Funding remains one of the major challenges confronting start-ups in the developing world. In this article, Joshua Bassey takes a look at how Wema Bank’s Hackaholics is bridging the funding gap and offering young Nigerian entrepreneurs a platform to innovate and grow their ventures.
The lack of funding in innovation is the bane of progress and development anywhere in the world irrespective of huge human resources.
This is as the United Nations (UN) revealed that funding of innovation is becoming increasingly uncertain, with high-interest rates taking a toll on the amounts venture capitalists are willing and able to dish out.
In a fresh report, the UN’s World Intellectual Property Organisation (WIPO) found that 2022 was marked by swelling government and company spending on research and development, especially in areas like artificial intelligence and biotech.
But at the same time, the global value of the venture capital (VC) funding that helps transform ideas and inspiration into products and services plunged 40 percent, and is continuing to fall.
Read also: Wema Bank rewards Hackaholics 4.0 winners with over N50m
To contribute its quota to support innovation and ensure that Nigerian youths are given adequate sponsorship and motivation, Wema Bank, in 2019, introduced Hackaholics, a dedicated initiative targeting youth and start-ups.
“As responsible citizens, we decided to play our part. This led us to focus our Hackaholics events on campus locations across the country – the hotbeds of critical ideation and disruptive innovation. We believe that by providing the platform for our technically savvy and creative youth, we can help drive much-needed transformation in our nation. We have gone beyond just banking the youth to giving them a launch pad for self-actualisation, said Moruf Oseni, managing director/chief executive officer, Wema Bank plc.
Oseni stressed the need for cutting-edge insights, trends, and best practices in the tech industry towards the positive transformation of technology and innovation not just in Nigeria but across Africa.
He noted that the quest to empower lives through innovation, to a whole new level, would place the continent on the path of growth and development.
“All hands must be on deck to bridge more prevalent gaps in the growth of technology in Africa and in the achievement of the Sustainable Development Goals (SDGs) by creating more viable opportunities for income generation, employment, capacity building, improved standards of living and the complete development of the African technology landscape.”
Read also: Cancer care health-tech IRETI wins Wema Bank’s Hackaholics 4.0
Oseni added that a unique blend of traditional banking expertise, and technology embedded deeply in the bank’s system has afforded them the opportunity to support the growth of the tech ecosystem in Nigeria.
“We also recognise that any economy that is serious about sustainable economic and social development must pay serious attention to science, technology, engineering, and mathematics education. Entertainment and sports have put Nigeria on the global landscape in a positive light; but they cannot help to predict technology and infrastructure deficits that will see Nigeria achieve its true potential.”
He noted that the scale of the opportunities at the intersection between finance and technology are too immense for any single player to take on, noting that with Wema’s unique blend of core traditional banking expertise and technology, it is positioned to help and support the growth of the tech ecosystem in Nigeria.
According to him, Hackaholic’s mission is to provide a stage for entrepreneurs and innovators with transformative, tech-driven concepts to bring their ideas to fruition and refine their skills.
Hackathons are tech projects that bring together software developers and other digital creators to design solutions for everyday challenges. Every successful hackathon harvests new and impactful solutions that will drive business ideas and scale the heights of technology in today’s world.
“We remain confident that through collaboration we can continue to expand the frontiers of technology, solving our most bedeviling problems as a nation and finally unlocking inclusive and sustainable growth. Our goal as a bank is to avail innovators, creative thinkers, and software developers the opportunity to convert their visionary concepts into winning solutions which will be nurtured into marketable software applications.”
“Along with awarding creators of the best solutions, the Hackaholics would improve skills and re-echo the bank’s passion to build a community of innovators working constantly to bring safer, more convenient and profitable banking to customers through fast and easy software solutions.”
With Hackaholics, Wema Bank pulls together start-ups and young tech professionals to develop digital and computerised solutions that will alleviate financial, institutional and social challenges.
Participants analysed the given problem areas, strategise, brainstormed and developed solutions that will be screened by a reliable team of judges.
Read also: Wema Bank to boost Nigeria’s tech sector with own Hackathon – Hackaholics
Oseni said: “After the successful establishment of ALAT by Wema Bank, we went a step further in our commitment to championing innovation by going beyond simply providing innovative solutions to further empower more people to become innovators in their own rights. This is the birth story of Hackaholics, Wema Bank’s youth & start-up focused initiative aimed at providing a platform for entrepreneurs and innovators with game changing, tech-driven ideas and products, to bring their ideas to life.”
