Five Nigerian startups have received €120,000 (about N196.1 million) from the Orange Corners Innovation Pitch Competition.
The five winners are Deluxe Creation Studios; Film Anatomie Manufacturing; Tquart Food; Klay Functional Foods & Production Limited and Nutrition4Kids NG.
The entrepreneurs would receive €120,000 as startup capital including a 75 percent grant and a 25 percent loan provided by the Netherlands Enterprise Agency, according to a statement on Thursday.
“This support will enable these promising entrepreneurs to further develop and scale their businesses, contributing to economic growth and job creation in Nigeria,” the organisers said in the statement.
Orange Corners was launched in Nigeria in 2019 and implemented by FATE Foundation.
The Orange Corners Incubation Programme supports 20 entrepreneurs every six months with enterprise development knowledge, mentoring, access to the market and funding to grow their businesses.
“Our goal is to contribute to an enabling entrepreneurship ecosystem that will ensure business success, reduce unemployment, and increase National wealth,” the statement said.
To date, the Orange Corners Nigeria through the Orange Corners Innovation Fund has supported 180 Entrepreneurs with grant funding valued over N807 Million for prototype development and testing. About 45 percent of these businesses are owned by females.
“We are enthusiastic about providing early-stage funding to empower these aspiring young Nigerian entrepreneurs. Our support will facilitate the ideation, development, testing, and prototyping of their innovations, while also assisting them in establishing a robust business model and structure,” Adenike Adeyemi, executive director of FATE Foundation, said.
She added that the strategic approach aims to position them for successful business expansion and readiness to attract additional investments.
