Investment Manager, British Council provide seed-funding for techpreneurs

TO drive technology growth in Nigeria, CBO Investment Management has provided seed-funding worth $2500 to three I.T entrepreneurs.

   The entrepreneurs emerged as winners and finalists at the Entrepreneurs Pitching Contest organized as part of the recently held British Council Creative Industries Expo in Lagos, Nigeria.

   Speaking during the presentation of the cheques to the finalists, in Lagos, Director, CBO Investment Management, Chuka Mordi said: “The early stages of any business are absolutely crucial for entrepreneurs. By supporting these start-ups during their formative years, we are relieving them of the financial concerns, so they can focus on other key areas that contribute to the overall success and growth of their businesses.”

    To the Chief Executive Officer, Enterprise Creative, producers of British Council Expo, Nkiru Asika said the firm included a pitching contest for the first time this year in order to showcase the hidden talent among Nigeria’s creative and digital entrepreneurs and bring them to the attention of potential financiers, mentors and partners.

   Asika said they are delighted that CBO Investment Management recognized the value in this program and stepped up to support the next generation of entrepreneurs.

  The event witnessed the finalists giving live demonstrations of their sites and online portals, and taking questions, comments and investment advice from the CBO Investment Management team.

Sulaiman Teslim Olalekan, founder of Shopinfo.com.ng, a mobile application that helps shoppers source goods in local shops, check stock availability and compare prices, was the overall winner at the contest.   

    The two runners-up were David Ugoagbara of Priceleakers.com, an online marketplace for building materials, and Ayodele Elegba of Comicpanel.org, an online hub for comics and related industries.

    Fielding questions from the entrepreneurs and providing business advice to them, Director CBO Investment Management, Bex Nwawudu said: “the first lesson that entrepreneurs must learn is that having a bright idea is not enough. They must learn to innovate, monetize and build those ideas into sustainable businesses that positively impact the Nigerian and African economy. At CBO Investment Management, we are committed to continue raising funding for businesses such as these, because the growth of small businesses is truly the only way that we can develop Africa.”

   CBO Investment Management, which is a West Africa focused Investment Manager said it has invested over $49 million and returned over $70m to investors.