March 09, 2021 / 11:53 AM / Fintech Nigeria / Header Image Credit: FintechNGR
The Fintech Association of Nigeria (FintechNGR) recently held its monthly webinar themed, "StartUp Funding Webinar: Innovators meet Investors, Who part with a Deal?" The association sought to educate participants on how to move from having an idea to moderating execution and obtaining funding.
FintechNGR members noted that startups play a major role in the development of an economy; however, the odds against startup success are usually higher, as they attempt to survive in very tough business environments. Statistics show that 31.5% of startups fail in their first year (Investopedia, 2020), as part of its mission of driving Fintech growth, FintechNGR partnered with a few organizations to include a startup pitch in its webinar in February 2021.
The webinar explored the varying challenges that accompany fundraising, navigating grey areas with VCs, out-of-the-box techniques to getting startup capital, legal issues associated with funding, and also live pitches with real investors.
Participants also got to learn some of the different regulatory frameworks applicable to certain industries that they need to pay attention to as startups as well as available programs and funding rounds available from partner organizations.
Also, startups were allowed to interact with investors, receive feedback on their ideas, and started investment conversations that could lead to funding. Phone POS, Palate Hub, The Bells Global, Crediometer, and a few others were some of the startups that participated in the 5-minute pitch session with the investors.
With panelists drawn from across different sectors- Adenike Sheriff, Principal, Future Africa, Mrs. Ashimi Tonbofa, Partner Tonbofa, Nsikak John, Head, Enterprise Innovation, NSE, and Dolapo Agbaje, Vice President, APIS Partners, the participants were equipped with in-depth practicable learning that could be easily put to work in their startups.
Fintech Association of Nigeria (FintechNGR), is Africa's pioneer national fintech association and is a founding member of Africa Fintech Network (A Network of thirty-four (34) National Fintech Associations in Africa), member of Global Fintech Hub Federation which has been at the forefront of promoting and advocating for the right regulation and investment in fintech as a key enabler of innovation in financial technology.