A 300-level student of the Department of Finance, University of Lagos (UNILAG), Mr. Barnabas Peter has clinched the top spot at the Start-up Pitch Competition of the Project Innovation 2 Marketing (I2M) Accelerated Incubator Programme.
Organized by the Innovation Technology Management Office (ITMO), UNILAG, the event held on Friday, November 3, 2023, showcased the entrepreneurial brilliance of young minds selected from across the country.
Barnabas Peter’s innovative venture, Travaye, a digital platform designed to assist tourists, low-income earners, and individuals seeking exciting places and locations to visit, emerged as the overall winner. His success was the result of a rigorous 6-week incubation program where he honed his business acumen and entrepreneurial skills.
The closing ceremony which was held at the Arthur Mabnefo Digital Research Centre (AMDRC), UNILAG was witnessed by the Senior Special Assistant (SSA) on Digital Economy, Communication and Innovation, to the President of the Federal Republic of Nigeria, Engineer Jennifer Adighije. Her attendance highlighted the significance of the event and the government’s support for budding entrepreneurs in the country.
The hybrid event featured other entrepreneurs whose diverse range of start-up products and services from various sectors including technology, agriculture, healthcare, and e-commerce were showcased. Some of the other outstanding innovators were Mrs. Chiemela Anosike of Solaris.ng and Sunday-Dogo Peter of Gonana.
While Solaris.ng focuses on renewable energy by deploying micro solar solutions to small homes and businesses in rural and peri-urban communities in Nigeria with the provision of electricity using renewable energy, Gonana is an Agro-business platform that provides a fully transparent, cross-chain, and scalable marketplace that connects farmers and allows them to trade their agricultural products on the global market.
Addressing the first set of cohorts, Engr. Adighije identified the critical role of innovation as a key driver of economic growth and competitiveness. She observed that despite Nigeria’s struggling economy the start-up ecosystem has remained a hub for innovation, a source of hope, and an assurance of a better future for the nation.
She charged the incubatees to seek opportunities with innovative creation as the non-oil sector has suddenly become the new oil boom, attracting local and international investors. Her words, “Do not chase money but chase value. When you offer value, money will chase you.”
The University of Lagos Alumna went further to reveal plans of government through notable ministries and agencies such as the Science & Technology Ministry; Communications and Digital Economy Ministry, and the National Information Technology Development Agency (NITDA) to implement the Nigerian Information Technology Policy, and co-ordinate general IT development within the nation.
According to her, “over a billion dollar investment flowed into the Nigerian market from viable startups in 2022 which made up 28.4 percent of Africa’s total funded ventures, with Nigeria receiving 29.3 percent of the continent’s total investments. As part of a vision to ensure 3 million talents are empowered, let me say that Nigeria’s hope for economic growth and employment opportunities can only be driven by the growing youthful population as we look ahead”.
In her remarks, Vice-Chancellor, and Chief host of the ceremony, Professor Folasade Ogunsola, OON, FAS, described the talents on display as immeasurable. Represented by the Deputy Vice-Chancellor (Management Services), Professor Lucian Obinna Chukwu who led other members of the Management team including Deputy Vice-Chancellor (Academics & Research), Professor Bolanle Oboh; Acting Registrar, Mrs. Olakunle Makinde; Bursar, Mrs. Oluwafunlola Adekunle and the Director, Quality Assurance, Professor Olufemi Saibu to the event, highlighted how immeasurable the I2M project is to the institution.
He noted that Barnabas Peter’s victory not only marks a personal achievement but also stands as a testament to the academic excellence and innovative spirit fostered within the University of Lagos.
According to him, “the immense value on offer at the incubation programme has given the participating entrepreneurs perspectives that will foster technological advancements and position Nigeria as a competitive player in the global digital landscape”.
Professor Chukwu reiterated the university’s leadership commitment to the creation of an enabling environment that encourages entrepreneurship and innovation through initiatives like the I2M Accelerated Incubator Programme.
Earlier in her welcome address, Director of the Innovation and Technology Management Office (ITMO), Dr. Abiodun Gbenga-Ilori narrated the I2M journey which was birthed on Thursday, May 11, 2023 (Please click ITMO Launches Project Innovation to Market (I2M), Plans Improvement of Innovation Eco-System for more on the I2M launch), stating that the training of 50 incubatees by ITMO in collaboration with Research and Innovation Systems for Africa (RISA) will remain a reference point for capacity building in Nigeria.
According to her, the Start-up Pitch Competition is a culmination of weeks of hard work and dedication by the participants who had undergone intensive training and mentorship as part of the I2M Accelerated Incubator Programme.
Dr. Gbenga-Ilori stated that the ITMO initiative recognizes the immense potential of groundbreaking ideas and continues to seek ways to bridge the gap between innovation and commercialization.
She announced that twenty (20) among the participants will be awarded cheques of Eight Hundred and Fifty Thousand Naira (N850,000.00) each and a further Five Hundred Thousand Naira cheque (N500,000.00) will be awarded by the SSA to outstanding startup ideas as part of plans by the university and its partners to nurture and support aspiring entrepreneurs, as well as equip them with the necessary skills and resources to succeed from ideation to commercialization.
Similarly, Research and Innovation Systems for Africa (RISA) Country Head, Mrs. Alice Omisore expressed satisfaction with the outcome of the 6-week programme, noting that the exercise in its entirety has met her organization’s expectations. She restated RISA’s commitment to building an integrated support system for a sustainable innovation ecosystem not just in Nigeria but Africa.
The occasion offered an opportunity to express appreciation to the facilitators, project sponsors: RISA and UKAID for their support as well as Paystack which enabled ITMO to provide innovators/researchers with the necessary resources, mentorship, and support to transform their ideas into market-ready products and services.
All the incubatees who had presented their business ideas and showcased their prototypes or minimum viable products to a panel of seasoned entrepreneurs, facilitators, and industry professionals were awarded certificates. Twenty (20) outstanding participants also received cheques of Eight Hundred and Fifty Thousand Naira (N850,000: 00) each as seed-grants under the Innovation To Market (I2M) project and a further Five Hundred Thousand Naira cheque awarded by Engineer Jennifer Adighije.
