The Southeast Development Commission (SEDC) has launched a Venture Capital Initiative, floating N70 billion for youth tech-enabled startups in the eastern region.
The N70 billion fund is slated for both startups and established businesses and comprises an Incubator and an Accelerator category. Successful businesses at the incubator stage will receive $5,000 in funding, while established businesses will receive $25,000 under the Accelerator category.
Applications for the Venture Capital Program start on March 16th and end on April 3rd. Winners will be announced on May 14th.
A total of 30 Businesses will benefit from the pilot phase of this venture capital initiative, providing a significant financial boost to startups based in eastern Nigeria.
The initiative hopes to provide institutional support to the next generation of builders in the eastern region, as it believes the region is already blessed with adequate human capital that needs complementary support.
The Southeast Venture Capital Program is focusing on technology as its dominant theme. The Venture Capital program aligns with the ideas shared at the just-concluded Southeast Vision 2050 Forum, which highlighted technology as one of the surest paths to scaling development in the east.
SEDC’s VC Initiative Marks First Phase of Implementation
After many months of strategic sessions and brainstorming, the SEDC is silencing critics by marking its first major phase of implementation via the Venture Capital Fund.
The Commision heavily criticised as just another talking shop, is on the verge of injecting a whopping N70 billion into the southeast tech ecosystem. The ripple effect of such a move can be felt in the jobs created and the boosting of the tech ecosystem in the eastern region, with the possibility of emerging unicorns.
The Southeast Venture Capital Program comes at a time when the tech ecosystem in the eastern region is experiencing a resurgence across the board. The just-completed Enugu Tech Festival featured global brands such as Solana and Blockchain.com, as well as indigenous tech products developed by local tech enthusiasts.
The SEDC Managing Director, Mark Okoye, was caught up in a web of criticisms following a turbulent Senate screening of the commission. This latest initiative proves that the commission, despite challenges, is committed to facilitating tangible projects with real-world impact in the eastern region and its residents.
