Silicon Valley-based startup accelerator, Founder Institute, has today launched a chapter in Lagos. The chapter aims to provide Nigerian startups with the support, network and structured process needed to build enduring companies.
A world class idea-stage accelerator, Founder Institute’s Lagos Chapter will be led by local startup leaders: Chukwuemeka Fred Agbata Jnr, Co-founder, GoDo.ng and Presenter, Tech Trends on Channels TV; Oluwarotimi Fasuyi, CEO, VasDigiMobility; Wande Adalemo, CEO, Wave3 Wireless; and Ifedy Eze Ralph, Co-founder, Maisematrix Consulting.
How Does Founder Institute Operate?
Founder Institute global program was established in 2009 to help curb lack of structure, mentorship and network which cause many startups to die in their idea/early stages. The program currently runs in 60 countries and 175 cities across the world.
The program targets entrepreneurs with ideas. It also targets startups that already have a minimum viable product (MVP) as well as early stage companies that are yet to raise a seed funding. Solely for entrepreneurs, Founder Institute accepts founders with day jobs and shares equity with all participants.
Running with a Mentor to Founder ration of 2:1, mentors provide training and feedback to entrepreneurs to help them groom their ideas, structure their businesses and eventually launch them.
Already, Founder Institute has about 42 mentors for its Lagos chapter some of which includes: ‘Deepankar Rustagi, Founder, VConnect; Ayo Animashaun, Founder/CEO, Smooth Promotions; Obi Ozor, CEO, Kobo360; Nnamdi Ezeigbo, Founder, SLOT Systems; Obi Asika, Chairman, Social Media Week Lagos; and Simeon Ononobi, Co-founder, Thank U Cash.
In its 10 years of global operation, Founder Institute has graduated over 3,000 entrepreneurs of which 80% have been successful at raising funds and scaling. Some of its graduate startups include Udemy, Travel Car, Indo Trading and Simple Reach.
To ensure that this track record continues, Founder Institute requires every entrepreneur to take a psycographic and aptitude test. 49 entrepreneurs seeking admission into its Lagos Chapter have already taken it and 20 have passed.
Founder Institute also ensures that entrepreneurs go through rigorous yet effective assignments to enable them prepare for the journey ahead.
In addition to the training and mentorship, Founder Institute provides entrepreneurs with a shared database of Investors and advisors as well as prominent partner deals.
Applications for Founder Institute Lagos Chapter’s 1st cohort which would run for 4 months is currently open. Interested entrepreneurs can click here to apply.