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FCMB Wennovation Hub Incubation Program 2021 and How to Apply

Filed in Event by on June 29, 2021

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FCMB Wennovation Hub Incubation: Wennovation Hub incubation program is set out to guide early-stage entrepreneurs to test and validate their ideas as well as gather their first set of customers or pivot if need be. We do this through a combination of financial support, guidance, and training.

FCMB Wennovation Hub Incubation Program 2021 and How to Apply

About FCMB

The entity from which the bank was founded City Securities Limited, was established in 1977 by Oloye Subomi Balogun, the Otunba Tunwashe of Ijebu,Yoruba traditional aristocrat.

First City Merchant Bank was incorporated as a private limited liability company on 20 April 1982 and granted a banking license on 11 August 1983.

It was the first bank to be established in Nigeria without government or foreign support. In 2001, the name of the bank was changed from First City Merchant Bank to First City Monument Bank following the bank’s transformation to a universal bank.

On 15 July 2004, FCMB changed its status from a private limited liability company to a public limited liability company and was listed on the Nigerian Stock Exchange (NSE) by introduction on 21 December 2004.

In November 2010, both FinBank and First City Monument Bank (FCMB) announced that FCMB has expressed interest in acquiring shareholding and become the strategic investor in FinBank, another Nigerian commercial bank that was undercapitalized.

 In February 2012, following regulatory approval, FCMB acquired 100% shareholding and began the integration of Finbank in its existing operations.

This cohort will host 10 startups with relevant solutions around the following Agricultural subsectors:

  1. Procurement / Supply chain Management(4)
  2. Agri-finance/ Agri-insurance(3)
  3. Other innovative ICT driven ideas(3)

The goal of the 2021 incubation is to:

  1. Expose at least 30 teams to the root of the pre-defined problem statement by merging an in-depth problem definition strategy with an immersion process.
  2. Support at least top 10 teams to build an MVP and a sustainable business model by taking them through an intensive 4 weeks incubation program.
  3. Support at least the top 2 teams with seed investment.

The specific value of this program to startups includes:

  1. Provides pre-seed investment to validate product-market fit.
  2. Offers access to experienced mentors.
  3. Provides opportunities to connect with potential customers and investors.
  4. The cohort structure encourages peer learning and support.
  5. The intensity of the program gives startups the chance to really develop strong business models.
  6. Provides validation of the startup.

Success indicators for us during and after this program are:

  1. More local and appropriate solutions to social problems developed
  2. Youth unemployment reduced
  3. Technology entrepreneurship is among the youth populace encouraged.
  4. The startup ecosystem in Wennovation Hub cities of operation (Lagos, Abuja, Ibadan, and Kaduna) significantly developed.

Application Review Criteria

  1. Competence of team
  2. Viability of idea
  3. Innovation
  4. Market and Scalability
  5. Registered companies would be an advantage
  6. Female-led teams would be an advantage

 Click Here to Apply

For more information, visit the Official Webpage

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