The Southeast Development Commission (SEDC), through its flagship Southeast Venture Capital Program (SEVCP), has shortlisted 50 startups for the final of its N70 billion venture capital competition.
The 50 startups were derived from over 1000 initial applications in the first stage of the competition, which was whittled down to 209 startups before the final 50 startups were selected.
The grand final and award night for this competition is slated for May 25 and 26, as the SEDC-induced Venture Capital fund program draws to an end.
50 Startups to Slug it Out for the Grand Prize
According to the SEDC, the finalists will participate in an intensive bootcamp focused on pitch-readiness and investment preparedness ahead of the competition’s Finals Day to be held at the International Conference Center in Enugu.
Startups that applied for this program were split into two groups depending on the life cycle of their startups. The startups were split into an Incubator group with a prize money of $5,000 on the horizon. The second group is for accelerator startups with $20,000 up for grabs for winners.
On the day of the finale, the 50 startups will pitch their business ideas before a panel of investors, venture capital experts, and industry professionals. The panel will whittle down the 50 startups to 30 winners who will receive structured seed money to expand and grow their businesses, fulfilling the aim of the program.
Last Month, SEDC CEO Mark Okoye reiterated that the Southeast is not lacking talent but rather suffers from a lack of access to capital. He called on the Private Sector to help complement the Public Sector and inject funds into the region, funding dreams and growing the startup culture in eastern Nigeria.
A day after the Grand Finale and announcement of winners. An Investment Ceremony and Awards Night is scheduled, where successful ventures will formally receive investment support in the presence of public officials, financing partners, and stakeholders from Nigeria’s innovation ecosystem.
The Southeast Venture Capital Program is the first material impact the commission is having in the region since its launch. The commission has spent its time all along drawing up ideas and engaging stakeholders on its vision and plans to truly develop the southeast, getting it on par with the rest of the country.
