UK-Nigeria Tech Hub and Google for Startups Africa collaborated to host an event in Lagos to celebrate International Women’s Day that brought together funders, ecosystem players, and female founders to talk about the state of technology funding.
The event themed: ‘Her Venture Journey, Addressing Equity Gaps.’ aimed to empower women founders by providing insights on how to position themselves to secure funding for their startups, promote digital inclusion, and jointly support technology businesses run by women founders.
The event had two panels – The investor Panel featuring Mary Akpobome, Ashim Egunjobi, and Olaniyi Yusuf and the Founder Panel featuring Ifeoluwa Dare-Johnson (HealthTracker), Damilola Olokesusi (Shuttlers), and Ifeoma Uddoh (Sheincluded).
The investors took turns outlining their initial investment experiences and how the journey thus far has gone. They also provided important information on funding for companies run by women.
Mary Akpobome discussed the criteria she uses to choose investments. She said the following is information founders should be aware of:
Recognize your why, i.e., why you need this product or service and what needs it will meet.
Vision – How expansive and long-lasting is your vision for the company?
Do you have the strength to withstand the storm?
Valuations – By giving their company a reasonable value, owners can attract investors’ attention.
The founders offered guidance on how to get ready to secure the capital their firms require, as well as on pitfalls to avoid. Founders should concentrate on traction, according to Ifeoluwa Dare-Johnson, because investors want to know how they can maximize their investment. Dammy Oloke said it is crucial for founders to carry out a thorough due diligence process while looking for investors for their company to ensure consistency and compatibility with their goals and values.
Google gave select female founders in Nigeria three million dollars in Google Cloud credits as part of the collaboration. The Commission claims that by providing this support, cloud technology-related startup expenses will be covered, enabling them to concentrate on innovation, client acquisition, and growth. Also, during the event, Google announced some funding opportunities for women entrepreneurs.
They include:
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Black founders fund. Upon selection, the start-ups will receive up to $150,000 equity-free cash awards and up to $200,000 per start-up in Google Cloud credits, support in the form of training, and access to a network of mentors to assist in tackling the challenges unique to each start-up. The applications for the third cohort will close on 26 March 2023. Check it out HERE
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Women Tech Makers. You can read more about it HERE
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Women and Girls grant aimed at empowering women and girls.
