The Southeast Venture Capital Program has narrowed its list to 100 startups, down from the initial 209 shortlisted in the first stage of the event.
The SEVCP is the flagship program of the Southeast Development Commission, projecting to inject about N70 billion into the eastern technology ecosystem. The initial stage received over 1,000 applications from tech enthusiasts across the Southeast.
The tech sectors eligible for venture capital were narrowed to 10 distinct sectors, narrowing the grant’s focus and its impact on the Southeast ecosystem. The Tech sectors eligible for the program are as follows.
- Manufacturing and Industrial Tech
- Agritech and Food Systems
- Fintech and Financial Inclusion
- Commerce and Logistics
- Healthtech
- Clean Energy
- Edtech
- Creative Economy
- Proptech
- Digital Economy and Saas
The SEVCP is the flagship program of the SEDC, addressing criticisms of the commission for focusing too much on strategic sessions and ideation and producing few tangible deliverables.
The SEDC CEO, Mark Okoye, believes venture capital programs like this are vital to the resurrection of the southeast economy. He stressed that the eastern region is not lacking talent but rather suffering from a lack of access to Capital.
Okoye urged the private sector to get involved in funding and grooming talent. He added s that the public sector cannot handle it alone. The SEVCP event is scheduled to host the competition’s grand finale on May 25th. This is followed by an Investment ceremony the next day.
The program will reward accelerator and incubator startups with $20,000 and $5,000, respectively, as well as training and mentorship. The program is limited to startups in eastern Nigeria.
