Adaobi Rhema Oguejiofor
The Nigerian Content Development and Monitoring Board (NCDMB), in collaboration with the Founder Institute (FI), the world’s largest and most proven pre-seed startup accelerator, is set to launch 17 new portfolio companies that have passed through the Board’s Technology Incubation and Innovation Centre (TIIC).
This is in furtherance of the Board’s mandate to activate research and development, as well as support startups in the energy industry.
The launch of the companies is set to hold on Thursday, August 24, 2023, at the Nigerian Content Tower, Oxbow Lake Road, Yenagoa, Bayelsa State. The event is expected to have in attendance international and local venture capitalists, investors, and product development subject matter experts, who might be interested in investing or partnering with the new portfolio companies.
Key highlights of the event will be the pitching by the founders on their business ideas, with the hope of eliciting the interest of investors. The launch of the new portfolio companies is a major milestone of the Board’s Research and Development (R&D) strategy, which is anchored on commercialization of research and innovation.
The exposure given to the Founders is anchored on well- tested NCDMB product development framework, which includes product validation, prototype development, field trial, business development, and product deployment. And the mission of both NCDMB and FI is to empower Nigerian startups and entrepreneurs to innovate and scale up their minimum viable products.
The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote, while speaking concerning the initiative, explained that the Board deploys an end-to-end strategy in its projects and that it does not relent until ideas that it supports are fully deployed, commercialized and begin solving societal issues.
According to him, some of the solutions suggested by the founders will impact key sectors of Nigeria’s economy beyond the oil and gas sector, adding that the ideas are innovative solutions to everyday problems that are faced in the country.
In his own words, “Nigerian youths are innovative and creative. They are looking for a platform they can get and NCDMB will be that platform.”
The 17 incubates represent a spectrum of fields in the energy sector and data management, including Renewable Energy, Geological and Geophysical, Local Materials substitution, Health, Safety, & Environmental, and Engineering. Other areas include Technology Development, Pipeline Monitoring Systems, andArtificial Intelligence.
The structured accelerator program and the NCDMB incubation program have guided incubates to master the art of pitching, understanding market dynamics and customer insights, practicals, and mentorship. The accelerator program also equipped participants to navigate the entrepreneurial landscape effectively.
The Board revealed that, by nurturing these talents, it is not only fostering job creation but also cultivating a pool of capable individuals in order to drive growth across various industries and bring about positive change.