CcHub, Edo State Government announces $700,000 equity-free fund for 50 startups

Co-Creation Hub has announced a $700,000 (seven hundred thousand Dollars) sub-grant support fund to 50 startups as part of its efforts to support the Edo State government in strengthening its digital solutions ecosystem and encouraging innovation and entrepreneurship. This is open to Edo-indigene-led tech startups.

According to a statement shared with Technext, this is an equity-free grant to support innovators and not an investment.

The fund will constitute a part of the“Strengthening Edo State’s Digital Solutions Ecosystem programme”. It aims at creating economic opportunities for people, especially marginalized groups, who do not have access to capital and other resources to grow and scale their businesses.

The programme is aimed at helping startups achieve remarkable growth and scale. It offers crucial provisions like training, mentorship, funding and go-to-market support to ensure long-term success for ventures in Edo State. Edo State is one of Nigeria’s 36 states. It is located in the South-South geopolitical zone of the country, with Benin City as its capital. 

Led by Governor Godwin Obaseki, the state is notable for running on an economic development agenda that is driven by digital innovation. He launched Edo Innovates hub in June 2018, to prioritize the adoption of ICT, and support local businesses in the state. The hub is a partnership between Edo State, Siemens, Microsoft and Hotels.ng.

Similar: Godwin Obaseki – Leading the Technology Revolution in Edo State: The Evidence Speaks for Itself

The organisers (CcHUB) also believe that the fund will strengthen the state ecosystem and allow targeted groups to live a productive life.

CcHUB is a leading innovation centre in Africa that provides a range of services to support and promote the growth of technology startups. Headquartered in Nigeria, CcHUB offers incubation, acceleration, and investment opportunities to startups in various sectors, including fintech, healthcare, education, and energy.

The project is a component of the state’s Digi Link program, which the Bill & Melinda Gates Foundation supports. It aims to bridge the gap between ecosystem players and the government to co-create digital solutions that can address societal socio-economic problems.

The Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. It focuses on improving people’s health and allowing them to lift themselves out of hunger and extreme poverty. In the United States, it seeks to ensure that all people—especially those with the fewest resources—have access to the opportunities they need to succeed in school and life.

Read also: Ojoma Ochai replaces Bosun Tijani as Managing Director of Co-creation Hub (CcHub)

CCHub/ Edo state fund: Application and other details

The initiative will provide sub-grant support to 50 startups through two programs.

• The Inclusion-Focused Support is for 30 diverse startups with underrepresented founders and teams (women) at $ 10,000 funding each.
  
  It is open to Edo-indigene-led tech startups with a working product, technical expertise, gender diversity, and solutions across all sectors.
  
  They should also explain how their technology can help solve problems in Edo state. Women-led or gender-diverse teams prioritizing marginalized communities and sustainable development goals.
• The Innovation Challenge Program is for 20 tech startups with innovative ideas and products that meet the needs and challenges in the Edo State market at $ 20,000 funding each to improve and expand their operations.
  
  This is for tech startups and companies led by talent from Edo State. Such ventures should have a functioning prototype past the idea stage and be tested for market validation.
  
  The team should be diverse, including people with marketing, business development skills, and other relevant areas besides technical expertise.

The application call commenced on 12 January 2024 and will close on 12 February 2024. To apply, click on this link.