Connect with us

Business Home

The Total Addressable Market for technology startups in Nigeria is 36,000,000 People – Tochukwu Egesi

Published

on

Tochukwu Egesi, CEO, Innovation Corner at International Finance Corporation Exchange Summit

The IFC Exchange Summit convenes game changers in infrastructure, natural resources, science, and the arts to challenge assumptions and build a pipeline of sustainable investments across Africa and the globe.

Alongside other government and industry leaders, Tochukwu Egesi, CEO Innovation Corner, discussed the topic “Investing In a Youth Driven Future.”

During his presentation, Tochukwu stated that the future image of Africa is a technology-enabled society driven by access to public services through digital means. He made clear that this approach will improve the public’s adoption of technology services which will, in turn, increase the addressable market size of Nigerian tech startups from the current 36 million out of the 205 million population.

Tochukwu explained that increasing pathways to public adoption of technology— as part of the government’s role of creating an enabling environment— will expand the addressable market available to startups in Africa. This will then increase their revenue and access to investment which will improve their employment capacity and ultimately affect the economic indicators in the region positively.

Tochukwu tipped the audience of the work that Innovation Corner is doing with the International Finance Corporation that will be launched in August targeted at improving the relationship between natural resource companies and host companies.

Also Read Startups: The Ideal Partnership Agreement

Other prominent Nigerian young leaders at the summit include Efedayo from The Paper Packaging Company, Ifedayo Etti of AGS tribe, Olumide Johnson from Venture Platform, Oluwatobi Aigbogun from Social Good Lagos and HE Babajide Sanwolu, Governor of Lagos State.  


L-R Tochukwu Egesi CEO, Innovation Corner, Ujunwa Ojemini, CEO Last Mile Energy, Efedayo CEO The Print Packaging Company, Ifedayo Etti CEO AGS Tribe and Oluwatobi Aigbogun, CEO Social Good Lagos.

“The IFC Exchange Summit is an opportunity for organizations to discuss common challenges as well as tested solutions and commit to TAKE ACTION to create a better society,” says Tochukwu Egesi.

 

About Innovation Corner

Innovation Corner is a social innovation centre in Nigeria is a pan-African social innovation centre focused on using technology to solve social problems and supporting entrepreneurs through entrepreneurship programs and her network. Two technology-driven products have been launched via the internal innovation team, these products are, Blueform and Rem Health.

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Egypt, PRL sign train engines contracts worth $466.3M

Published

on

By

CAIRO – 16 November 2019: The Egyptian Railway Authority (ERA) signed with PRL (Progress Rail Automotives) a number of contracts worth $466.3 million after a meeting with President Abdel Fatah al-Sisi that took place last week.

The American company will supply 50 train engines over 22 months, carry out long-term maintenance for 41 engines by June 30, and upgrade 50 others within 30 months since the conclusion of the deal. The company will also provide maintenance services and spare parts for those 141 train engines for 15 years. The value of contracts will be secured through soft loans, except for $27 million that will be paid by ERA’s treasury.

In July, ERA endorsed the technical specifications of two passenger railcars to be supplied by Transmashholding in September. Those are part of a contract to supply 1,300 railcars. One of the railcars will be tested in Hungary, so it will be granted the safety certification by the European Railway Agency. The other will be tested in Egypt. Afterwards, the first batch of railcars in the contract will be delivered in accordance with the timeline set by both parties.

The contract states that 650 railcars will be supplied from Hungary, 500 will be delivered by Russia, and 150 will be manufactured by Egypt under the supervision of Transmashholding. An Egyptian locomotive factory will be established as part of a plan to localize the locomotive industry in Egypt and transfer the know-how to workers, technicians, and engineers in the sector. The factory will produce the 150 railcars and also provide maintenance services.

The representatives of ERA and Transmashholding agreed to hold further visits and meetings to study the possibility of cooperation in rail infrastructure, mobile rail, workshops, new lines, and maintenance of existing railcars.

In the same month, an official source told Egypt Today that ERA needs 12 rail test machines to detect and repair defects in railroads revealing that contracts to purchase eight of those are being finalized.

Also Read: Meet Mariatheresa S. Kadushi, Founder of M-afya, A Mobile App Providing Health Information In Native Languages In Africa

ERA will receive four rail test machines worth €8.5 million by the end of 2020 supplied by an Austrian company with which a contract was signed a few months ago. The machines will enable the authority to better diagnose defects in the railroads which would increase the safety, and inhibit derailment accidents.

Egypt Today

Continue Reading

Business Home

Venture Capital for Africa Launches First Dedicated Online Training Program for Africa’s Business Angels

Published

on

By

Mentor-Driven Capital has a critical role to play in supporting Africa’s entrepreneurs

CAPE TOWN, South Africa, November 15, 2019- 10 free training modules boost ability of participants to become high-powered mentors and savvy business angels; Mentor-Driven Capital has a critical role to play in supporting Africa’s entrepreneurs.