He added that since the first edition of Hackaholics in 2019, over 300,000 Nigerians have leveraged the iconic platform to build their tech skills, pitch their innovative ideas and transform these ideas into viable products that sublimely refine and upgrade processes in many aspects of life.
“Four editions strong, Hackaholics have recorded a massive applicant growth rate of 400 percent, creating more opportunities with each edition and seamlessly uniting key players and innovators across Nigeria, to provide ground-breaking sustainable solutions to real-life problems, using technology and innovation.
“Touring over 30 universities nationwide, Hackaholics has become a beacon of hope to young Nigerians across Nigeria; giving them a platform to challenge themselves and do the seemingly impossible.”
Speaking on the just concluded fourth edition of Hackaholics, tagged: ‘Re-imagine: Disrupting the ecosystem for scale’ held in Lagos, Oseni said the innovators were challenged to re-imagine and redefine and enhance standard processes in various aspects of human life.
According to him, the mandate to re-imagine was centred around 10 key verticals including education, climate, insurance, health, gender-based violence, financial inclusion, entertainment, Fintech, Govtech & Civictech,
“Our young innovators put their tech skills to the test and developed unique solutions across the identified verticals, vying for the recognition of their solutions and a share in the N50,000,000 prize. With a N3,000,000 grant set aside for women-led teams.
Tunde Mabawonku, the executive director, retail and digital business at Wema Bank, said that the Hackaholics Digital Summit transcends boundaries to unite digital innovators, visionaries, and industry leaders from across Nigeria. “It’s all about harnessing the collective potential of start-up founders to redefine the boundaries of what’s possible in the digital age”.
Read also: 25 finalists to compete for Wema Bank’s N50m Hackaholics prize
According to him, the theme for this year’s Hackaholics encapsulates the very essence of the bank’s innovation program. “It embodies our sheer belief in a world where change is only constant. Our ability to reimagine and disrupt the status quo is what sets us apart,” Mabawonku said.
Olugbenga Agboola, founder/CEO at Flutterwave, in a keynote address, said events like Hackaholics 4.0 could provide valuable opportunities to founders who are leveraging technology to solve both local and global challenges.
Commending Wema Bank’s record of sustainably empowering lives and businesses, expressed gratitude to the bank for consistently enabling Fintechs and small businesses across Nigeria to thrive.
“The Flutterwave story is incomplete without Wema Bank. Their dedication and passion is inspiring and I say this because I have witnessed the sacrifices and support Wema Bank has given. We have grown sitting on the shoulders of this giant and the symbolic nature of Wema Bank as the infrastructure that not only drives innovation but also provides a platform for new innovations to emerge is second to none. I am excited about the Hackaholics Digital Summit and I conclude by saying this: If you want to go far, go with people.”
The 4th edition of Hackaholics, launched in April 2023, involved several months-long journeys to top Nigerian universities to identify and nurture talented students with creative ideas.
These students were afforded the opportunity to collaborate, enhance their skills, and actualise their unique concepts through technology.
“Over the first few days, finalists received one-of-a-kind executive mentorship from renowned national and global technology corporations like Microsoft, KPMG, Samsung, Paystack, Flutterwave and Dream Space, among others. This equipped them with hands-on insight and prepared them for the Hackaholics 4.0 grand finale pre-pitch,” Oseni said.
Ireti, a health-tech start-up that helps women bridge the gap and manages breast cancer, emerged winner.
Ireti won the N15 million cash prize for the best pitched business, while GRIP – a fintech start-up – won N10 million as the first runner-up and Trakka won N7 million as the second runner-up.
Also, Outsidee won N5 million for the Women Led Award – a prize instituted to support women in tech.
Other winners include Naijabox as the best energy start-up; PUP Industries won the award for the best climate subset; MumAlive won in the health start-up category; Chao won the e-commerce category, while University-X won the edutech category.
The ten finalists for the Hackaholics 4.0 are IRETI, GRIP, Trakka, Outsidee, Chao, Raptor, Pup Industries, University-X, Naijabox and MumAlive.
Also, three universities won the Wema Bank Science, Technology, Engineering and Mathematics endowment fund. They are Babcock University N10 million; Afe Babalola University N7 million and Nile University won N5 million respectively.
For Jane Agbaohwo, the start behind Ireti, her organised is poised to do more.
“Going forward we will be able to reach out to women in urban communities and also women in rural communities, we will help them, create awareness about breast cancer – it kills, but you stand a chance to live if you detect early and start treatment on time,” Agbaohwo said after picking the prize.
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