Venture Capitalists Move to Invest in Big Tech Ideas from TIDP Startups

Emma Okonji

Some Nigerian Venture Capitalists with international affiliations have indicated their interests to invest in big tech ideas that were developed into tech solutions by startups from Technology Innovation Development Programme (TIDP).

The startups, which pitched their tech solutions to the investors during the launch of their innovative tech solutions in Lagos, said the solutions were developed to address specific challenges in homes, organisations, education, and in financial transactions among others. 

TIDP is an initiative of the Nigerian Computer Society (NCS) that was conceptualised three years ago to foster technology innovation among Nigerian youths. Since then, NCS has been mentoring tech startups and preparing them for the development of value added solutions that will address specific challenges.

Thrilled by their solutions, the Nigerian Venture Capitalists who were present at the pitch, promised to invest in the solutions because of the value added services and the ability to address specific challenges that are peculiar to Nigerians and Africans.

Chairman, Zinox Technologies, Chief Leo Stan Ekeh, one of the investors, advised the tech startups to be more passionate and to believe strongly in their technology solutions and creativity. He promised to invest in their solutions, adding that he believes so much in the value added services of their tech solutions. He promised to provide iCore7 laptops to all startups that pitched their ideas and an additional N2 million for each of the five groups of startups that pitched their tech ideas. According to him, the initial support is to help the startups create more innovations in their solutions that will further attract local and global investors.

Chairman of MTN Group, Dr. Ernest Ndukwe, further advised the startups on the need for scalability and sustainability of their solutions and promised to invest in the tech solutions, which according to him, have future commercial values.   

Other investors who are chief executive officers and chief financial officers of banks that were present, also expressed their desires to invest in the tech solutions.

The solutions include CashFog, GasChek, Record Digital, Thrively and UniXP.

While CashFog provides financial access to the unbanked and underserved through financial literacy and basic wallet account, GasChek is a hardware and software solution that helps detect gas cylinder leakage and prevents possible gas fire explosion, by alerting gas users through phone calls or SMS.

Record Digital is an Enterprise Resource Planning (ERP) solution that allows public organisations and industries to customise their strategy and workflow on the system. Thrively is a digital contributory platform that allows organisations, social groups and individuals of similar interest to contribute or save their money towards a certain goal. UniXP is a multi-campus education platform guidebook and knowledge navigational roadmap for students on university campus, especially fresh students.

The Permanent Secretary, Lagos State Ministry of Science and Technology, Mrs. Kasunmu Ibilola, who was present at the launch of the startup solutions, commended the startups from TIDP for their brilliant ideas, and explained that Lagos State government was also in the process of developing digital skills talents to develop the tech ecosystem. She said the Lagos State government, through the Lagos State Science and Research Innovation Council, has released over $600,000 grant for startups in the state, and advised TIDP startups to also access the grant. She spoke about the 6,000km fibre cable that Lagos State is laying across the city in order to provide access to internet that is currently driving global technology innovations.   

Chairman, Innovation and Research Committee of the Nigerian Computer Society (NCS), Dr. Olusoji Okunoye, said TIDP was nurtured by NCS to provide support for the development of innovative solutions, tools and technologies that would enhance national growth.

President of NCS, Prof. Adesina Simon Sodiya, promised investors that NCS would continue to incubate tech ideas from tech startups that would drive development in Nigeria.   

In his keynote speech during the launching and pitching of the solutions, the Managing Director, Precise Financial Systems, Dr. Yele Okeremi, who was represented by a tech expert, Mr. Babajide Alaka, said there was need for more investments in the Nigerian tech ecosystem, through collaboration. He advised governments, corporate organisations and individuals to invest in technology startups that will build viable business models for Nigeria.