This collaboration enables Inqumax and its incubated startups to gain significant visibility on Startup Lagos’ platform in exchange for providing investment scouting as a service, as well as ESG training and services to startups within Startup Lagos’ ecosystem.
The African startup ecosystem has seen an unprecedented increase in the rate and frequency of startup investments [in 2020, early-stage companies accounted for 64% of Africa’s 359 startup funding rounds above $200,000]. Nonetheless, a large number of early-stage startup founders are still having difficulty attracting the necessary funding to attain the next milestones.
It is especially difficult for startup founders who have no prior experience building investor relationships and closing an investment deal. Some of the challenges include a lack of access to a network of prospective investors, their uncertainty of investors’ due diligence process, and a lack of a cohesive investment-readiness structure. Without a doubt, these factors have contributed to the continent’s continuous increase in the number of failed startups.
Furthermore, as the world grapples with the effects of climate change and social inequities on businesses and ecosystems, it is becoming a growing concern and, in the not-too-distant future, a critical issue for startups and investors across Africa and beyond, threatening the economic viability of geographies, industries, and, ultimately, business models. As a result, it is critical to develop business resilience that includes environmental stewardship, social responsibility, and good governance. ESG has evolved from a buzzword to a necessity. One that ensures long-term value creation, competitive advantage, and stakeholder confidence.
On October 27, 2021, Inqumax Incubator and Startup Lagos agreed to form a mutual partnership. One that aims to provide investment scouting to early-stage startups on Startup Lagos’ platform looking to fundraise, as well as free ESG training courses, knowledge sharing initiatives, and, essentially, on-demand ESG consulting services to member startups. This collaboration reinforces Inqumax’s long-standing value proposition of providing startups with access to investment opportunities and leading the conversation on ESG in the African startup landscape. Startup Lagos, on the other hand, benefits from a well-established presence in the African tech ecosystem achieved through the bolstering of the unique value proposition this partnership offers.
“The opportunity to collaborate with different stakeholders in the African startup ecosystem is crucial for us because we realize that we can build and grow more together. It is with this excitement that we are striking this partnership with Inqumax Incubator. We recognize the impact that they are making in growing and accelerating sustainable startups within the ecosystem, and are keen on co-championing these ideals with them.”
-Nicholas Anakwue, Growth Officer at Startup Lagos
“We are deeply committed to assisting early-stage founders and their respective startups in driving innovation and achieving notable results. We are excited about the potential of this collaboration with Startup Lagos, and we believe it is a strategic alliance that will help us achieve our goal of pioneering a culture of sustainable business development while also increasing investment success rates for early-stage startups across the African startup ecosystem.”
-Henry Ukoha, General Partner at Inqumax Incubator
About Inqumax Incubator: Inqumax is an ESG-focused startup studio that is assisting African youths and entrepreneurs in building the next decade of sustainable startups. We believe that incorporating ESG at the earliest stages of a startup is more effective and allows for easier integration within the company culture, thereby making the next generation of unicorn-status startups and high-growth businesses in Nigeria and Africa more diverse, inclusive, and responsible, empowering them to identify ESG related risks and capitalize on opportunities to build a well-differentiated venture.
About Startup Lagos: Startup Lagos is building a community for startups in the bid to foster collaboration and access to opportunities for growth, funding, and co-delivery of initiatives with other stakeholders
within the tech ecosystem. Through our platform startups are opportune to gain value from our rich market insights and up-to-date information on deals, investments, and happenings in the ecosystem. We remain a major enabler of growth for startups and investors looking into Africa’s tech ecosystem.