Tech startups get N11 million in grant
Four technology startups in Nigeria have received the sum of N11 million as grant at the just-concluded, 25th National Economic Summit (NES) Startups Pitch Competition, in Abuja.
Early-stage startups, registered in Nigeria, with not more than five years of operations in the country competed to win the grant of N5million, N3million, N2million, and N1million respectively.
The competition, which was powered by Sterling Bank Plc, was designed to help start-ups get funds, mentorship, and professional advisory services needed to grow their businesses.
Doctoora, a health tech startup emerged winner, and got a grant of N5million, while runners-up, Tiny Hearts Technology, and Loystar got N3million and N2million respectively, and Gricd Services Limited got N1million in the audience choice category.
Speaking at the event, Chief Executive Officer, Sterling Bank, Abubakar Suleiman, said the event gave startups the opportunity to pitch innovative and sustainable solutions that are bankable in their different sectors.
He explained that the project is committed to finding businesses that have real potential and support them to become major employers of labour with national impact.
He said: “The best way to create value is to solve problems. If you are not solving problems, you cannot make a profit or grow in a sustainable manner. As a bank, we enable economic growth by working with businesses that are solving problems in critical sectors of the economy.
“We realise that young people who are starting up businesses need a lot of support and they also need a roadmap. A lot of them have not run businesses before and, therefore, they are learning as they go.
“The event is an opportunity to show them what is required to run a successful business. Beyond that, it is also about hope. It is about sending a message to thousands of other young people who are starting off that there are corporate organisations that are out to support and collaborate with them.”
The overall winner, Doctoora, aims to create healthier communities in Africa, by connecting healthcare professionals and consumers to quality healthcare facilities and pleasant healthcare experiences.
Tiny Hearts Technology emerged second place for the invention of a solar-powered foldable phototherapy crib for the treatment of jaundice in newborn babies.
Third prize winner, Loystar, is a rental and loyalty platform designed to help micro small and medium enterprises (MSMEs), sell and drive repeat sales in their businesses.