Start-up businesses are set to receive a major financial boost after CcHUB (Co-creation Hub) boosted its incubation programme with the launch of a $500 000 seed investment fund. The fund is intended to support early stage start-ups for a period of two years.
According to the firm, start-ups will receive sums ranging from $10 000 to $25 000 to support business model experimentation and operations.
According to allafrica.com, the announcement comes on the occasion of first anniversary of CcHUB incubation office, which among other services provides entrepreneurs with mentorship, user testing, access to markets, office space and administration.
The initial beneficiaries of the seed investment went through CcHUB’s Pre-Incubation program, which identifies and supports aspiring technology entrepreneurs looking to address local market problems with relevant solutions.
Allafrica.co also stated that through the $90 000 Tony Elumelu Foundation/CcHUB pre-seed fund, beneficiaries started out with a grant award of $5 000 each to support their ideas, build working prototypes, carry out initial market testing and proof their concepts. The ideas grew steadily, earning revenues, increasing their user bases and building partnerships hence needing a different kind of support.
“CcHUB incubation office launched in response to the need to provide business development, mentoring and funding support to start-ups that showed traction from our impactful Pre-incubation program. Our seed investment ensures startups have a sure footing post-preincubation to concentrate on rapidly executing their plans and learning from the market,” said Bosun Tijani, CEO and Co-founder of CcHUB.
Tunji Eleso, Director of Incubation, said discussions were already underway with investors to provide additional funding to two of their initial beneficiaries.
“We hope to break the news in the coming months. We welcome startups looking to transform the way Nigerians live, play and do business to apply to join our portfolio via,” he further stated.