NEW MEANS OF FUNDING AND SUPPORTING BUSINESS IDEAS IN NIGERIA


News means of funding and supporting business ideas in Nigeria.
This article presents new means of funding and supporting business ideas in Nigeria. This is a comprehensive list of accelerators and incubators. A well as, the business support and resources they offer entrepreneurs.
These are the key accelerators and incubators in the entrepreneurial ecosystem in Nigeria. They offer entrepreneurial support, resources and finance to entrepreneurs in Nigeria.
Young innovative businesses in Nigeria play an important role in jobs creation and in the implementation of radical new ideas.
Unfortunately, people with innovative ideas and businesses often suffer from financing constraints and lack of business support. These challenges limit their growth and threaten their survival.
However, the landscape for startup funding and business support in Nigeria is changing.
Over the last few years, many new players have entered the arena, and several new ways of funding and supporting businesses are being introduced.

 

The new means of supporting and funding your business ideas in Nigeria.


New means of supporting and funding your business ideas in Nigeria are emerging. Among other reasons, they have emerged due to the difficulties faced by entrepreneurs and early-stage start-ups in raising funds. Furthermore, they have emerged to support the growth and development of innovative ideas in Nigeria.
The financial difficulties faced by SMEs became more pronounced worldwide especially in the wake of the 2008/2009 financial crisis.
However, in the last ten years, there has also been increased technological opportunities. These opportunities have changed requirements in firms’ product markets.
Also, globalization, and regulatory changes have contributed to the changes in the ways businesses are financed.
In response to seeking ways to alleviate the problems and challenges of small businesses in Nigeria, particularly in terms of  raising seed and start-up capital. New means of funding entrepreneurial businesses are emerging.
They are also emerging to address the peculiar difficulties faced by entrepreneurs and early-stage start-ups in getting the needed support.

Increasingly, accelerators and incubators are playing a critical role in looking for ways to ease the financial difficulties and meet the support needs of SMEs in Nigeria.
Here are the accelerators and incubators that offer finance and business support for entrepreneurs in Nigeria.
These are the organizations you can approach for support and funding your business or business ideas.

Accelerators and incubators for startups in Nigeria.


Accelerators and incubators are organizations or multi-functional labs that aim to help start-ups with mentorship, advice, network access,training in accounts management and shared resources to grow and become successful.
In addition to these business development services, accelerators and incubators also help SMEs to establish themselves and grow by providing funding, and access to physical space and/or machinery. Sometimes these offer of physical space and financial resources provided by accelerators and incubators come in the form of equity.
There are different types of accelerators and incubators, depending on the types of services offered and their industry focus.
Their ownership could also be a private company or a governmental institution.

The difference between Incubators and Accelerators. Incubators usually focus on seed- and early-stage SMEs, while accelerators usually focus on growth-stage SMEs.

Organizations that can support and fund business ideas in various states in Nigeria. 

Here is a comprehensive list of accelerators and incubators identified within the entrepreneurial ecosystem, that support startups in Nigeria.

1. Startpreneurs.

Startpreneurs create technologies built on Artificial intelligence, Machine Learning, Augmented Reality, Virtual Reality, Blockchain and Data Science. Located in Abuja, Startpreneurs help SMEs in getting access to resources and finance. It also offers business support to entrepreneurs.
Startpreneurs run a Masterclass to encourage capacity development at high-level industry standard. It also offers early, growth and expansion training programs for businesses in Nigeria.

2. Co-Creation Hub (CcHUB).

CcHUB is located in Yaba Lagos and has been in operation since 2011. Their different incubation programs have supported many startups and many companies have also benefited from their support. The Hub helps SMEs in terms of business support and capacity building.
It runs various programs for entrepreneurs and has over fifty advisors, mentors and facilitators. 
It also runs a 6-month, pre-incubation program for aspiring entrepreneurs. In addition, SMEs can access resources and finance through the Hub.

3. Ideation Hub Africa.

Ideation Hub Africa is a social impact incubator based in Jibowu Lagos. It provides early-stage social entrepreneurs and non-profits with access to resources, capacity building and business support. For example, early-stage social entrepreneurs and non-profit professionals are supported with experiential education, enterprise incubation and growth advisory support.
The mentorship immersion program provide early-stage entrepreneurs with industry-based mentorship.
They also offer startup collaborative platforms from which entrepreneurs can scale and sustain their big ideas for changing Africa.

