Internet
entrepreneurs of iROKOtv Jason Njoku and Bastian Gotter, today announced the
official launch of SPARK, a $1m-backed company to support and develop aspiring
Nigerian tech and Internet entrepreneurs.
The move comes amid significant disruption in
the Nigerian Internet scene; fast becoming one of the country’s most prolific
and exciting sectors, as many entrepreneurs struggle to make the transition
from idea to business due to prohibitive start-up costs, a lack of
on-the-ground angel investment opportunities, a lack of access to trusted
mentorship and business bureaucracy.
In a statement by Jessica Hope , the
organisation’s Head of Communications, said the Lagos-based company is
set to start a Nigerian IT revolution as 13 start-ups have been funded with
$35-75,000 each , adding that the companies include a hotel room booking
site, a Christian dating site and a property-letting site that currently employ
80 people.
“Economic growth is currently 7% per annum in
Nigeria. The current value of the Nigerian Internet sector today is estimated
at $250m and by 2016 it will be close to $1bn. Nigeria is a seen as a ‘frontier
market’ with a population keen to access new consumer items, both in stores
and, increasingly, online. However there are few Internet companies that have
the backing or ability to supply the ever-increasing demand.”
Managing
Partner of SPARK, Jason Njoku said, “In Africa, we’re witnessing an exciting
metamorphosis, from a tech ‘scene’ to a tech ‘revolution’, where Lagos is very
much the gateway for the entire continent. The creativity, talent, the spirit
of entrepreneurship is here but Nigeria’s business eco system isn’t set up to
adequately support start-ups in their earliest days. Our intention with SPARK
is to act as the catalyst to a period of aggressive and exciting growth in
Africa’s Internet sector.”
Bastian Gotter, Managing Partner of SPARK says:
“The incubation period for any start-up is critical and we found that this is
where Nigeria’s business infrastructure struggles most. SPARK is uniquely
positioned to totally change this; we aren’t just an incubator, we aren’t just an
investor – we are a company that builds companies. We fund our companies,
provide them with the back room assistance they need to get started and advise
them on all aspects of their business. SPARK is the financial, intellectual and
pragmatic engine that will propel Nigeria’s Internet entrepreneurs from
start-ups to dynamic businesses that generate jobs and income for the region.”
SPARK-funded companies, are managed by Jason
Njoku, Bastian Gotter and Mary Remmy-Njoku, sharing the same administrative
infrastructure, legal teams, mentors and marketing support, making the
companies capital, while it is expected that by the close of 2013, SPARK
will have created or funded 20 companies in total.
IT start-ups that have been funded in Nigeria
include: Hotels.com.ng, Christians.com.ng, Bus.com.ng, Giddimint.com.ng,
Borro.com.ng, Insured.com.ng, ToLet.com.ng ,Foto.com.ng, blink.com.ng,
Healthy.com.ng and Drinks.com.ng
Credit:
Vanguard
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