Navigating a startup can be tricky and windy, especially because founders often need help raising capital and convincing investors to believe in their company. However, startup incubators and accelerators have provided safe passage for entrepreneurs, helping them achieve success in their chosen areas of specialization.
Through incubators and accelerators, entrepreneurs have enjoyed the support they need to grow their business from the nursery stage to the point where it begins to thrive. Additionally, incubators and accelerators increase the chances of startups attracting funding from VCs.
What are Startup Incubators?
Generally, a startup incubator is a program designed to help early-stage companies grow their business through investment, mentorship, training, and other related supports. Typically, incubators work to ensure that founders can tackle and avoid common entrepreneurial problems such as low cash flow, difficulty finding product market fit, and customers, among other problems.
There is a broad spectrum of services that startup incubators provide startups. Some of which include:
- Networking opportunities
- Marketing assistance
- Advisory boards
- Access to bank loans, grants, and funding support
- Assistance with regulatory compliance
- Office space
- Access to venture capitalists and angel investors
- Connection to strategic partners and companies
- Identification of management team
- Accounting and financial strategy and management
- Fast internet access
It is quintessential to note that incubators are sector-based. This means you’d need to discover the incubator that’s focused on your industry. This is important because an incubator that’s committed to startups in a particular industry will be properly positioned to provide the support startups need. There are 7000+ incubators in the world and about 30 in Nigeria. If you do not know any startup incubators in Nigeria, this article will provide a list of options for you.
What are Startup Accelerators?
Startup accelerators, although used interchangeably with incubators, provide almost the same services as the latter but with more extensive emphasis. While just any startup can join an incubator, only startups that have conceived their business idea and begun implementing it can join accelerators. Startups that join accelerators often may have received pre-seed funding, developed a minimum viable product (MVP), or may have formed a prototype for their business.
Accelerator programs often adhere to specific time frames, typically ranging from three to six months and not exceeding a year. Participation in these programs is determined through a rigorous application process, ensuring that all selected companies progress together as a cohort. The primary objective is to enhance the business portfolios of the participating companies and facilitate their rapid growth.
Furthermore, accelerators engage angel investors, venture capitalists (VCs), experienced entrepreneurs, and industry professionals to provide guidance and establish fruitful collaborations with fellow entrepreneurs. By means of personalized mentorship, startups can efficiently tackle common obstacles within a condensed time frame.
To be clear, a startup incubator helps businesses start out by refining their business ideas and helping them chart their course from the idea stage, while accelerators focus on providing mentorship, training, and access to startups that have passed the idea stage into the developmental stages of running a startup.
Now, let’s look at some of the startup incubators and accelerators in Nigeria.
23 Startup Incubators and Accelerators in Nigeria
Adaverse
Adaverse is a Web3 investor, venture fund, and accelerator. The platform is committed to connecting entrepreneurs, strategists, and mentors who are willing to build robust businesses in Africa, Asia, and other parts of the world. Startups in the cryptocurrency niche can leverage the networking opportunities and support from Adaverse to grow their crypto businesses.
Since its inception as a startup accelerator, Adaverse has invested in several companies, including BitSport, Bitmama, Ejara, Diagon, Seso Global, Boundless Pay, Afropolitan, House Africa, Credable, and much more. They provide advisory and mentorship programs for startups, helping them with ideation, token design, fundraising, legal advice, project listing, etc.
Founders that are building products and solutions using blockchain technologies can try Adaverse.
ARM Labs Lagos Techstars Accelerator
The ARM Labs Lagos Techstars Accelerator Program is a dynamic and transformative initiative that aims to provide crucial support and resources to early-stage startups based in Africa. With a specific focus on industries such as FinTech, Mobility, E-commerce, and TalentTech, this program seeks to nurture and accelerate the growth of innovative ventures in these sectors.
One of the key aspects of this accelerator program is its investment in the selected startups. By providing financial backing, ARM Labs Lagos Techstars offers crucial funding that enables these early-stage companies to scale their operations, develop their products or services, and expand their market reach. This investment not only provides a much-needed financial boost but also signifies a vote of confidence in the potential and viability of the participating startups.
