Have you ever wondered why start-ups originating from Nigeria are hardly funded externally? Could it be because they lack innovative ideas? Or is it the fact that most startups from Nigeria are not built using their own tech/web apps? Or could it be the S.C.A.M factor?

How to Position Your Nigerian Start-up for VC Funding

Perhaps you’ve been looking for funding for your Nigerian start-up and it may seem like there’s no hope for venture capital financing in Nigeria, when your counterparts in the U.S and other parts of the world have been funded and acquired by the world’s largest companies and venture capital firms.

Ideas Nigeria campaign, driven by BG Venture Capital claims to be providing funding to outstanding individuals and teams of Nigerian entrepreneurs who submit business plans for new ventures or already growing businesses showing significant business potential.

The Ideas Nigeria Campaign (INC) is an innovative platform for smart entrepreneurs in Nigeria that provides them access to funding for their business ideas, start-ups and established businesses.

The idea of INC is to enable entrepreneurs:

* Showcase their innovative and dynamic ideas that can drive the Nigerian economy
* Network with other emerging entrepreneurs and business leaders
* Build further linkages to the investment community and
* Receive mentoring and strategic business support from our experts.

In making investments, INC hopes to partner with entrepreneurs who have the vision and the energy to build profitable businesses, thus working hand-in-hand with these entrepreneurs, providing financial, technical and managerial support to ensure their long-term success.

How Does It Work?

Stage 1: Registration and Submission of Executive Summaries

Entrepreneurs with viable business ideas are invited to submit business plans to The Contact email or office address by picking up or downloading a form.

They will pay a processing fee of 2,500 naira on submission of their executive summary together with the INC form.

Submitted forms with executive summaries will be evaluated by our team of business and financial analysts to identify viable ideas and businesses.

Stage 2: Submission of Business Plans

This stage entails the submission of a detailed business plan. The most viable businesses ideas will be invited to submit detailed business plans in stage 2.

Stage 3: Final Presentation

The last stage will see the most feasible Business Plans make a Presentation in front of our investment management committee

Stage 4: Funding

Qualified Candidates will then receive funds for their startup or existing businesses after meeting our investment criteria and terms.

BG Venture Capital through its network of mentors, investors and potential partners, and the funding provided hopes to encourage more Nigerians act on their dreams and build their own companies and fortunes.

My Opinion

Of course, venture capital financing in Nigeria is a welcomed idea and great initiative. But, I’m not sure how viable and credible INC may be, since the campaign just got started and we are yet to know startup businesses they’ve successfully funded.

My concern: Is the process justifiable? Will it work? How many startups have been funded by BG Venture Capital? Do they have a reputation? Or is it just another scam?