Denis Opudo
Connecticut Innovation is a US-based organization that offers strategic investment for startups that are in their early stages. The organization has listed Nigeria as a promising hub of innovation with a great potential to grow. Furthermore, the organization has identified Lagos as a great location to increase the access of its VentureClash, a worldwide business challenge. VentureClash is a global competition for startups that are mainly promoting disruptive solutions in financial technology (fintech), the Internet of Things (IoT), insurance technology (insuretech) and digital health.
The initiative is worth $5 million and it started in March 2018. It started with the first round of applications and will come to an end with a live pitch by finalists in October 2018. This will take place at Yale University located in New Haven Connecticut. The event that will take place in Lagos was initiated by Nigerian born Oni Chukwu. He moved to the US for studies and become successful in many entrepreneurial businesses that include the CEO of etouches. This is a portfolio of Connecticut Innovation startup that was bought at a huge sum of money. Has been an important figure in the running of three different companies that each got exits worth $150 million and above. Furthermore, he has been part and parcel of six software firms.
The CEO is a tech investor through his personal investment firm Frontier Acquisition. Furthermore, he is the founder of Africa Plan Foundation that helps upcoming entrepreneurs in developing countries. He will partner with Chinedu Echeruo to host the event. Chinedu will play the role of a judge during the competition that will take place in Lagos. Chinedu also moved to the US to pursue his education and he is the founder of HotStop that was bought by Rand McNally. Presently he is serving as the co-founder of Love and Magic Company. This is a startup studio which incubates firms that uplift and enlightens.
A two-day technology event that will tech place on 22 to 23rd May 0f this year will bring the promising African companies in the same platform. The companies will compete for a one out of three semifinalists’ category in VentureClash. They will also compete for an investment worth $150,000 from Connecticut Innovation. This will go to number one winner and the three top winners will each take $5,000 grant. This will help them visit Connecticut. For qualifications, startups must have spent not less than one year in business. Furthermore, they should have clients who are actively trying their products or are paying and agree to Connecticut’s terms and conditions. Applications are ongoing for those who meet the requirements and will close on 14th May. Either top 10 or 20 firms among the applicants will receive an invitation to pitch at an event that will take place in Lagos. Both will have eight minutes to represent their startups to the attendants that will, later on, be followed by a short question and answer from judges. Thereafter three winners will go to the VentureClash’s semifinals. Those interested should visit here for the application.
