investments at Itanna concludes, “Our Cohort have shown true enthusiasm and entrepreneurism – which investors search for. In preparing to secure investment, they have learned to plan, be patient and show flexibility and of course, showcase phenomenal pitching skills, Demo Day has given them the confidence to embark on the next stage of their entrepreneurial journey. We wish them all the very best”.
Operating from the brand new Enterprise Factory located in Iganmu, Itanna is at the heart of industrial Lagos where businesses are built. The state of the art 627 square metre collaborative space boasts work spaces, offices, meeting rooms and a conference space.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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