The RevUp Women Initiative, a flagship program funded by the Visa Foundation in partnership with AfriLabs and RAD5, has empowered two female entrepreneurs with $5,000 and $3,000, respectively.
The RevUp Women Initiative Demo Day and Awards Ceremony concluded in Aba yesterday. Rita Onyinyechi Obi of Fendol Limited walked away with $5,000, and Utibe Akwa of Utytrends Global Ventures Ltd was the second runner-up, receiving $3,000.
The venture capital event featured pitches from the ten finalists. They presented their business models to judges in five minutes and sought financial support to scale their businesses.
Speaking at the event, AfriLabs Director of Finance and Operations, Abdulrasheed Shuaibu, explained AfriLabs’ role in the initiative. He said the program aligns with AfriLabs overall goals and targets in the African Continent.
” AfriLabs vision is largely to build a thriving innovation economy driven by our community of entrepreneurs across the continent. We do this by providing access to research and data, market policy, advocacy and capacity building, amongst other initiatives,” said Shuaibu
” I will like to welcome everyone to the demo day of the RevUp Women Initiative Nigerian edition. This initiative was born out of a clear need to redeem the ecosystem and empower women-led businesses across Africa,” he added.
The Abia State Commissioner for Science, Technology and Innovation, Dr David Kalu, expressed excitement at the growing presence of women entrepreneurs in the state. He revealed that the statistics favour women, as women-led businesses reportedly have a higher success rate than those founded by men.
He explained further that the statistics give an insight into why more women starting businesses is a good thing for the state.
‘This event is something that really excites me, and I want to be here to encourage this for more of this to happen. Let this just be a start, a beginning of a shift in dynamics in Abia state,” Kalu said.
The pitches from the ten women finalists were examined by three judges. Dr Paschal Arinze Etien, Founder of Smart As revenue tool, Mrs Irunna Ejibe, CEO of Etnocentrique Limited, and Mr Nnamdi Ajah, an award-winning educator.
The judges had 5 minutes to quiz the contestants after their 5-minute pitch. The majority of their questions focused on the financial projections for their ventures and the Product-Market fit.
Traction as the Ultimate Decider
The ten business pitches from the ten contestants were largely problem-optimised. The pitches all solved a clear problem or exploited an untapped market. The winners of the competition were the two companies with the most traction. This points to traction as a major deciding factor in the competition.
Winner of the competition, Fendol Limited, by Rita Onyinyechi Obi, is a maker of dry and wet fish products. They had several thousand fish in their reservoirs as of the time of her pitch. The company also has a thriving market share already serving a significant number of Nigerians
The runners-up, Utytrends Global Venture, by Utibe Akwa, are actively in talks with makers of Golden Morn. Both entities are working towards a distribution deal if their numbers align. The breakfast food makers are projecting 50,000 units of their products if they successfully procure an automatic sealing machine. Projected financials stand at N60 million annually, following the company’s sale of 16,000 units in 2024.
The decision follows popular best practices, in which investors look for traction to avoid funding an unproven business model or a nonexistent market.
Abia State Government Pledges More Support
The Abia State Commissioner for Women Affairs, Dr Mrs. Maureen Aghukwa, represented by the Director of Women Affairs, Ngozi Nkuche, expressed delight at the event. She stressed that the days when women were relegated to the back of society are long gone.
She read a brief goodwill message to the contestants and acknowledged the event. Nkuche promised further collaboration from the Abia State Government. A representative of the Visa Foundation could not make the event, but its funds were well felt by the contestants.
Mobile accessory giants Oraimo, the official partners of the Revup Women Initiative event, also had an impact on the event. They gifted the eight runners-up packages of their products as consolation prizes. The RAD5 Tech Hub team, official partners, and event hosts provided training to participants prior to demo day.
RAD5 Cofounder, Igwe Uguru, COO, Ivory Humphrey and other members of the tech hub team played an active role in executing the event. They ensured its smooth operation and addressed other critical factors.
The Visa Foundation’s Equitable Access Initiative seeks to support gender-diverse and inclusive small and micro businesses (SMBs). Target areas include Africa and other parts of the world.
The winners of the $8,000 non-equity financing will still undergo vetting by AfriLabs and the Visa Foundation. This is the final compliance check before funds are credited to the winners.
