Northern Nigeria based foremost tech innovation hub, NHub has unveiled plans to launch the Jos Angel Network in Plateau state. The revelation was made in an event hosted by prospective angels who converged to discuss investment and technology to a packed full auditorium.
According to the CEO of nHub, Mr. Theodore Longji, the Jos Angel Network is designed like every other angel network to create a bridge between angel investors and startups in a situation where most investors are not ready to back them.
The event had in attendance entrepreneurs, startups, venture capitalists, government functionaries and technology regulators, all who were privileged to hear about the business experience of these entrepreneurs and the roadmap for funding startups.
During the event, Longji assured the angel investors of his organization’s commitment to seeing startups flourish and also angel investors getting value for their investments.
On his part, the Director-General of Plateau Information Communication Technology Development Agency (PICTDA), Mr. Daser David, said there was the need for a change in the narrative of the tech ecosystem in Plateau state.
The high point at the event was when three startups pitched their business ideas before the audience in exchange for an equity share. The startups got very positive responses from the angels that include Chairman of Bluewhales Microfinance Bank, Mr. Simon Iliya, CEO/Principal Associate, Dankish Associates, Mr. Dankishya Saleh Hadi, CEO of Qitech Technologies Limited, Mr. Olusegun Oruame, and advisor at LAF, Prince Charles Dickson among others.
Iliya said, “Opportunities abound to explore a new wave of investment in young people and innovations. But the requirements to get funding and convince prospective investors are still largely the same. Startups must endeavor to meet these requirements.”
Hadi on his part explained that Jos like the rest of Nigeria face uphill tasks in securing investments but investors will always be attracted to disruptors with high potential to a great return on investments (ROIs).
Oruame, whose company is seeking to warehouse solutions for the marketplace in the north of Nigeria, said JAN must explore the evolving conversations on engaging non-formal funds that could provide the much-required equity to funding innovation outside of the formal sector considering that much of Africa’s economy including Nigeria is still informal.
In his words, “The conversation increasingly within the angel circle in Africa is how to leverage the huge capital, resting outside of the banks and financial institutions, and getting these legitimate monies into startup or ideas investment.,”
Daser said, “We believe in PICTDA that government collaboration with private sector players within and outside of Jos could help instigate the desired investment in promoting a new level of entrepreneurship. I can only assure that the government of Rt. Hon Lalong is committed to growing the entrepreneurship-space and making Jos, and indeed, the whole of Plateau State to drive a new narrative fostered on investments and real developments.”
