Registrations for the forthcoming Techstars accelerator program are now ongoing and entrepreneurs from across Africa are hereby encouraged to apply for this scheme.
ARM Labs is a fintech support program run by ARM with the aim of facilitating and empowering early-stage startups through program-focused training.
The Nigeria-based asset management firm was created in 1994 and as at December 2021, ARM was said to manage about N1.6 trillion in assets.
The firm‘s objective is built on strong belief that technology holds the power to revitalize the world; hence, they invest both time and resources into entrepreneurs who share in their enthusiasm.
Founded in Boulder, Colorado in 2006, Techstars is a global investment business that provides capital funds, one-on-one mentorship, a worldwide network and customized programming for early-stage entrepreneurs.
Built and managed by entrepreneurs themselves, as at 2019, it was recorded that Techstars had an AUM of about $500 million with an annual revenue of approximately $100 million.
The ARM Labs Lagos Techstars Accelerator Program:
On the 26th of April, 2022, Techstars announced its intention to host its first Accelerator Program in Lagos, Nigeria in conjunction with ARM Labs.
With resources from both companies put together, the Accelerator program promises to be a powerful, enriching and resourceful convention to be a part of; however, only 12 Upstarts will be selected to participate in this year’s program.
From June 6 to August 24, 2022, registration portals will be open to new and upcoming FinTech and PropTech businesses and by December 5th, 2022, the program proper will commence.
Demo day will be held on the 16th day of March, 2023 for each upstart to present a visual explanation and demonstration (if possible) of their idea and business plan, in respect to all that will be learnt.
Why Lagos, Nigeria?
“The choice of Lagos, Nigeria for the location of this accelerator program is the result of the growing global relevance of Nigeria’s startup ecosystem. Global venture capital investment data shows Lagos is one of the fastest growing ecosystems worldwide and the number one African startup city as of 2021,” said Techstars’ global accelerator.
Before now, Nigeria-based startups have participated in Techstars’ programs but this will mark the first time such a program by both firms will be held on Nigerian soil.
Benefits of the program:
- Access To Funding: direct equity funding for the selected startups worth $120,000.
- Mentorship: access to over 7,000 mentors who are leaders in the industry.
- Access to investors: a network of over 20,000 investors for follow-on investments after the program
- Access to ARM Labs and Techstars Network: over 10,000 founders, alumni and corporate partners – their experiences and possible partnerships.
With over 3,000 beneficiaries from many such programs by Techstars, scattered across Africa – including Nigeria’s own Rent Small Small and TalentQL (both participants of the 2021 Toronto Accelerator) amongst others – this year’s Accelerator Program is guaranteed to be bigger and better.
A 2018 beneficiary of the Comcast NBCUniversal LIFT Labs Accelerator powered by Techstars, Danish Dhamani – co-founder of Orai – said, “quite simply, mentorship is the thing that sets Techstars apart. I can’t even begin to quantify the impact they’ve had on our company”.