Co-Creation Hub
What makes Co-Creation Hub interesting is that they offer both incubator and accelerator programs to startups in a broad spectrum of industries. As long as you are solving a social problem in Nigeria, your startup has a place with Co-Creation Hub.
The startup programs offered at Co-Creation Hub include a pre-incubation, incubation, and acceleration program. For the pre-incubation program, startups are placed in a framework that spans over a period of six months and aims to provide assistance to budding entrepreneurs in creating and introducing preliminary prototypes of their technology-driven solutions, targeting specific issues within society.
Co-Creation Hub uses the pre-incubation program to validate both the concept and the compatibility of the product with the market. Alongside a monetary investment of $5,000, participants will receive mentorship from the Hub’s management team and hands-on assistance from her product development team.
The incubation period is a 12-month program that focuses on supporting ventures that have achieved a certain level of traction and revenue in building businesses with the potential to become sustainable global companies. Participants will have access to funding of up to $25k during the program and the opportunity for follow-on funding of up to $250k from Growth Capital. They will also be provided with free office space for their team, credits for partner products, comprehensive business support, and access to a network of partners, among other benefits.
Finally, the accelerator program is a 12-week program that’s designed to assist startups in fine-tuning their products, business models, and operational processes, ultimately setting the stage for continuous growth. These programs prioritize key elements such as product development, financial management, investment readiness, and business modeling, offering adaptable support tailored to the unique requirements of each startup.
DFS Lab
DFS Lab is a startup accelerator offering up to US$50,000 in funding while providing additional support to companies whose enterprise is advancing digital commerce in Africa. As an accelerator program, DFS Lab invites founders of pre-seed African startups to apply to its program. Other benefits of DFS Labs include growth plans, office space, cohort-wide meetings, and much more.
Enspire
Enspire is a technology-centered incubation program catering to empowering early-stage startups in their journey of establishing sustainable businesses. Established in 2013, Enspire has successfully nurtured and empowered over 200 startups spanning diverse economic sectors within Nigeria. As part of its offerings, Enspire conducts a quarterly ideation program, admitting a maximum of 20 startups and providing invaluable mentorship and guidance to foster the development of minimum viable products.
Enspire represents a significant initiative fostered by the Abuja Technology Village Free Zone Company (ATV), with a core mission to drive economic growth through fostering innovation, entrepreneurship, and technology commercialization. Situated in the vibrant city of Abuja, Nigeria, Enspire is a thriving hub for startups to flourish and thrive.
FasterCapital
FasterCapital, a renowned global online incubator, is dedicated to empowering startups within the Nigerian ecosystem. Their innovative approach revolves around providing work per equity and delivering comprehensive technical and business development support.
With a strong focus on facilitating the creation of Minimum Viable Products (MVPs) or prototypes, FasterCapital goes the extra mile by offering top-notch product design services. Additionally, they lend a helping hand in refining crucial elements like the startup’s pitch deck, business plan, and financial operating model while also providing valuable assistance in fundraising endeavors.
By leveraging its extensive network of entrepreneurs, investors, mentors, and regional partners within Nigeria, FasterCapital excels at supporting startups in securing capital from diverse sources. Their commitment to nurturing and connecting entrepreneurs with the right resources makes them an invaluable ally for startups seeking to thrive in the dynamic Nigerian startup landscape.
Founder Institute
Founder Institute is a globally recognized startup accelerator operating in more than 200 cities worldwide. The accelerator program takes the lead in empowering aspiring entrepreneurs by providing invaluable mentorship programs and extensive networking opportunities, which ultimately fosters the growth and development of startups.
Domiciled in Lagos, Founder Institute’s accelerator program spans a duration of four months, offering participants the option to engage virtually while still holding the potential for valuable in-person networking experiences. This flexibility ensures entrepreneurs can fully leverage the program’s benefits.
Moreover, Founder Institute goes beyond mentorship and networking, providing a robust support network designed to propel entrepreneurs toward achieving traction in their respective industries. Additionally, they facilitate access to funding opportunities, enabling startups to materialize their ideas, develop innovative products, and scale their businesses.
By seamlessly integrating mentorship, networking, support, and funding opportunities, Founder Institute positions itself as an instrumental catalyst for aspiring entrepreneurs seeking to navigate the challenging startup landscape and achieve sustainable success.
