Tech startups: DBN Summit 2024 supports, awards N20 million in total as seed money
… summit was to bridge the gap between capital seekers and investors, thereby catalysing funding opportunities and fostering regenerative growth.
The Development Bank of Nigeria (DBN) has further bolstered the growth of Micro, Small and Medium Enterprises (MSMEs) within the Nigeria’s innovation ecosystem.
The growth is made possible by facilitating direct interface between investors-ready tech innovators and potential investors, thereby offering qualified techpreneurs opportunity to secure financing deals during the just-concluded annual flagship tech event, 2024 DBN Techpreneur Summit 3.0, held on Thursday, July 10, 2024, in Lagos.
Dr. Celestine Iwendi, an international scholar and Head of the Centre of Intelligence of Things at the University of Bolton, UK, delivered the keynote address, urging Nigerian tech innovators to focus on research and development of solutions that address the country’s social and environmental issues.
Speaking at the summit, the Managing Director/CEO, Development Bank of Nigeria, Dr. Tony Okpanachi, disclosed that the interface between the tech innovators and potential investors was made possible through partnership between DBN and Addium Capital with the setting up of DealRoom – an exclusive session during the summit that offered opportunity for techpreneurs to meet with potential investors directly.
He stated further that the reason for integrating DealRoom into the summit was to bridge the gap between capital seekers and investors, thereby catalysing funding opportunities and fostering regenerative growth within the Nigerian tech ecosystem.
“By providing a platform for startups to pitch their ideas, network with investors, and explore funding opportunities, the summit seeks to bridge the gap between innovative tech ventures and capital infusion. This emphasises the importance of fostering an environment conducive for investment in Nigerian technology startups, driving economic growth and accelerating job creation,’’ he said.
Dr. Okpanachi added that the innovative concept was also to encourage entrepreneurs to develop innovative solutions that not only drive financial returns, but also generate positive social and environmental impacts specifically for Nigeria.
“This underscores the importance of aligning entrepreneurial endeavours with the broader goals of sustainable development, creating a more inclusive and resilient economy.’’ he stressed.
As part of this year’s DBN Techpreneur Summit, a pitch session also held during which 20 tech innovators cutting across green/renewable energy, recycling, fintech, e-commerce, business financing, insurance, nutrition, health, agriculture, transportation, automobile spare parts, and other sustainable innovations showcased innovative ideas.
At the end of the pitch presentations, four successful winners received a total prize sum of N20 million as seed money.
The winners are; Niteon, PowerLab Limited, Powerful Technology, and TradeLenda.
The DBN boss noted that the bank’s significant impact on Nigerian MSMEs, since it commenced full operations in 2018, include support for women and youth-led businesses, with 72 percent of the beneficiaries being women and 24 percent youth.
Dr. Okpanachi added:
“In addition to lending, DBN also provides technical assistance to Participating Financial Institutions (PFIs) to encourage them to lend to the MSMEs. But that’s not all; DBN also assists in capacity building for MSMEs through our various initiatives, one of which is the Techpreneur Summit, which was initiated to better understand the needs of Nigeria’s tech ecosystem to provide sustainable financial solutions to them.’’
The keynote speaker, Dr. Iwendi, speaking on the theme for this year’s summit, ‘Catalysing Tech Innovation: Empowering Entrepreneurs for Regenerative Growth,’ disclosed that there was a huge market for tech innovations in Nigeria with the myriad social, economic and environmental challenges facing the country.
He said that innovative solutions could help solve and overcome many of them, including food insecurity, rising general insecurity such as insurgency, banditry and kidnapping, cybercrimes and internet frauds.
“The growth of the tech sector has been catalysed by increased Internet penetration and smartphone adoption, and Nigeria is benefitting from local and foreign investors in the tech sector. Lagos is Nigeria’s tech hub and the only city in Africa included in the Global Top 100 Startup Ecosystems for 2023, meaning Nigeria is coming up. With a population of over 200 million coupled with multifaceted social, economic and security challenges, Nigeria offers a vast market for tech-driven solutions,’’ he said.
Dr. Iwendi, addressing this year’s summit theme, ‘Catalysing Tech Innovation: Empowering Entrepreneurs for Regenerative Growth,’ noted the vast market potential for tech innovations in Nigeria, given the country’s social, economic, and environmental challenges.
He urged for better collaboration among government and industry stakeholders to address issues like inadequate funding, infrastructure gaps, and regulatory hurdles, while also advocating for an updated education curriculum to prepare youth for a tech-driven future.
A distinguished panel of industry leaders, including Kristin Wilson of Spurt, Ugo Dre of Nairametrics, Dr. Bayo Adekanmbi of Data Science Nigeria, and Solape Akinpelu of HerVest, shared insights on the rapidly advancing technology sector and emphasized the need for Nigeria to leverage technology to boost economic growth, address socio-economic issues, and enhance overall well-being.
