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The Incubator Reality has created a lifeline to leapfrog and disrupt Nigerian start-ups to increase their capacity and access to funding via a novelty incubation programme.
A statement by ECSCORP, the Incubator’s architect, said the reality TV show, the biggest and first of its kind in the world, seeks to change the narrative by creating a start-up hub where best brains are incubated to encourage product exposure, partnership, and funding.
“Start-ups encounter many challenges especially during the formation stage. These challenges range from seed funding, partnership and investment, business resource and mentorship. Unfortunately, many brilliant individuals, teams, talents are out there hoping for a turnaround and better days to come where their thought-of innovation can become reality,” the statement said.
The Incubator Reality will admit 25 contestants who will work in five different teams for an incubation period of 12 weeks and graduate with the seed fund for the winning team and first runner-up totaling $1.7 million.
Start-ups, coined SMEs (Small Medium Enterprises) many decades ago, are confronted with challenges that cause their failure, sometimes before they even get started while some barely survive the first two years. There is a critical need to pay attention in this direction. Nigeria, a hub of raw talents, has what it takes to compete globally, however, the specific challenges that start-ups face make it near impossible.
“Our local talents are blessed with ideas and innovation that can compete with their peers in other nations of the world, but our banks have low appetites to support these talents, their ideas and innovations. Angel investors and seed funding, which are the first business drivers are almost non-existent hence, the creation of The Incubator Reality. The show will focus on revolutionising the quondam challenges of start-ups,” the statement said.
