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Startup Ecosystem Development in the Federal Capital Territory of Nigeria
By CHIOMA OKORIE
NOVEMBER 21, 2023
The inception of the Start Studio Incubator marked a significant stride in shaping innovative ideas into sustainable businesses while seamlessly integrating them into the global funding ecosystem.
Originating in 2018, prior to the formal establishment of the Center for Strategic Enterprise Development (CSED) in 2019, the Founders initiated an experimental partnership with Harmony Innovation Hub.
This collaboration culminated in the provision of crucial support to four startups, offering co-working space, internet access, electricity, and curated technical and business development resources in Gwarinpa, Abuja, Nigeria.
The year 2020 witnessed the transition of the Start Studio Incubator program which was transferred to CSED, heralding a pilot phase. The focus pivoted towards scouting for entrepreneurs with nascent ideas, providing support to mold these concepts into sustainable business models, orchestrating the launch of these models to generate traction, and crucially, establishing connections with both local and international investors.
As of the close of 2022, CSED through Start Studio Incubator has significantly impacted over 100 entrepreneurs, aiding them in the establishment of sustainable business models. Furthermore, the organization successfully connected a substantial portion of these ventures to a spectrum of funding sources, spanning development, private, and public sectors.
Notably, several of these startups garnered international attention, showcasing their innovations in prominent events in Dubai, Saudi Arabia, UK, US and France. Cumulatively, these startups achieved a minimum valuation of approximately $10 million USD.
"In a strategic move for 2023, CSED has entered into a partnership with the Department of Science, Technology, and Innovations (DSTI) under the Education Secretariat of the Capital Territory Administration (FCTA)"
The objective is to amplify the impact of the Start Studio Incubator in the Federal Capital Territory of Nigeria. This expansion includes the establishment of a new Start Studio Incubator facility in Garki Area 3, Abuja. Currently, the organization is mobilizing partners for an anticipated unveiling of the new Start Studio Incubator in FCT, poised to further enhance entrepreneurial ecosystems and foster groundbreaking innovations in the region.
Published Date: November 21, 2023