• Friday, June 14, 2024
businessday logo

BusinessDay

5 Nigerian start-up entrepreneurs get €120,000 as part of Orange Corners Innovation Fund

Nigerian start-up entrepreneurs awarded €120,000 from Orange Corners Innovation Fund

Start-up entrepreneurs Oyewale Akintonde; Founder, Agristi, Anita Dafeta; Founder, Origho Lagos, Israel Alabi; Founder, Farmspeak Technology, Victoria Udoh; Founder, Vudoh and Tunde Adeyemi; Founder, D’Olivette Global Enterprise have emerged first to fifth place winners at the Orange Corners Innovation Pitch Competition. The Entrepreneurs have access to a €120,000 start-up capital of 75percent grant and 25percent loan provided by the Netherlands Enterprise Agency.

Orange Corners is an initiative of the Kingdom of the Netherlands launched in Nigeria in 2019 and implemented by FATE Foundation. The Orange Corners Incubation Programme supports 20 entrepreneurs every 6 months with enterprise development knowledge, mentoring, access to market and funding to grow their business. To date, the programme has supported 100 Entrepreneurs with funding valued over N250,000,000 for prototype development and testing.

The OCIF (Orange Corners Innovation Fund) Pitch Competition held on Wednesday, December 8, 2022 and Wednesday, December 15, 2021, at FATE Foundation marked the end of the fifth Cohort of the incubation programme. The winning businesses were assessed by expert Jury; Tolulope Owolabi; Investment Manager, Orange Corners Innovation Fund, Omitogun Olalekan; Head Commercial Controlling and Financial Planning, Friesland Campina WAMCO Nigeria Plc and Ekundayo Adedoyin; Business Development Manager, Lagos Chamber of Commerce and Industry.
In attendance was Oge Nnaife, Head, StartUp and Youth Enterprise FATE Foundation. In her congratulatory speech to the entrepreneurs, she stated.

Read also: GTI to unveil football fund for the discerning investor

“You are pitching today to access funding to scale up your business, but you must remember that the knowledge received during the 6-month Orange Corners Nigeria Incubation programme is invaluable and you must therefore ensure that you practicalise your learning as you journey on this road called entrepreneurship.

Though the Nigerian business environment is harsh, porous and unfriendly, It is still evolving and we will continue to contribute to ongoing policy conversations to create an enabling environment so that your businesses can thrive and will not be stifled. We have designed the Orange Corners Incubation Curriculum in such a practical and experiential way. Please, do not leave all the knowledge gotten in the programme on papers or journals but use the knowledge and start to implement and practice them as that is where you actually see the results and the impact.

Finally, thanks to FATE Foundation as we are not just an organisation that trains and allows you to figure it out all on your own. We are here to support you; handhold you and take you through the process of growing and scaling your enterprise! Congratulations to all the incubatees and well-done.’’

The Sixth Cohort of the Incubation Programme is currently ongoing and will run to July 2022. Entrepreneurs admitted into the programme are residents in Lagos, between ages 18-35 with innovative and sustainable solutions that have a significant economic and social impact, particularly in the Circular Economy, Agriculture, Health care, Renewable Energy, Water solutions and ICT.