The shortlist of tech innovators that will proceed to the final pitch at the bank’s yearly flagship Techpreneur Summit has been revealed by the Development Bank of Nigeria (DBN).
The bank states that this programme uses cutting-edge technology to support the expansion of Micro, Small, and Medium-Sized Enterprises (MSME) in the industry.
Continuing, the bank stated that the goal of the techpreneur summit 2024 is to support and exhibit tech innovations that are ready for investors within Nigeria’s entrepreneurial ecosystem, as well as to give eligible techprenuers access to a pipeline of investors and money in turn.
“Catalysing Tech Innovation: Empowering Entrepreneurs for Regenerative Growth” is the theme for the 2024 DBN Techpreneur Summit.When the deadline for proposal submissions expired, there were more than 100 IT companies on the longlist of entries received for the pitch.
A pre-selection session was conducted over the weekend by a panel of assessors made up of reputable professionals in the industry to evaluate each application that was submitted in accordance with the standards and directives established for the innovators who were to participate. Twenty tech entrepreneurs from the financial, health tech, transportation, IOT, and other sectors have surmounted the obstacles to reach the final pitch round following the pre-screening.
Dr Tony Okpanachi, Managing Director/CEO of DBN, discussed the importance of the pre-selection process and stated that it was a crucial step in determining who was the best among equals. He also added that pre-selection was a time- and money-saving method for both evaluators and innovators, as it gives innovators a chance to increase their chances of winning the pitch competition.
Adding, he emphasised that by promoting equitable economic growth and raising Nigerians’ standard of living, the bank also makes a major impact.
In order to fully realise the potential of micro and medium-sized businesses (MSMEs) and the tech sector in Nigeria, as well as to enable them to make a substantial contribution to the country’s actual GDP growth, Dr. Okpanachi confirmed that the Development Bank of Nigeria must facilitate the growth and scaling up of MSMEs and tech innovators.
He had this to say: “Pre-selection of innovators provides feedback on the viability and potential of the innovation, and enhances the innovator’s pitch and overall chances. It boosts confidence for the competing teams. Streamlining the selection process also reduces stress and anxiety for innovators that make the shortlist, thereby helping them to focus on the best ways to achieve success at the pitch and in their presentation.”
Comfort Aruosa-Osemwegie, Managing Director of Addium Capital, said that the goal was to prepare the tech founders for possible investors, who will also be present at the Techpreneur Summit this year.
She revealed that DBN and Addium, a venture capital and private equity firm, will be partnering to host an exclusive Deal Room during the summit. This room will allow techpreneurs to directly connect with possible investors.
Aruosa-Osemwegie said: “On the 10th of July, tech founders will have access to at least 50 curated investors during the summit. We are curating the summit in unique ways whereby the tech startups can sit with prospective investors that are coming to the event. This was the reason we had the pre-screening on 29th of June. We had hundreds of startup founders pre-screened. The idea is, we wanted to ensure they are investors-ready; so, when we bring them to investors on the 10th of July, we are bringing in deals. We call them deals or startups that actually are ready for investment. We took the proposals through screening to ensure we pick or get to find the best fit for the investors we are bringing in.”
