Nigeria’s CcHub is re-jigging its activities this year with a promise to go beyond the usual equity investment of up to $25,000 that start-ups receive during the program.
It promised to offer start-ups direct access to possible follow-on capital of up to $250,000 from the Growth.
In statement made available to TechnologyMirror, CcHub stated that it is taking a new direction and making some sweeping changes in its operation saying that its new incubation program will now run for a fixed duration of 12 months, as opposed to 18 -24 months.
“A new program plan has been designed to be more intentional about the support we give to start-ups with a core focus on enabling start-ups to gain more traction and access funding post-incubation”, the statement read.
According to CcHub, for the new 12-month program, it will be interested in technology solutions that have gained some traction, generating revenue, address a clear need/want and have the potential to scale adding that the program is also open to start-up teams from anywhere in the world that are looking to grow their businesses in Africa, particularly Nigeria.
CcuHub disclosed that entrepreneurs will get hands-on support from the different practices in CcHUB to help with business strategy, financial management, digital security and human resource management adding that a newly created product development unit will be available to support the technical lead/team of the different start-ups.
CcHub noted that has identified how challenging it can be for start-ups to reach their customers quickly and effectively, and as a result there emphasis will be on growth and distribution stressing that “this will involve one-on-one sessions with experts in sales, marketing, and distribution, as well as marketing opportunities via partnerships with media platforms, companies and personalities.”
Over the years, CcHub has built a network of corporate partners across the globe. Startups accepted into the program would have access to this network of partners which include several benefits such as $15,000 promotional credit and more from Amazon Web Services.
In the last 7 years, Co-creation Hub (CcHUB) has supported the growth of a community that is passionate about using technology to solve local problems and transform Nigeria.
One of the ways it has done this is through its incubation program, where it provide start-ups with the resources and support they need to grow their businesses into sustainable companies that employ people and solve local problems.
Presently, over 50 start-ups have enjoyed its support at various levels through the incubation program, such as Lifebank, BudgIT, WeCyclers, Truppr, Mamalette, Stutern and Genii games.
CcHUB said it would invest in and support start-ups that are accepted into the program in return for 7% of the company’s equity.
Barbra Nasimiyu, Nairobi
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