Future Hub Africa
Future Hub stands as a visionary incubator and investment fund committed to fueling the growth of pre-Seed/Seed stage startups with unparalleled industrial expertise. With a remarkable investment potential of up to $300,000 for a 5% equity stake, Future Hub empowers entrepreneurs to transform their innovative ideas into reality. Emphasizing disruptive tech-enabled business models across diverse sectors, they offer comprehensive incubation, acceleration, and unwavering support to startup founders.
Dedicated to empowering African entrepreneurs and startup teams with a specific focus on the African continent, Future Hub goes above and beyond by providing invaluable resources, knowledge, capital, and an extensive network bridging connections with China. By leveraging its strong partnerships and insights, Future Hub equips startups with the necessary tools to thrive in the dynamic African business landscape and unlock their full potential.
Google For Startups Accelerator Africa
Google for Startups Accelerator Africa is a groundbreaking virtual program designed exclusively for promising tech startups at the Seed to Series A stage across the African continent. This program invites startups from vibrant nations, including Algeria, Botswana, Cameroon, Côte d’Ivoire, Egypt, Ethiopia, Ghana, Kenya, Morocco, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Tunisia, Uganda, and Zimbabwe.
Dedicated to supporting the growth and advancement of startups that harness the power of cutting-edge technologies, Google for Startups Accelerator Africa pairs these high-potential ventures with esteemed Google and industry experts. Together, they tackle the most pressing challenges faced by these growth-stage startups, facilitating their journey toward success.
In addition to the comprehensive program, Google for Startups Accelerator Africa also extends its support to women-led tech startups. This unique initiative caters to startups at the Series A stage or those developing Africa-centric solutions, empowering them with customized content and invaluable mentorship from industry professionals.
Greenhouse Capital
GreenHouse Capital serves as a cutting-edge nexus, fostering connections between startups, corporate entities, and investors in Africa with the shared objective of propelling innovation. A paramount emphasis is placed on the realm of fintech and its enabling ventures, where GreenHouse Capital thrives by joining forces with esteemed corporate partners to curate and facilitate accelerator programs, thus igniting the entrepreneurial flame.
As a discerning investor, GreenHouse Capital seeks out exceptional founders who exude visionary prowess and unwavering tenacity within the fintech and fintech-enabled sphere. With a commendable track record, GreenHouse Capital has successfully orchestrated and spearheaded an impressive array of ten accelerator programs, bolstering the growth and development of groundbreaking enterprises.
Injini
Injini is an ed-tech accelerator rooted in Africa. Through its accelerator program, Injini staunchly supports visionary founders who ardently strive to revolutionize educational outcomes across the continent. As a registered non-profit organization, Injini passionately dedicates itself to a singular mission: the advancement of educational achievements in sub-Saharan Africa. By steadfastly empowering stakeholders, Injini drives transformative change by elevating the quality, accessibility, and pertinence of education throughout the region.
Itanna
Itanna is another startup accelerator in Nigeria that acts as a visionary force, wholeheartedly fostering entrepreneurship and technological innovation through its multifaceted approach encompassing acceleration, investment, and mentorship. Guided by the esteemed Honeywell Group, this enterprise stands resolute, operating a dynamic four-month accelerator program from its esteemed Enterprise Factory in Lagos, Nigeria. Meticulously crafted, the program serves as a launchpad, meticulously preparing cohort companies for success by endowing them with a wealth of transformative assets. These include profound expert insights, rigorous product testing to ascertain market fit and unwavering investment support.
Tech startups fortunate enough to partake in this prestigious program will secure initial investments and be immersed in a realm of unparalleled expertise. The wealth of hands-on advice bestowed upon them by industry experts and revered global tech entrepreneurs serves as an invaluable springboard for growth and success. Moreover, these aspiring innovators will be privileged to receive mentorship from a league of esteemed figures, further enriching their entrepreneurial journey and propelling them toward unprecedented achievements.
