LabEight* Ventures, a reputable Canadian Venture Initiative launched LabEight* Africa in July 2020, operating from Lagos, Nigeria. The incubator will target innovators who have missed out on existing financial products, by offering equity funding to high impact social ventures.
The programme focuses on compelling early-stage startups with disruptive ideas that deliver a social impact. Managing Partners Ahmad Al-Hidiq, Dr. Emmanuel Owobu, Jason D. Salvagni, and Joy Jack are on a mission to equip African entrepreneurs with the tools they often lack when looking to scale their businesses and the social resources they need.
So far over 300 applications have been received and the official announcement of shortlisted companies is slated for the 1st of September 2020. The programme will run from mid-September to mid-December 2020 through virtual interaction where the founders access a global pool of experts, business leaders, mentors, and skill matching opportunities. The intensive 3-month programme enables the founders to graduate with robust, scalable, and fundable ventures.
LabEight* Africa focuses on investments in African-based start-ups looking to scale nationally, in Africa and globally. The programme is currently being held virtually due to the Covid-19 pandemic where there are several strategic industry partners involved who work closely with the 6 participants to provide “unrivaled” access to tech specialists, financial experts, and advisors from varied backgrounds.
In a statement forwarded to Tech in Africa, Managing Partner Jason D. Salvagni strongly believes there couldn’t have been a better time to Launch LabEight* Africa. “With all the turmoil in the world at present, LabEight* Africa’s mission is now more important than ever. Our commitment to raising up African entrepreneurs – in Africa – to benefit Africa; Our commitment to founders; and our focus on innovation that moves the needle on the Sustainable Development Goals, produces category-defining companies and sustained returns for our investors.”
“LabEight* Africa has been launched on the belief that to successfully build, scale, and accelerate the growth of start-up companies, entrepreneurs will need partners with operational action bias,” says Joy Jack a co-Partner.
“We will work with entrepreneurs and their leadership teams to deliver on important initiatives that will help scale their businesses. And will be led by a global team of seasoned senior executives to help scale the companies.” – Dr. Emmanuel Owobu co-Partner.