NCDMB Set to Unveil 17 Firms on AI, Pipeline Monitoring, Others from Incubation Programme

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

The Nigerian Content Development and Monitoring Board (NCDMB) yesterday, announced plans to unveil 17 new portfolio companies that have passed through its Technology Incubation and Innovation Centre (TIIC).
In a statement in Abuja, the NCDMB noted that the move was in furtherance of its mandate to catalyse research and development as well as support start-ups in the energy industry, noting that this will be done in partnership with Founder Institute (FI)..

The launch of the companies to hold in Yenagoa, Bayelsa State, it stated, would have in attendance international and local venture capitalists, investors, and product development subject matter experts who might be interested in investing or partnering the new portfolio companies.
NCDMB explained that the unveiling of the new portfolio companies was a major milestone in the board’s Research and Development (R&D) strategy anchored on commercialisation of research and innovation.

“The exposure given to the founders is anchored on well- tested NCDMB product development framework, which includes product validation, prototype development, field trial, business development, and product deployment.
“The mission of both NCDMB and FI is to empower Nigerian start-ups and entrepreneurs to innovate and scale up their minimum viable products,” it added
Commenting on the initiative, the Executive Secretary NCDMB, Simbi Wabote, explained that the board deploys an end-to-end strategy in its projects and does not relent until ideas that it supports are fully deployed, commercialised and begin to solve societal problems.

He noted that some of the solutions proposed by the founders would impact key sectors of the economy beyond the oil and gas sector.
“These are innovative solutions to everyday problems that we face in the country. Nigerian youths are innovative and creative. They are looking for a platform they can get and NCDMB will be that platform,” he stressed.

Speaking ahead of the launch, the Director of Planning, Research, and Development, NCDMB, Abdulmalik Halilu, explained that the partnering organisation was engaged by the board in December 2022 as a partner in product development.
Stressing that the programme started with 54 incubates, he further hinted that the collaboration leveraged on FI’s globally recognised Accelerator programme that saw them transit from ideas to business development.

He noted that as part of the programme, the founders underwent mentoring, concept development, and patenting processes, explaining that some of them are currently developing prototypes of their various innovations.
“At the end of the seven months intense tutelage, 17 of the incubates completed the business case development phase and are now positioned to establish start-up companies and attract investors,” the board stressed.

It stated that the incubation process would continue after the launch and would include validation, start-up process, assuring that the board would handhold the companies until their minimum viable products are introduced in the market and become successful.
The 17 incubates, it stated, represent a spectrum of fields in the energy sector and data management, including renewable energy, geological and geophysical, local materials substitution, health, safety, & environmental, and engineering. “Other areas are technology development, pipeline monitoring systems, Artificial Intelligence,” the board noted.

The structured accelerator programme and the NCDMB incubation programme, it added, have guided incubates to master the art of pitching, understanding market dynamics and customer insights, practicals, and mentorship.
“The accelerator programme also equipped participants to navigate the entrepreneurial landscape effectively.

“The impending showcase of the 17 incubates bears immense significance for Nigeria’s economic trajectory. By nurturing these talents, NCDMB is not only fostering job creation but also cultivating a pool of capable individuals poised to drive growth across various industries.
“The programme also ignites an entrepreneurial and innovative culture, with the potential to propel technological innovation and effect positive social change,” it stated.