4. Enspire Incubator Program.

The Enspire Incubator Program is a technology-centric incubator program which commenced in 2013. It is among the major initiatives of the Abuja Technology Village Free Zone Company (ATV). Enspire incubator provides capacity building, access to resources and business support for entrepreneurs.
It does these by providing entrepreneurs with training, mentorship opportunities and access to investors.

5. Venia Business Hub.

Venia Business Hub provides entrepreneurs with access to resources, business support and capacity building. It provides entrepreneurs with virtual office space in Lagos. In addition to the workspace provided for freelancers, it offers business support such as power, internet and ambience.

6. Start Innovation Hub.

The Start Innovation Hub offers technology innovation in the Niger Delta. Based in Uyo. 
It offers entrepreneurs with capacity building, access to finance, access to markets, resources and business support. For example, it offers a collaborative platform that leverages on technology to create wealth. It also operates a Talent Development Center that supports local talents to create local solutions for global consumption.

7. She Leads Africa (SLA) Accelerator.

The She Leads Africa Accelerator offers entrepreneurs capacity building, access to markets and business support. It offers  a 3-month program designed to identify, support and fund the next generation of Nigeria's brightest female entrepreneurs. It gives a grant yearly to winners of the program.
In addition She Leads Africa offers entrepreneurs hands-on support and coaching. In addition, entrepreneurs get the chance to pitch their business to investors. The accelerator also provide entrepreneurs with mass media attention to raise their business profile.

8. Sabi Hub.

Sabi Hub is located in Benin Edo State. It offers startup incubation and Startup Cocktail programs. The Incubator trains, mentors and sponsors entrepreneurs. In addition, it offers the Sabi Ladies program which empowers, trains and sponsors female entrepreneurs.

9. Passion Incubator.

The Passion Incubator is located in Yaba Lagos. It is a early-stage technology incubator and accelerator. The incubator also offers pre-incubation program in Data Science, Artificial Intelligence, Software Development. It also offers a 3-month incubation program for entrepreneurs.

10. nHub.

nHub is located in Jos, Plateau State. The incubator offers capacity, access to resources and business support. Its incubator program provides developers with suitable and qualified mentors. The aim is to help these entrepreneurs take their product development to the highest level possible. In addition, the hub equips entrepreneurs with the right tools and resources. It also offers shared workstations for freelancers.

11. Ventures Platform Hub.

Ventures Platform Hub was founded in 2016 and is located in Abuja. The hub offers access to finance for entrepreneurs. It is a seed stage fund and accelerator. It funds and supports innovative companies that are solving real problems across Africa.

12. Wennovation Hub.

Wennovation Hub was founded in 2010 and its main office is located in Lagos State. It is one of the premiere hubs in Nigeria and has a wide reach. The hub also has offices in Abuja and Ibadan.
It offers incubation programs for social entrepreneurs as well as early-stage funding.
The hub focuses on social impact sectors including Agriculture, Healthcare, Education, Clean Energy and Social Infrastructure.

13. Tangent Eco-Innovation Hub.

The Tangent Eco-Innovation Hub is a virtual hub. It offers a meeting point for software developers, project managers and tech-companies. The hub offers training and accelerator programs for tech startups.

14. The Standard Chartered (SC) Women in Tech Incubator Program (WITI).

The (SC) Women in Tech Incubator Program (WITI) offers incubator support for women entrepreneurs in technology. The incubation support is available for early-to-mid-stage women entrepreneurs.

15. Delta State ICT Innovation Hub.

The Delta State ICT Innovation Hub is located in Asaba. The Innovation hub is a center donated by Zenith Bank for the advancement and promotion of ICT in Delta State. It offers entrepreneurs with services such as digital marketing Masterclass and social media master class.
It also offers media and animation training, mentorship and business training for entrepreneurs.

Conclusion.

The article presented a comprehensive list of accelerators and incubators that offer capacity building, access to markets, access to finance, access to tools and resources and business support to startups within the entrepreneurial ecosystem in Nigeria. In addition to the resources and tools offered by accelerators and incubators. Entrepreneurs in Nigeria can also make use of small business free online tools to help when starting a business.
The article also highlighted what the accelerators and incubators can do for your business or business idea in terms their nature, goal, approach and target.




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