In a bid to provide Nigerian startups with the support, network and structured process needed to build enduring companies, Silicon Valley-based accelerator, Founder Institute, has been launched in Lagos with over 20 CEOs as mentors.
The world’s premier idea-stage accelerator and startup launch programme, Lagos chapter, which is led by local startup leaders, Chukwuemeka Fred Agbata Jnr, co-founder, GoDo.ng, and presenter, Tech Trends on Channels TV; Oluwarotimi Fasuyi, CEO, VasDigiMobility; Wande Adalemo, CEO, Wave3 Wireless; and Ifedy Eze Ralph, co-founder, Maisematrix Consulting, announced plans to run two semesters annually with the aim to launch over 20 meaningful and enduring global technology companies per year in Lagos.
Speaking at a briefing in Lagos, Adalemo stated that the Founder Institute’s global programme was established in 2009 to help curb lack of structure, mentorship and network, which cause many startups to die in their idea/early stages, and the programme currently runs in 60 countries and 175 cities across the world.
“We have identified a large chunk of startups in Nigeria fail, mostly, in the first three years. I have tasted what it means to run a startup then hit the rocks while at Oxygen Broadband Network, with $3 million raised to run the business. So, the people involved in FI in Nigeria are not bringing in borrowed ideas but rather experience,” he said.
Also, Agbata said that the programme targets entrepreneurs with ideas, startups that already have a minimum viable product (MVP) as well as early stage companies that are yet to raise seed funding, with the goal of providing high-potential entrepreneurs and teams with the critical support network and structured process needed to build an enduring company.
According to him, FI accepts founders with day jobs and shares equity with all participants, also, mentors provide training and feedback to entrepreneurs to help them groom their ideas, structure their businesses and eventually launch them.
In order to celebrate the launch, the Lagos Founder Institute will host a series of free startup events for the general public, where attendees can learn how to build a company and learn more about the programme. See the full list of events at http://fi.co/events/lagos.