The Southeast Development Commission (SEDC) has launched a N70 billion fund for the Southeast Venture Capital Program for tech enthusiasts building in these ten sectors.
The Southeast Venture Capital Program is calling all tech builders in the eastern region who are building products in the following sectors to pitch their work for a chance to win life-changing seed capital.
The ten priority Tech sectors eligible for the venture capital program include.
- 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 VC program features startups at the incubator and advanced stages, comprising an Incubator and an Accelerator Category.
Winners of the incubator category will get $5000, while winners of the accelerator Category will go home with $25,000. The Southeast Venture Capital Program is a flagship initiative of the SEDC aimed at injecting N70 billion into the Eastern Tech Ecosystem.
The ripple effect of such a move includes the creation of thousands of jobs and a tech ecosystem building products for global markets.
Registration Ongoing
Registration for the Venture Capital Program starts on March 16th and ends on April 3rd. Winners will be announced on May 14th. The Venture Capital Program is only for businesses based in the eastern region. The program is a flagship Initiative of the SEDC focused on the eastern region.
The Bola Ahmed Tinubu Administration launched the SEDC to get the eastern region on par with other regions. The Idea is to compensate the region for the civil war and the setback it suffered.
Mark Okoye, a Former Director at ANSIPPA and experienced Administrator, got the nod to head the Commission. He is expected to leverage his public-sector experience in the role. The N70 billion Southeast Venture Capital Program fund is the first key people-centred initiative launched by the commission. This followed several months of strategic sessions and ideation.
