AFF wants collaboration between technology startups, large corporates

The Africa Fintech Foundry (AFF) has called for collaboration between technology start-ups and large corporates to fostering innovation in Africa.

AFF, an initiative of Access Bank, said that this kind of relationship is extremely beneficial to all parties with the ecosystem benefitting immensely.

The Foundry noted that in the long run, this helps corporates enter and create new markets, while start-ups are able to develop feasible and scalable products.

Speaking in Lagos at a media briefing on the planned AFF conference with the theme: Disrupt 2019, which is scheduled for May 16, the Head, AFF, Adeniyi Olusegun, said the Foundry is focused on technology startups in the growth phase of their business lifecycle, which includes but not limited to eduTech, healthTech, insureTech, FinTech, AgriTech and RegTech.

Olusegun said AFF through its partner network offers funding of $30,000 in pre-programme investment and post-accelerator programme investment after Demo Day to promising startup cohorts.

He said the AFF uses the accelerator model to transform the startup ecosystem in Nigeria and across the continent by assisting startup cohorts refine their business model, products/solutions, and customer segments, securing resources and access to capital, enabling startups to grow and achieve scale.

On the conference, Olusegun said Disrupt 2019 is centered around the age of the digital gold rush, stressing that the conference is meant to gather innovators and experts so that new ideas and information is exchanged, potential start-ups for acquisitions or partnership are identified.

With focus on startups in AI, Big Data, Robotics, Blockchain technology, he revealed that best of the startups will receive a prize of $10 000.

According to him, expected potential guests and speakers includes the Chief Executive Officer of Access bank, Herbert Wigwe, who will speak on the future of intelligent bank, while Brett King will provide keynote on ‘’Not technology that changes the world, but the dream behind the technology.”

According to the Executive Director, Operations and IT, Access Bank, Ade Bajomo, AFF leverages on its extensive partner networks and relationships to offer startup cohorts access to markets, customers, funding, educational and mentorship opportunities.

Bajomo said the Foundry has created a sustainable platform, whereby innovative and disruptive solutions are created by quality startups. “Most importantly, it brings together key players ranging from business angels, larger corporates, venture capitalists, innovation hubs, tech enthusiasts, industry experts to a common field to solve complex problems and create a ‘wow’ effect. To summarize, the Foundry seeks to build up the business capacity of startups, support business development, and facilitate access to capital, markets, customers and global innovation partner,” he stressed.

Bajomo disclosed that technology helps to provide opportunities for business to continually expand. According to him, it serves almost as an extra factor of production that helps to provide new ways to work, grow and deliver products and services that meet the needs to customers.

“The growth of technology startups in Africa is very instrumental to the survival of the continent on a larger scale. New ideas translate into new businesses, which inevitably drive employment opportunities and become an enabler of both social and economic development. In addition to this, these key players help ensure that the economy is diversified, as there is less concentration on one sector. Another important benefit is the increase in investments obtained by these startups from both local and international Organisations. All of these have led to more structured economy’s infrastructure, creation of more jobs and a lift in income for the average earner,” he stated.