After many weeks of thorough screening of the 1200 startups that applied for the Southeast Venture Capital Program, the commission selected 209 startups for the next phase.
The lucky 209 startups will proceed to the final phase of the competition, which includes a video pitch and strict screening. According to the commission, the first phase of the competition attracted pitches from fintech, agritech, SaaS, commerce, logistics, and other critical sectors.
The application was open only to southeastern startups, as the commission seeks to inject N70 billion into the southeast ecosystem.
” We acknowledge the time, effort, and ambition demonstrated in each application submitted”, the commission wrote on its website.
It reiterated that the selection process was transparent and free of corruption and prejudice. The next stage of the competition, the grand finale, is scheduled for May 25th and 26th, a two-day event that will conclude the competition.
How the SEDC Evaluated the 209 Successful Applicants
The Southeast Development Commission shared its selection process. It took a proactive step to clear the air and mitigate any accusations of nepotism or bias. According to its website, the selection process focused on the two categories available in the competition.
The early-stage startup and the accelerator startup were strictly assessed based on the Minimum Viable Product and traction, respectively. Traction and revenue were assessed exclusively within the Accelerator Track. Incubator Track evaluations focused on validation and early demand signals.
According to the SEDC’s website, the following criteria were used in the selection process for both categories. Eligible applications were evaluated across five core criteria, each scored on a scale of 1 (low) to 5 (high).
Accelerator Track
- Problem–Solution Fit
- Execution & Progress
- Market Opportunity
- Technology Component
- Traction & Revenue
Incubator Track
- Problem–Solution Fit
- Execution & Progress
- Market Opportunity
- Technology Component
- MVP Validation & Early Signals
At the onset of the competition, the SEDC narrowed its focus to tech startups across 10 select niches. SEDC CEO Mark Okoye recently stated that access to funds and mentorship remains the biggest blocker in the region.
He acknowledged the depth of talent in the region. Okoye also called on the private sector to lead structured investment in startups and ventures. He believes it is better than waiting for the public sector.
The SEDC believes the Southeast economy can hit $1 trillion by 2036. The Southeast Venture Capital program is one of its little contributions to this target.
