Funding is arguably the bloodstream of any startup, whether fintech or just tech. Lack of funding has seen a few entrepreneurs make quick exit while others have been forced into unplanned partnerships.
A few days ago, a startup publicly announced it was shutting down by the end of October over lack of funding for the business. In view of the challenge we have compiled four funding opportunities that startups could look forward to in the month of November.
Inlaks’ Innovation Jam
Nigeria’s foremost IT infrastructure solutions provider, Inlaks is putting together a funding competition by the name Innovation Jam in November. The competition is aimed at start-ups with “very good” ideas and not necessarily the desired money backing the idea. Several start-ups will have the chance to compete for the opportunity to get funding from the company.
The goal of the competition is to strengthen collaboration in the IT industry. Inlaks is an industry leader which controls about 75 percent of bank infrastructure in Nigeria and West Africa. It has partnerships with 20 commercial banks and the Central Bank of Nigeria. Hence, the successful start-ups can leverage on the company’s experience in providing technology solutions. The date of the competition will soon be announced.
Passion Incubator’s World Bank accelerator program
Lagos-based startup incubator and accelerator, Passion Incubator is currently working out modalities for an upcoming accelerator program in collaboration with the World Bank. The program will be launched sometime next month.
The World Bank also organised a similar program in April, 2017 which it called XL Africa. The five-month program was designed to support the 20 most promising digital start-ups from sub-Saharan Africa. The program was expected to help the 20 start-ups attract early stage capital between $250,000 and $1.5 million.
Google Launchpad accelerator program
Many startup entrepreneurs will probably be keeping tabs on this program by now. But in case you do not know, the Launchpad Accelerator is a six-month acceleration program for growth-stage start-ups from emerging markets. Among the benefits of the program are the opportunity to collaborate with Google engineers, Silicon Valley experts, and top mentors from around the world.
Lagos State Employment Trust Fund Accelerator Program
Yes, you read right. Lagos State, which has the most vibrant tech startup ecosystem in Africa and accounts for most tech startup activity in Nigeria, is launching an accelerator program next month.
The state, through its Employment Trust Fund, hopes to provide support for the “best companies”, create jobs and encourage more early-stage investments in Lagos.
The dates of the programs are yet to be announced. However, these are funding channels that startups can plan towards exploring next month.