How StartupSouth is Reigniting the Spirit of Innovation, Enterprise in South-South and South-East Regions
By AzeezDisu
“Creativity is thinking up new things. Innovation is doing new things.” -Theodore Levitt, Professor at Harvard Business School once said.
The above quote emphasizes the pivotal role innovation plays in any business or startup, you either innovate or die! The global startup success rate is projected to be around 10% which means that if startups fail to innovate they will die. Amazingly, today there are about 150 million startups in the world with 50 million new startups launching every year which shows that they are enormous opportunities for job creation and economic growth.
In a market like Nigeria with a growing population of about 151 million young people, the startup ecosystem is growing rapidly. According to Nigerian Startup Ecosystem Report 2022, between 2015 and 2022, 383 tech startups raised a combined US$2,068,709,445 with startups from Lagos and a few other states benefiting from such investment. Sadly, startups from regions like South-South and South East didn’t have a significant share of that investment and many others.
The South-South Zone consists of six states: Akwa Ibom, Bayelsa, Cross River, Delta, Edo, and Rivers, while the South-East Zone comprises five states: Abia, Anambra, Ebonyi, Enugu, and Imo.
To change the narrative and ensure that the regions attract the right attention, StartupSouth through its annual StartupSouth Conference showcases innovators and their innovative solutions to the world. With its efforts, more and more startups are springing up and pitching their ideas to local and international audiences at the event and other hackathons across the country. Excitingly, the story is changing day by day and investors are binging to see the potential in the regions.
StartupSouth’s effort is also reigniting the spirit of innovation the regions were long known for. More young people are now leveraging technology to proffer solutions to some of the challenges facing the regions. They are simply channeling their energy to something positive by thinking globally but acting locally, The aim is also to have a significant slice of the global Venture Capital market forecast to reach US$468.4bn in 2024 according to Statista.
Beyond just organizing an annual event of converging startups or educating, connecting, and attracting investment to startups; StartupSouth continues to advocate for an enabling environment for startups to thrive. For example, it is advocating that states adopt the National Startup Act signed into law by former President Muhammadu Buhari, and government at all levels should review their tax policies among other things to provide an enabling environment for businesses to flourish.
Gap Closed by StartupSouth9
StartupSouth, the entrepreneurship ecosystem development and advocacy organization, has enhanced the growth of the digital ecosystem through its annual events and other initiatives. The 9th edition of its conference tagged ‘StartupSouth9 conference’ held in Port Harcourt, River State recently in partnership with Xend Finance, MainOne, and Zoho attests to the impact it is making in the regions. Today, it remains one of the top tech industry events, bringing together innovators, thought leaders, investors, policymakers, and founders from across the country and other parts of the world for education, networking, and business growth opportunities.
Uche Aniche, Convener of StartupSouth, disclosed that about $8 million has been generated in value across the regions but still a small fraction of what is available globally.
He stated that the aim of the event is to inspire both young and old entrepreneurs and innovators to develop technology solutions that will drive economic growth and reduce poverty.
The organisers’ effort in reducing the trend of young people exiting the country in search of greener pastures abroad was applauded by Yen Choi from ChipLab, during his presentation on ‘Securing the Future of Tech’ when he said: “Nigeria needs to reverse ‘Japa’ like in India where citizens are returning home from abroad”.
Another gap the event bridged was it connected participants with the right information to grow their business. Studies have shown that 1 in 5 startups fail in the first year due to some challenges. To reduce this trend, StartupSouth connected startups with mentors and potential investors through its platform.
The importance of getting investors was articulated by Tomi Davies, Collaborator-in-Chief (CiC)’, TVC Labs during his presentation. He said, “Startups need support. They need funding to scale up their ideas and innovations. Angel investors step in where traditional financial institutions are skeptical. I believe the future of Angel investors in Africa is ripe.”
The Conference themed “Deep & Broad: Extending the Frontiers of Technology and Economic Development”, also had sessions focused on topics such as leveraging technology, navigating regulatory environments, and tapping into new markets while addressing the unique challenges of global expansion.
It also featured breakout sessions, investors’ meetups, panel discussions, and award presentations. The award is met to celebrate outstanding founders and corporate organizations in the Innovation ecosystem.
The Pitch
“The best way to predict the future is to create it.” – Alan Kay, a Computer Scientist once said.
StartupSouth is creating a better future for startups in the region through its Hackathon where it enables them to pitch their ideas and innovations to judges, mentors, and investors.
The recent Hackathon Pitching competition tagged the ‘Xend Finance Hackathon’ was part of the activities of the two-day StartupSouth Conference and had 10 finalists who competed for $10,000 grants. The finalists were selected from a list of 150 innovators who entered the Hackathon.
On day two of the conference, the winners were unveiled. Eden Finance clinched the grand prize of $1,000, while Safe Launch and FLLOW emerged second and third-place winners, earning $750 and $500, respectively.
Opportunities and the Future
The Director-General of National Information Technology Development Agency (NITDA), Kashifu Inuwa, who was represented by Aristotle Onumo, Director, Corporate Planning and Strategy at the event, commended the organisers for empowering the next generation of Innovators who are putting the country on the global map with their innovative solutions and pledged that the agency will support the regions startup ecosystem through its initiatives.
In another vein, the Regional Head of MainOne Equinix Company, Abayomi Adebanjo urged businesses and investors to invest in the South-South and South East including investing in its startups.
He emphasized that his company’s investment in the region has transformed the digital ecosystem. “We need to create more centrifugal forces in other parts of the country, not just Lagos. For us at MainOne, the core of digital transformation is creating an infrastructure ecosystem. So, we facilitated the very first subsea cable landing in South-South Nigeria, specifically Akwa Ibom State,” he said.
Looking at its plans for the future, the organizers of StartupSouth revealed that it will deepen its local and global search to attract more innovators to the South-South and Southeast while it will continue to inspire startups to keep contributing to the development of the ecosystem.
