• Tuesday, May 28, 2024
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Five Nigerian start-ups win €120,000 from Orange Corners Innovation Fund

Five Nigerian start-ups win €120,000 from Orange Corners Innovation Fund

Five Nigerian start-ups have emerged at the Orange Corners Innovation Pitch Competition, giving them access to a €120,000 start-up capital comprising 75 per cent grant and 25 per cent loan.

The fund is provided by the Netherlands Enterprise Agency.

The entrepreneurs, who emerged first to fifth place winners are Edu Shola (founder of Deluxe Creation Studios), Chukwuka Otekeiwebia (founder of Film Anatomie Manufacturing) and Lateefat Adelekan, (Founder of Tquart Food).

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Others are Hawau Kolawole, (founder of Klay Functional Foods & Production Ltd) and Omolabake Matthew, cofounder of Nutrition4Kids NG.

Twenty businesses were assessed by expert Jury; Sonia Odije-Fajusigbe, economic & trade adviser, Netherlands Consulate General, Lagos; Gift Iyere, ecosystem partnership, Sterling Bank PLC; Gbenga Abogan, investment manager, VEROD Capital; Emete Tonukari, project manager social sustainability Nigerian Breweries Plc.

“You are pitching today to access funding to scale up your business, but you must remember that the knowledge received during the programme is invaluable. You must, therefore, ensure that you practicalise your learning as you journey on this road called entrepreneurship,” Tonukari said in a farewell speech to the participants at the event.

The Orange Corners Innovation Fund pitch competition held on Tuesday, December,5 2023 at FATE Foundation’s office at Ilupeju, Lagos marked the end of the 9th Cohort of the incubation programme.

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 with enterprise development knowledge, mentoring, access to market and funding every six months.

To date, the programme has supported 180 entrepreneurs with funding valued over N807,000,000 for prototype development market testing and growth capital. 45 percent of these businesses are female-owned.

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“Our goal is to contribute to an enabling entrepreneurship ecosystem that will ensure business success, reduce unemployment, and increase National wealth,” Odije-Fajusigbe said.

Orange Corners is currently present in 22 countries within Africa and The Middle East.