The Nigerian Content Development and Monitoring Board (NCDMB) in partnership with Founder Institute (FI) has unveiled its plans to launch new 17 portfolio companies that have been trained in its Technology Incubation and Innovation Centre (TIIC)
Information from the Board indicated that the launch of the companies would hold this Thursday at the Nigerian Content Tower, Oxbow Lake Road, Yenagoa, Bayelsa State, and will have in attendance international and local venture capitalists, investors, and product development subject matter experts who might be interested in investing or partnering the new portfolio companies.
A statement on the launch indicated that the key highlights of the event would be the pitching by the founders of the businesses on their business ideas, with the hope of encouraging potential investors to invest in the companies.
According to the Board, The launch of the new portfolio companies is a major milestone of its Research and Development (R&D) strategy anchored on commercialization of research and innovation.
It added that the exposure given to the Founders was anchored on well-tested NCDMB product development framework, which includes product validation, prototype development, field trial, business development, and product deployment. The mission of both NCDMB and FI is to empower Nigerian startups and entrepreneurs to innovate and scale up their minimum viable products.
Speaking on the initiative, the NCDMB’s Executive Secretary, Engr. Simbi Wabote, explained that the Board deploys an end-to-end strategy in its projects and does not relent until ideas that it supports are fully deployed, commercialised and begin to solve societal problems.
He noted that some of the solutions proposed by the founders will impact key sectors of the economy beyond the oil and gas sector, adding that “these are innovative solutions to everyday problems that we face in the country. Nigerian youths are innovative and creative. They are looking for a platform they can get and NCDMB will be that platform.”
In his remarks on the proposed launch, the Board’s Director of Planning, Research, and Development, Alhaji Abdulmalik Halilu, explained that Founder Institute (FI) was engaged by the Board in December 2022 as a partner in product development. The program started with 54 incubates He further hinted that the collaboration leveraged on the Founder Institute’s globally recognized Accelerator programme that saw the 54 incubates transiting from idea to business development.
The Director further clarified that as part of the programme, the founders were trained on mentoring, concept development, and patenting processes and some of them are currently developing prototypes of their various innovations, adding that at the end of the 7-month training, 17 of the incubates completed the business case development phase and are now positioned to establish startup companies and attract investors.
Halilu hinted that the incubation process would continue after the launch and will include validation, startup process, assuring that the Board will handhold the companies until their minimum viable products are introduced in the market and become successful.
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 are Technology Development, Pipeline Monitoring Systems, and Artificial Intelligence (AI).
The structured accelerator programme and the NCDMB incubation programme have guided incubates to master the art of pitching, understanding market dynamics and customer insights, practical, and mentorship.
The impending showcase of the 17 incubates bears immense significance for Nigeria’s economic trajectory. By nurturing these talents, NCDMB is not only fostering job creation but also cultivating a pool of capable individuals poised to drive growth across various industries. The program also ignites an entrepreneurial and innovative culture, with the potential to propel technological innovation and effect positive social change.
