Akure, a city on the rise, is set to become a hub for innovation and entrepreneurship, and at the heart of this amazing plan is The Hive Incubator, rolling out with its groundbreaking program, the Launch Lab.
Inspiration Behind Hive Incubator’s Launch Lab
In many parts of Nigeria, Lagos especially, building startups to solve problems within the country has become a constant thing, especially among young minds, with valuable purposes and huge results. However, the opportunities to do such aren’t enough in Akure despite the immense potential untapped in the city; the incubation program was born out of a desire to meet these needs on a huge scale.
According to the Co-founders of the firm behind this program, The Hive Incubator, The Launch Lab is designed to boost local talent, foster economic growth, and position Akure as a key player in Nigeria’s burgeoning startup ecosystem. “We launched this program to boost innovation and entrepreneurship in Akure, an emerging startup ecosystem. The idea is to build a community of young and thriving businesses.” said the program’s founder, Adegbulugbe Folajomi. “By supporting local talent, we aim to transform ideas into viable businesses, boosting the local economy and creating jobs.”
Here are the details from The Hive Incubator that you should know about the incubation program, especially if you’re an aspiring entrepreneur in Akure, as interviewed by HYPE EMPIRE:
Q1 = What inspired you to start a startup incubation program in Akure?
We launched this program to boost innovation and entrepreneurship in Akure, an emerging startup ecosystem. The idea is to build a community of young and thriving businesses. By supporting local talent, we aim to transform ideas into viable businesses, boosting the local economy and job creation.
Q2 = On incubating the next big idea from Akure, Can you elaborate on the selection process for startups in this incubation program?
We’re committed to supporting the most promising startups. Our selection process for The Launch Lab is rigorous and merit-based, focusing on the strength of the team, the uniqueness of the idea, its potential for growth, and its alignment with the market. The top five startups will receive up to N3 million in benefits, including equity funding, and become part of our inaugural cohort.
Q3 = What are the key areas of focus for this incubation program?
To maximize our impact, we’re concentrating on two key areas:
- Innovation and Technology: We’re particularly interested in startups leveraging technology or who have innovative ideas to use common businesses to address real-world challenges.
- Scalable and Profitable Businesses: Our aim is to support ventures with high growth potential and a clear path to profitability.
These areas align perfectly with the needs of Akure’s startup ecosystem, which is in need of support in developing innovative solutions and building sustainable businesses.
Q4 = What kind of support and resources will the incubated startups receive?
Startups receive mentorship from industry experts, funding opportunities, and access to co-working spaces, technical resources, and business tools. For emphasis, we are building one of the most dynamic hubs in Akure inside Alagbaka. It will come fully equipped with a football field, classroom, conference room, board room, and multiple workstations. We also have multiple businesses that have chosen the hub as their home and will further enhance the young thriving community entrepreneurs need.
Q5 = As regards “Impact and Goals”, what is the expected outcome of this incubation program? What metrics will you use to measure its success?
We aim to nurture successful startups that drive Akure’s economic growth and are some of Nigeria’s biggest brands in the coming years. Success metrics include launched products, funding raised, job creation, and social impact of the startups.
Q6 = How do you see this incubation program contributing to the growth of the startup ecosystem in Akure?
Our incubation program will contribute to Akure’s startup ecosystem in several ways:
- Giving Back: One of our core philosophies is fostering a culture of giving back. Successful businesses from our program will support and mentor new entrepreneurs, creating a cycle of continuous growth and development.
- Model for Success: By demonstrating a profitable and sustainable model, we hope to inspire the creation of more incubation hubs across the state. This will show investors that Akure is a viable and attractive location for their investments.
- Increased Investor Interest: Our program’s success will draw more attention from investors, increasing funding opportunities and resources for local startups. This heightened interest will further stimulate the ecosystem’s growth and attract more talent to the region.
Overall, our efforts aim to establish Akure as a thriving hub for innovation and entrepreneurship, driving long-term economic growth and development.
Q7 = What challenges do you anticipate facing during this incubation program? How do you plan to address them?
We are fully prepared to handle any challenges that may arise during this first program. While we anticipate potential issues like limited access to funding, infrastructural limitations, and market entry barriers, we have strategies to address them. Strengthening investor partnerships, providing targeted infrastructure support, and offering legal and market entry advisory services are part of our approach. Additionally, we expect to learn a lot along the way, which will allow us to improve and continuously adapt our program for future success.
Q8 = Looking at the future, What are your long-term plans for the incubated startups after the program ends?
It is a lifelong engagement. Incubated businesses become portfolio companies based on the equity we have. We will continue to provide access to the hub, to events, and mentorship. We also expect them to become the leaders of our future programs.
Q9 = Do you have plans to expand your incubation program to other locations or focus on specific industries?
Currently, our focus is solely on developing Akure’s startup ecosystem. We will be structuring what makes us successful and would be happy to share with entrepreneurs and ecosystem leaders.
How to get involved with The Hive Incubator’s Launch Lab
We invite aspiring entrepreneurs and existing business builders to apply for the Launch Lab. Together, we can build a brighter future for Akure and Nigeria.
To attend the inauguration event for the incubation program on 30th of August 2024 at The Hive Incubator, Alagbaka Akure, kindly register via https://bit.ly/thehivelaunchlab.
To participate or apply for upcoming programs from The Hive Incubator, further details are found on http://www.thehiveincubator.com and email inquiries can be sent to hello@thehiveincubator.com or Folajomi@thehiveincubator.com
