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HoneyWell harps on the technology for business sustainability, profitability

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Chairman of Honeywell Flour Mills, Dr. Oba Otudeko

Honeywell Group has emphasised the need for businesses to deploy technology in their operations to sustain and increase their profit margins.

Speaking during the inaugural demo day of Itanna, an accelerator and investment vehicle backed by Honeywell Group in Lagos, the Head of Innovation and Sustainability, Honeywell Group and Director, Itanna Enterprise Factory, Tomi Otudeko, explained that technology is the way to keep businesses afloat for the next century.

Otudeko during the Demo Day tagged “Achieving win-win collaboration between corporate Nigeria and tech start ups” said that the forum was designed to connect the leading players in the Nigerian tech and business ecosystems.

“Itanna is really speaking to our vision which is using enterprise to make our world better because enterprise creates jobs; it changes lives and families. We felt that we should not only focus on businesses but also on technology. Itanna is Honeywell Group’s platform for investing in technology businesses and helping them to grow. We are also exposing them to over 45 years experience in doing business,” she said.

According to her, the platform would help to address the issues of raising capital for tech start-up businesses while also using technology to solve some of the infrastructural challenges hindering the growth of businesses in the country.

“Itanna is uniquely placed, as our goal continues to be bridging the gap between our tech startup ecosystem and corporate Nigeria. Over the last four months, the entire team at Itanna, along with our strategic partners and the Honeywell Group, have committed to creating a professional environment where businesses can learn from experts in their field and build innovative and dynamic businesses of the future”, she added.

Also, the Group’s Executive Director, Obafemi Otudeko said the firm’s vision for Itanna was to see an accelerator that merged the best of corporate and entrepreneurial spirit in order to fulfil our mission of using enterprise to make our world better.

“Itanna has exceeded our expectations as we look to cement our position as a facilitator and impactor of growth in key sectors, including tech within Nigeria and across Africa”, he said.

With plans underway for a second cohort intake in 2019, Itanna will also invest in more developed tech startups looking for growth capital with its direct investment arm, which will support investee companies in scaling, by leveraging Honeywell Group’s extensive network and industry expertise.

Vice President, Head of Investments at Itanna, Tony Idugboe, said: “Our Cohorts have shown true enthusiasm and entrepreneurism – which investors search for. In preparing to secure investment, they have learned to plan, be patient and show flexibility and of course, showcase phenomenal pitching skills, Demo Day has given them the confidence to embark on the next stage of their entrepreneurial journey. We wish them all the very best”.


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