L5labs
L5labs is one of the foremost startup incubators in Nigeria. The company focuses on helping tech startups dedicated to forging new frontiers of mobile and internet opportunities across Africa. L5labs was founded in 2009 by the visionary Chika Nwobi, and the company has proven to have an astute eye for potential as they have invested in promising tech-related companies at the seed stage, propelling them towards unprecedented success.
Furthermore, this pioneering entity actively fosters international partnerships, facilitating the expansion of triumphant business models into the vibrant landscapes of West Africa and various other regions within Sub-Saharan Africa. By offering unwavering support, L5lab empowers management teams to secure vital growth capital, thus propelling their ventures to unprecedented heights.
Some of the notable investments made by L5labs include renowned startups such as Jobberman, Decagon, and Cheki. This goes to show the incubator’s unwavering commitment to fostering breakthrough innovation across the African landscape.
MasterCard Start Path
Start Path, the transformative startup engagement program by Mastercard offers multiple tracks to raise capital, promote inclusivity, and connect startups to the payments ecosystem. Since 2014, over 250 startups have participated in the MasterCard Start Path program, which is divided into tracks representing various industries and sectors.
There are four tracks in the MasterCard Start Path which includes the Start Path Open Banking for open banking and finance startups, Start Path In Solidarity for underrepresented fintech founders, Start Path Small Business for scaling solutions for SMEs, Start Path Crypto for innovative crypto companies, and Start Path Emerging Fintech for later-stage fintech startups.
MEST Africa
MEST Africa represents a collective of innovation hubs and a comprehensive training initiative for technology entrepreneurs in Africa. Since its establishment in 2008 in Ghana, the program encompasses three integral elements: an immersive one-year entrepreneurship training program, a resourceful Incubation & Seed Fund, and a year-long training program tailored for Entrepreneurs-in-Training.
Aspiring individuals who successfully secure a place in the program are not only granted seed funding but also receive unwavering assistance to actualize their business ventures, with the ultimate aim of expanding their presence throughout African markets.
With hubs strategically located in Cape Town, Nairobi, Lagos, and Accra, MEST Africa plays a pivotal role in equipping Africa’s tech entrepreneurs with vital skills training, funding opportunities, and unwavering support.
Orange Corners
Orange Corners strives to fortify the entrepreneurial landscape in Nigeria by empowering young individuals to cultivate their business ideas and thrive as accomplished entrepreneurs. This program encompasses a 6-month incubation program tailored for aspiring youth entrepreneurs while simultaneously serving as a crucial conduit between these entrepreneurs and the private sector. It is a collaborative endeavor between the Kingdom of the Netherlands and a local service provider, offering mutual benefits to all partnering entities.
Within Nigeria, these startup incubators and accelerators assume a pivotal role in bolstering entrepreneurship. Through their provision of mentorship, funding, and invaluable resources, these programs play a crucial role in facilitating the growth and triumph of early-stage companies. Whether entrepreneurs aspire to innovate new products, scale existing ventures, or secure vital funding, a multitude of exceptional programs in Nigeria stand ready to assist them in achieving their objectives.
Pioneer
Pioneer is a worldwide accelerator program specifically designed to bolster innovative entrepreneurs who face resource constraints in their quest to establish thriving enterprises. This transformative three-month program operates remotely and entails personalized guidance from a dedicated advisor alongside a small, tightly-knit cohort of individuals. Together, they collaborate to help startups expand their network and discover the elusive product-market fit.
Moreover, participants in this program are rewarded with a complimentary trip to San Francisco, where they are provided with incorporation process assistance and an array of other exclusive benefits. However, startups working with Pioneer will have to give away a 1% equity stake to enjoy these benefits. As an additional option, Pioneer offers the possibility of a $20,000 investment without any accompanying fees.
Startup Grind
Startup Grind is another amazing startup accelerator in Nigeria. The accelerator has chapters spread across 125 countries, with 20+ chapters in Nigeria alone. Startup Grind is committed to providing startups with the education, opportunities, and access they need to build, grow, and scale their companies.
Startup Wise Guys
Startup Wise Guys is a seasoned European startup accelerator that invests in and supports startups. With over a decade of experience, they deeply understand the startup ecosystem and strive to identify high-potential founders early on. They value customer-centricity and continuously adapt and innovate their programs to align with the evolving needs of founders.
