The Nigerian Content Development and Monitoring Board (NCDMB), in collaboration with the Founder Institute (FI), is preparing to unveil 17 new portfolio companies that have successfully emerged from the Board’s Technology Incubation and Innovation Centre (TIIC).
This initiative aligns with their mission to stimulate research and development while providing support to startups within the energy sector.
Scheduled for Thursday, August 24, 2023, in Yenagoa, Bayelsa State, the launch event will welcome both international and local venture capitalists, investors, and subject matter experts in product development, who might express interest in investing in or partnering with these new portfolio companies.
A significant aspect of the event will involve founders presenting their business ideas in hopes of capturing the attention of potential investors.
This launch of the new portfolio companies marks a significant achievement in the board’s research and development strategy, which revolves around the commercialization of research and innovation. The founders’ exposure is based on the well-established NCDMB product development framework, which encompasses product validation, prototype creation, field trials, business development, and product deployment. Both NCDMB and FI share a mission to empower Nigerian startups and entrepreneurs in their journey to innovate and scale up their minimum viable products.
Engr. Simbi Kesiye Wabote, the Executive Secretary of NCDMB, emphasized that the board follows a comprehensive approach to its projects, ensuring that supported ideas are fully implemented, commercialized, and effective in addressing societal issues.
He highlighted that some of the solutions proposed by the founders have the potential to impact various sectors of the economy beyond oil and gas. He added that “these innovative solutions address everyday challenges faced in the country, and Nigerian youth possess the creativity and innovation required. NCDMB is poised to provide the platform they need.”
Alhaji Abdulmalik Halilu, Director of Planning, Research, and Development at NCDMB, explained that the partnership with the Founder Institute began in December 2022 with 54 incubators. The collaboration was built upon the globally recognized Accelerator program of the Founder Institute, which guided the 54 participants from initial concepts to business development.
During the program, the founders received mentoring, concept refinement, and patenting support. Some are currently working on prototypes for their innovative ideas.
After an intensive seven-month tutelage, 17 of the incubators successfully completed the business case development phase and are now ready to establish startup companies and attract investors.
The incubation process will extend beyond the launch event, covering validation and startup procedures. The board is committed to guiding these companies until their minimum viable products enter the market and achieve success.
These 17 incubators span a range of fields within the energy sector and data management. They cover areas such as Renewable Energy, Geological and Geophysical studies, Local material substitution, Health, Safety, & Environmental considerations, Engineering, Technology Development, Pipeline Monitoring Systems, and Artificial Intelligence.
The structured accelerator program, in conjunction with the NCDMB incubation program, has equipped the incubators with skills in pitching, understanding market dynamics, customer insights, practical application, and mentorship.
This forthcoming showcase of the 17 incubators holds significant implications for Nigeria’s economic trajectory. By nurturing these talents, NCDMB not only stimulates job creation but also cultivates a pool of skilled individuals poised to drive growth across various industries. The program also fosters an entrepreneurial and innovative culture, potentially fueling technological advancements and positive social change.
