Connecticut Innovations (CI), a leading source of finance growing companies has announced the application for its VentureClash Global Challenge. It is Connecticut’s $5 million Global Venture Challenge for early-stage digital health, FinTech, InsurTech, and Internet of Things companies.
In view of its expansion, VentureClash Global Challenge has chosen Lagos, Nigeria – promising hub of innovative, high-growth-potential businesses, as an ideal location for Africa.
Connecticut Innovations Launches VentureClash, a $5 Million Global Challenge for Lagos Startups https://t.co/0xS6W5iqHG via @techmoran
— Autosage Nigeria (@autosageng) May 2, 2018
The global challenge, worth $5 million, kicked off in March with its first round of applications and will be concluded with a pitch event for the finalists at the Yale University campus in New Haven, Connecticut in October.
The first-place winner will receive an investment award of $1.5 million, and the remaining $3.5 million will be awarded to other finalists based on judges’ input. Winners will also receive mentoring and other assistance.
According to Techmoran, the Lagos event was inspired by Oni Chukwu who is a Nigerian and has done well in his several entrepreneurial ventures, including his current role as CEO of Etouches (a Connecticut Innovations portfolio company) after emigrating to the U.S. 25 years ago to pursue his advanced education. Chukwu is also technology investor and assists aspiring entrepreneurs in developing countries.
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To co-host the competition in Lagos would be Chinedu Echeruo, another successful Nigerian who emigrated to the U.S. He is an entrepreneur and he founded HopStop, which was acquired by Apple and Tripology, then later by Rand McNally. He currently serves as co-founder of Love & Magic Company, a start-up studio that incubates companies to enlighten and uplift them.
Let's meet in Lagos! Please join us on May 23rd to learn more about #VentureClash. If you are a company that has been in business for a year, has customers and a compelling reason to expand to CT / US, you should make your way to this event. Register now: https://t.co/vAZSKQHZ76 pic.twitter.com/LbqhMg6zBM
— VentureClash (@VentureClash) May 1, 2018
The two-day tech fair event, will be held on May 22–23, 2018 at the Radisson Blu in Lagos and will bring together the most promising startups from Africa to compete for one of three semifinalist spots in VentureClash, a $150,000 investment from Connecticut Innovations for the first-place winner, and $5,000 grant awards for each of the top three winners to visit and explore Connecticut as a place to live and grow a business.
Interested startups must have been in business for at least 12 months, have paying customers or customers who are actively testing their product, be focused in digital health, fintech, insurtech, or Internet of Things (including energy cost reduction technologies) and agree to maintaining a presence in Connecticut. Applicants are also expected to apply before May 14, 2018.
The top 10/20 companies will be selected for the pitch in Lagos. Three winning startups will be selected after a live 8 minutes presentation and a brief Q&A by a panel of judges. The winners selected will now move on to the semifinal round of VentureClash Challenge 2018. Interested applicants can click here to apply.
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