Over the past two years, VC4A has successfully implemented Mentor-Driven Capital programs in Nairobi, Lagos, Abuja, Cairo and Hargeisa, bringing together aspiring business angels and connecting them with promising startups. Based on learnings presented and gathered, as well as video interviews done with experienced mentors and mentees, VC4A has now launched an online course on ‘Mentor-Driven Capital’.

Many startup ecosystem studies across Africa have shown that there are limited local (angel) funding sources as well as a lack of well-developed mentorship networks in most African cities. This is why VC4A, with its local partners, has designed a program that addresses both topics at the same time.

Any startup requires cash to operate, but it is the application of capital in smart ways that secures greater impacts and returns on investments. Mentor-Driven Capital has a critical role to play in supporting the continent’s entrepreneurs. It is also where a good local business angel can make the difference between venture failure, survival and success.

First dedicated online training program designed for Africa’s business angels

According to VC4A CEO, Ben White: “Since VC4A’s offline programs can only reach a limited number of participants, we’ve decided to create an online course that captures much of the content of the recent mentor-focused work. Anyone who is interested can now take advantage of the first dedicated training program designed for African business professionals keen to guide Africa’s up-and-coming entrepreneurs to success.”

Also Read: Meet Mariatheresa S. Kadushi, Founder of M-afya, A Mobile App Providing Health Information In Native Languages In Africa

The goal of this course is to boost the ability of participants to become high-powered mentors that support entrepreneurs while also learning to think and act like savvy business angels. Participants receive expert guidance, training, and hands-on support. The things aspiring mentors need to bring to the table are their valuable time, knowledge and networks.

Course structure

The course is divided into ten modules. Each module is introduced by a presenter and accompanied by short clips where experts share their opinions about the same topic. The modules are:

– Introduction to Mentor-Driven Capital

– Becoming a business mentor

– Structuring the mentor relationship

– Investing your time

– Investing your network

– The angel investor mindset

– Developing an investment strategy

– Investing your money

– Common startup challenges

– Tips for success

GET STARTED TODAY! Visit: http://bit.ly/2Qq0xx1

Venture Capital for Africa (VC4A)

Continue Reading

Business Home

EY names southern Africa’s top entrepreneurs

Published

on

By

JOHANNESBURG – Southern Africa’s top three entrepreneurs have been named at the 22nd Annual EY World Entrepreneur Awards, beating out other finalists who demonstrated excellence in entrepreneurial spirit, value creation, strategic direction, impact, innovation and purpose-driven leadership.

Chief executives, founders and leading entrepreneurs attended the regional programme of the world’s most prestigious business awards for entrepreneurs: the Global EY Entrepreneur Of The Year™.

“Largely unconstrained by the mechanisms and processes of corporate entities, entrepreneurs go-to-market capability and ability to scale innovative ideas is far quicker than their corporate counterparts,” assurance, tax, transaction and advisory services company EY said in a statement.

“The programme makes a difference through the way it recognises this entrepreneurial agility, inspired vision, leadership and achievement.”

This year’s finalists included entrepreneurs who have built businesses across all sectors offering innovation and exceptional acumen and leadership on the topics of organisational culture, upskilling unemployed youth, tourism and conservation, effective food supply chain management, online payment and credit systems, insurance and insurance underwriting, the owner and operator hotel model and property and real estate across Africa.

Also Read: Interview With Deborah Ogwuche, Founder Of Food Channel Africa

The winner in the Master category was Craig Irvine, managing director of Irvine’s, a poultry focused company with operations in six countries.

Bronwyn Corbett, co-founder of Grit Real Estate Income Group won in the Exceptional category while the award in the Emerging category went to Ashraf Mohamed, founder of the Polar Ice Cream company.

The EY Lifetime Achievement Award for entrepreneurship was handed to medical doctor and University of the Witwatersrand chancellor Dr Judy Dlamini, one of South Africa’s most successful entrepreneurs who launched the Mbekani Group 22 years ago.

The group includes a range of companies involved in surgical equipment, facilities management, security, commercial property and luxury fashion retail.

“These entrepreneurs demonstrate extraordinary business acumen, financial performance excellence and inspired strategic direction,” said Azim Omar of EY Africa Growth Markets Leaders.

“These and most entrepreneurs embrace bold thinking that often sees opportunity in adversity; a relentless drive to build a better working world; and an unwavering commitment to solving their clients’ issues.”

The southern Africa awards covered Angola, Botswana, Namibia, Mozambique, Malawi, Mauritius, Madagascar, South Africa, Zimbabwe and Zambia.

– African News Agency (ANA) 

Continue Reading

Subscribe via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 1,824 other subscribers

Ads

Most Viewed