FastForward Student Innovation Fund
Nigeria is in dire need of entrepreneurs who will create solutions that will help put more people in jobs. Technology that enables self-reliance, in every sense of the word.
FastForward Student Innovation Fund identifies, funds, and supports the startups and innovative companies of tomorrow today, while their founders are still students or recent graduates (up to 3 years).
FastForward aims to fund final year projects which can be commercialized, and innovative side-projects being worked on by students with amounts between ₦250,000 to ₦2,000,000 taking equity of no more than 25% for the cash and support of these projects/startups. They also seek to work closely with the help of a network of a part-time partners who lend their advice, expertise and connections to help the businesses grow.
The money being invested is raised from alumni of specific universities, high networth individuals, private equity companies and supported by the Federal Government of Nigeria.
“We are not looking for just startups. We are looking for innovation. This might sound confusing a bit but it really isn’t. Lately there’s been blurry lines between a small business and a startup and it’s important that we clear that up” – FastForward
A startup is a bold idea to do something that hasn’t been done before — at least in the way or market you intend to do it. To be bold, that venture should be one that has a chance of changing/impacting the way millions of people do things. A small business is what it is — a business that is making money from an already proven space with no new innovation added that could change/impact the way millions of people do things.
There are other opportunities to fund regular startups and business ideas, FastForward is focused on next big innovations.
You can apply if you are a student building something really innovative and tech-enabled in consumer tech, health, power, clean water, education et al.
Click here to visit the official site.