iHATCH: 3 Startups Win Over N52m For Outstanding Performance

The Idea Hatch (iHATCH) has produced three outstanding Startups, which emerged as winners out of 12 others at this year’s Cohort 4 technology demonstration. The firms went home with a cumulative seed fund prize of over N52 million.

The iHatch Cohort 4 National Demo Day, organised by the National Information Technology Development Agency (NITDA) in collaboration with the Japan International Cooperation Agency (JICA) in Abuja, is a free, 5-month incubation programme designed to help Nigerian entrepreneurs refine their business ideas.

Interface Africa, a startup that enables small businesses to access affordable solar financing, won the first prize of 15,000 dollars.

The second prize went to Ahiaoma, with 12,000 dollars, a user-friendly marketplace that ensures trust in the food supply chain by connecting food producers directly to retailers.

The third prize was won by Linia Finance, a budgeting bank, combining the functionality of everyday banking with tools for budgeting won with a prize of 10,000 dollars.

The iHATCH programme is based on coaching, lectures, boot camps, to generate viable and scalable business models which focus on youths, innovation, entrepreneurship and technology.

Other startups included Ficore Labs,Cohortle,Eventro, PPTLinks,Garden in a Box, Easy Buy 4 Me, Soft Drop, Linia Finance and Grabb Livestock.

Reacting to the first prize, Mr Al Amin Idris, Founder Interface Africa, said he would use the money to train about 1,000 agents on affordable solar energy for underserved communities and so creating jobs.

“Our target is to use this money not just to train them, but to use the resources to unlock investment in about 100,000 businesses, especially in rural markets,” he said.

Additionally, the Permanent Secretary of the Ministry of Communications and Digital Economy, Nadungu Gagare, stated that the federal government would remain committed to creating an enabling environment for startups and innovators to thrive and grow.

Represented by Emmanuel Udoidiok, an official in the ministry, Gagare said the programme was an affirmation of the country’s drive to build a competitive,innovation-led digital economy.

“The startups we celebrate today are proof that Nigeria possesses the talent and the ambition to compete on the global stage because they are developing high-impact solutions across key sectors from fintech to health, tech and agritech solutions.

“These ventures are the direct outcome of deliberate government strategy and programmes like iHatch are national priorities, strengthening our innovation pipeline and directly contributing to the nation’s Gross Domestic Product and job creation goals.

“The Federal Ministry of Communication, Innovation, and Digital Economy is unwavering in its mandate to create the most enabling environment for these innovators,” he said.

The Director General of NITDA, Malam Kashifu Inuwa, who was represented by Victoria Fabunmi, National Coordinator, Office for National Digital Innovation (ONDI), stated that the federal government was building an all-inclusive innovation ecosystem from the grassroots to the global stage.

He noted that the iHatch programme began its pilot in Abuja, but was later reviewed to spread to the 36 states of the country.

“When we launched the iHatch programme, it began as a pilot in Abuja, but we quickly saw the transformative potential of taking this programme deeper into states, communities and into the grassroots, where talent is abundant and often undiscovered.

“Today we are witnessing the emergence of founders on a national stage, ensuring that no founder is left behind,” he said.