While their focus has shifted from B2C to B2B and specialized verticals, they maintain a personal touch by providing on-site sessions and fostering a sense of community among startups, mentors, and investors. Startup Wise Guys is dedicated to putting founders first and cheering them on as they pursue their dreams of building successful companies.
At Startup Wise Guys, there is a program startup can engage in at every stage of their business and depending on the industry their startup is domiciled in. Check out their programs via https://startupwiseguys.com/all-programs/.
Startupbootcamp
Established in 2017, Startupbootcamp is an accelerator that operates in Africa with the backing of corporate support. Renowned for its excellence, it offers top-tier accelerator programs while granting startups access to an extensive network of corporate partners, investors, and mentors on a global scale. Their repertoire comprises the ASIP accelerator, designed explicitly for startups that disrupt diverse sectors, and iNOVO, a program dedicated to early-stage startups in Nigeria that tackle the challenges stemming from the Covid-19 pandemic.
There are 20+ programs at Startupbootcamp open to startups ranging from those in the food industry, IoT, FinTech, and much more.
The Tony Elumelu Foundation
The Tony Elumelu Foundation (TEF) is one of Nigeria’s most prominent startup incubators. Over the last decade, the Tony Elumelu Foundation has helped 18,000+ entrepreneurs and given startups $80 million+ as seed funding. Two of the Tony Elumelu Foundation’s most crucial features are its entrepreneurship program which has been a pivot for entrepreneurial development in Africa, and the grants offered to budding entrepreneurs.
Village Capital
Village Capital is an organization that plays a crucial role in fueling the growth of sustainable and impactful businesses worldwide. Their primary objective is to unlock capital for early-stage entrepreneurs working on innovative solutions to address social, economic, and environmental challenges.
Village Capital supports startups operating in emergent sectors such as Climate Innovation & Adaptation, Economic Mobility, and Equitable Access to Essential Services to achieve its mission. They provide a range of services to these startups, including investment-readiness accelerator programs and direct or indirect capital investment in promising ventures.
With a global reach, Village Capital has supported over 1,400 startups across various regions. The accelerator’s impact goes beyond financial support. Their network of entrepreneur support organizations and their proprietary Abaca platform enabled over 20,000 entrepreneurs to enhance their investment readiness.
Village Capital has successfully run over 150 accelerators, equipping founders with specialized tools and resources to improve operational efficiency, foster sustainability, maximize social impact, and promote inclusiveness.
Village Global
When it comes to an accelerator with the strongest network of founders and investors, a few come close to Village Global. The network existing at Village Global includes founders such as Mark Zuckerberg, Bill Gates, Jeff Bezos, Reid Hoffmann of LinkedIn, Sara Blakely, Dianne Greene, and a host of others. Village Global supports businesses of every kind and sector as an early-stage venture capital.
Village Global is a platform that empowers entrepreneurs by connecting them with a vast network of founders and experts. By joining Village Global, entrepreneurs gain access to a brain trust of knowledge and experiences from hundreds of peers working on similar challenges. This network facilitates accelerated learning and growth, providing a valuable support system for entrepreneurs.
In addition to the network, Village Global offers expert guidance to help entrepreneurs navigate critical areas of startup development. Whether it’s hiring early employees, landing initial customers, or achieving product-market fit, entrepreneurs can tap into the expertise of industry professionals within the Village Global community. This guidance enables informed decision-making and helps entrepreneurs avoid common pitfalls, saving time and resources.
Village Global goes beyond networking and guidance by providing tailored support to its members. With white-glove assistance, entrepreneurs receive personalized attention and care. The platform facilitates introductions to key contacts and offers back channeling, particularly during fundraising efforts. By leveraging Village Global’s connections with top Silicon Valley venture capitalists, entrepreneurs increase their chances of securing funding for their next round.
Conclusion
In conclusion, startup incubators and accelerators in Nigeria offer essential support for the growth of startups. These platforms provide valuable resources, mentorship, and funding opportunities, creating an environment where startups can thrive. This article carefully identified the best startup incubators and accelerators in Nigeria in an attempt to help entrepreneurs make informed choices and access the necessary support to succeed in the competitive startup landscape.