Nigerian startups are in for good times as VentureClash comes to Lagos this May. The competition is slated to hold at the Radisson Blu in Lagos between May 22nd and 23rd, 2018.
The global competition is championed by US-based Connecticut Innovations which specializes in granting support to startups with innovative solutions in financial technology, the Internet of Things (IoT), digital health and insurance technology.
The organization noted in a statement earlier this month that Lagos was chosen as one of the locations for challenge owing to its growing status as an innovation hub with lots of promises.
The global competition officially began in 2016. This year’s competition opened in March with the submission of applications. Applicants have their eyes set on the $5 million which Connecticut Innovation has earmarked for investment. Currently, the preliminary competitions are taking place, even as the “finalist live pitch” is slated to hold in October at Yale University.
The overall winner in the competition will receive up to $1.5 million in investment, while the remaining top three finalists will split the remaining $3.5 million. They will also receive mentoring and other forms of assistance.
The event will witness the gathering of some of Africa’s most promising IT startups who will compete to secure one out of the three available semifinalist spots.
Note that asides qualifying for the final stage of the competition, the Lagos VentureClash winner will also receive a $150, 000 investment from Connecticut Innovate. The top three second-place winners will $5,000 worth of grants each.
About twenty companies will be pitching at the Lagos event, all of which must have applied (www.ventureclash.com/apply) and gone through the selection process. There are some prerequisites for application some of which include-
- The companies must have operated for at least a year
- Companies must have customers who use their products/services and pay for it
- Companies must agree to the terms and conditions of the competition, one of which include having a presence in Connecticut.
- Companies hoping to be considered must meet the above criteria and ensure to submit their applications latest May 14, 2018.