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The Founder Institute Lagos Velocity Program

The maiden edition of the Founder Institute (Lagos chapter) Velocity program was held on Saturday, November 16, 2019, at the Fajemirokun Hall of Commerce House Building, Victoria Island, Lagos State.

Sponsored by Connect Nigeria, Stanbic IBTC Bank, Xaine Ingenius, and PAC SOLICITORS, the event was targeted at MSMEs and saw entrepreneurs from all over the country grace it. The event also marked the graduation ceremony of the first batch of Founders Institute Lagos graduates who had gone through a 14-week rigorous entrepreneurship training program and received mentorship from renowned entrepreneurs like the CEO of Connect Nigeria, Emeka Okafor, among others.


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Connect Nigeria brings you a full recap of the program.

Keynote Speech

The keynote address at the event was delivered by Mr. John Obaro (CEO, SystemSpecs) with major focus on most of the challenges confronting SMEs in Nigeria that are more likely to collapse within five years of start-up. In Mr. Obaro’s opinion, most startups in Nigeria are likely to fail within the first two years of starting. Some of the challenges confronting start-ups in Nigeria include:

Mr. Obaro went further to outline some attributes an entrepreneur must have to succeed in Nigeria despite all the risks involved in starting up a firm. They include:

A key point noted at the event is the relevance of platforms for capacity building to enable budding entrepreneurs thrive in the Nigerian market. Ayodele Ojosipe (Head Enterprise Banking, Stanbic IBTC Bank) stated during his presentation at the event:

The biggest challenge encountered by startups in Nigeria is not funding, it is a platform for capacity building

Ayodele Ojosipe

FI Graduates Narrate their Experiences

Oare Ehiemua, the Founder of LaborHack, and the Tokeeto brothers on behalf of  the FI graduates narrated their experiences during the 14-week long training. For the graduates, the training made them:

Pitching

All 21 brands that underwent training were permitted to pitch their companies at the event. They include:


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Panel Discussion

A panel discussion session which largely focused on the Nigerian market was a major highlight of the event. Panelists which included Tosin Faniro Dada (Head, Lagos Innovates, LSETF), Atul Kshetry (CEO, IDM Services Plc), among others, pointed out key strategies to boost one’s enterprise in Nigeria, and ways to boost entrepreneurial ventures in Nigeria. Points noted include:

Presentation of Certificates

Graduates of the FI program were presented with certificates which serve as proof of their training. One of the leaders of the Founder Institute, Lagos chapter, Fred Chukwuemeka Agbata Junior, announced the change of the institute’s name from Founder Institute Lagos to Stanbic IBTC-Founder Institute Lagos.


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