Madhouse, a premier African innovation center for creative talents, successfully wrapped up its groundbreaking Lens-Based Incubation Programme on June 28th. The programme culminated in a Demo Day pitch competition, where the most promising creative venture was awarded $10,000 in seed funding. Collaborating with the University of Lagos, Madhouse crafted this initiative to provide African creatives with the business acumen needed to launch and grow profitable enterprises.
Despite contributing 1.42 percent to the continent’s GDP, Africa’s creative sector grapples with hurdles such as access to funding, protection of intellectual property, and a scarcity of educational resources. Efforts like Madhouse’s incubation programme are vital in overcoming these challenges. In recognition of the sector’s value, Afreximbank announced a $500-million Creative Industry Support Fund in 2020 to offer financial assistance to creative businesses. The African Development Bank followed suit with a $170 million loan to Nigeria’s digital and creative industries in late 2021. Additionally, the Nigerian government, through its Federal Ministry for Arts, Culture, and Creative Economy, has committed to fostering the growth of creative and cultural industries as part of its Destination 2030 agenda.
Madhouse’s role is crucial in addressing these issues by nurturing a supportive ecosystem for creative innovation, offering business training, and providing seed funding. The $10,000 grant aims to help creative entrepreneurs expand their reach globally, generate jobs, and contribute significantly to economic development.
AfrikoHub, an AI-driven platform that connects businesses with creators of Afro-centric content, triumphed at the LensBIP Demo Day pitch competition. Founder Tunde Raphael credited the incubation programme with pushing his team towards excellence and providing them with actionable insights from successful creative entrepreneurs. The seed funding will help AfrikoHub scale and deliver value on a larger scale.
Christiana Fagbenro, a programme participant, highlighted the transformative effect of the incubation on her business approach and funding strategies, praising the mentorship and equal opportunities it provided. The Vice Chancellor of the University of Lagos, Folasade Ogunsola, commended the programme for fostering entrepreneurial skills and innovative thinking among the youth.
The incubation participants benefited from mentorship by industry experts like Kola Aina, Ojoma Ochai, and Adaora Mbelu, receiving training in areas such as investment readiness, ideation, design thinking, product development, creative business models, and legal frameworks. Madhouse’s advanced facilities encouraged a creative and collaborative atmosphere for a variety of disciplines.
The Demo Day judges panel included notable figures such as Folasade Ogunsola, Brenda Fashugba, Adeniyi Adenubi, Charles Emembolu, Katharina Link, and Sunday Adebisi.
The event also featured an exhibit of recycled art and a panel discussion on sustainable creative business practices, with industry leaders like Layi Wasabi, Emmanuel Oyeleke, Ferdy Adimefe, Malik Afegbua, and Olufemi Oguntamu sharing their experiences on turning passion into profit.
Bayo Omoboriowo, Founder of Tikera Africa, described Madhouse as a manifestation of Tikera Africa’s mission to stimulate socio-economic growth by empowering African youth to innovate and penetrate global markets. He emphasized the programme’s effectiveness in teaching talents how to monetize their creativity.
Madhouse continues to dedicate itself to the advancement of Africa’s creative and cultural sectors, fostering a new wave of global influencers. For further details on Madhouse and its programs, interested parties can visit www.tikeraafrica.org.
