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By Clara Nchekwube Aghasili -Lingo and Emmanuel Yinka Fagbenle
NHub, Nigeria’s foremost tech innovation hub in north of the country has unfolded its plans for the Jos Angel Network in Plateau state. The event which was hosted by prospective angels gave deep talks on investment and technology to an audience-filled auditorium.
The Jos Angel Network (JAN), is designed like every angel network “where an angel (investor) usually gives support to start-ups at the initial moments, when most investors are not prepared to back them,” said CEO of nHub Mr. Theodore Longji and convener of the epoch making event.
The audience consisting of entrepreneurs, venture capitalists, startups and government functionaries including technology regulators got the opportunity to hear about the business experience of these entrepreneurs and the roadmap for funding startups.
An interactive meet with bargaining sessions, facilitator of the JAN, Longji assured the angel investors of his organization’s commitment to seeing start ups flourish and also angel investors getting value for their investments.
On his part, the Director General of Plateau Information Communication Technology Development Agency (PICTDA), Mr. Daser David, said there was need for a change in the narrative of the tech ecosystem in Plateau state.
High point at the event was when three start ups pitched their business ideas before the audience in exchange for equity share. The startups got very positive responses from the angels that include Chairman of Bluewhales Microfinance Bank, Mr. Simon Iliya, CEO/Principal Associate, Dankish Associates, Mr. Dankishya Saleh Hadi, CEO of Qitech Technologies Limited, Mr. Olusegun Oruame, and advisor at LAF, Prince Charles Dickson among others.
“Opportunities abound to explore new wave of investment in young people and innovations. But the requirements to get funding and convince prospective investors are still largely the same. Startups must endevour to meet these requirements,” said Iliya.
For Hadi, who has extensive experience in global financing and funding of startup businesses, Jos like the rest of Nigeria face uphill tasks in securing investments but investors will always be attracted to disruptors with high potential to great return on investments (RoIs).
Oruame, whose company is seeking to warehouse solutions for the marketplace in north of Nigeria, said JAN must explore the evolving conversations on engaging non-formal funds that could provide the much required equity to funding innovation outside of the formal sector considering that much of Africa’s economy including Nigeria is still informal.
“The conversation increasingly within the angel circle in Africa is how to leverage the huge capital, resting outside of the banks and financial institutions, and getting these legitimate monies into startup or ideas investment,” said Oruame as he formally unveiled the JAN business logo inside nHub.
“We believe in PICTDA that government collaboration with private sector players within and outside of Jos could help instigate the desired investment in promoting new level of entrepreneurship. I can only assure that the government of Rt. Hon Lalong is committed to growing the entrepreneurship-space and making Jos, and indeed, the whole of Plateau State to drive a new narrative fostered on investments and real developments” said Daser.
