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This is a 5-Month Incubation Program financed by Allon in collaboration with Nigerian Climate Innovation Centre as a technical partner. This is a platform to fine-tune business ideas into a comprehensive scalable business model by applying customer development principles in a real-life exercise and learn practical easy-to-implement techniques that will reduce risks of business failure.
Afterwards, viable businesses that fulfil all the given criteria of the incubation program will receive a grant funding of $10,000.
Number of Applications Received: 170+ application across Nigeria
Number of Qualified Applicants: 12 Early-Stage Renewable Energy Businesses
Focus Region: South West and South-South of Nigeria
Global warming is forcing nations, including Nigeria, to open their minds to new possibilities. This has emboldened non-profit organisations to begin the campaign to enable Nigerians to maximize the potential of all climate-smart sectors, especially the renewable energy sector to attain a green technology hub status.
In the view of this, AllOn provided access to seed funding (total of $80,000) and partnered with Nigeria Climate Innovation Centre to find, train, and activate idea-stage renewable energy start-ups in Southern regions of Nigeria.
As a result of this incubation program called Embryo Incubation Program, a new wave of investors and social enterprises have sprung up and new businesses and increasing the availability of products tailored to off-grid domestic energy customers. Start-ups are taken through various stages of product development, including training, physical prototype development and testing.
Speaking during an online pitch event for 12 renewable energy entrepreneurs, the Chief Executive, NCIC, Bankole Oloruntoba, said Nigeria has a huge potential for solar power and other renewable energies.
Buoyed by this, NCIC is undertaking a campaign to ginger more entrepreneurs to explore opportunities in the booming sector and support them to launch their businesses.
While given the Keynote Address, AllOn Chief Executive, Dr. Wieber Boer, said the renewable energy sector presents opportunities for investment.
According to him, Nigeria has been facing tough times with shortage of power. He said his organisation was supporting start-ups to use renewable energy to meet their energy demands.
Leading and driving the growth of the Nigerian green economy in both the private and public sectors.