Thursday, August 9, 2019.
By Ijendu Iheaka
Aba. Kernelincs Resources, an Abia-based integrated oil palm processing and packaging startup has won N1.5 million equity-free funding for the best pitching at the 2019 Nigeria Startup day.
Mr Daniel Chinagozi, Founder / CEO of Innovation Growth Hub, a partner company organizing the Startup Nigeria Demo Day for South East Nigeria announced the result at a briefing Thursday.
The first runner up was Honey Empire which specializing in honey production and packaging while the second runner up was GreenBox Africa which deals in production of cheap solar-powered electricity generators.
Chinagozi said the programme which is the second one it was hosting had over 543 startups applying with screening taking the number down to 330 companies later enlisted to receive free business advisory.
He said that the winner of the pitching contest, Kernelincs Resources pitching was promising and so would receive N1.5 million in a week’s time and then N500,000 after the three months mentoring programme.
He said the other nine contestants would also receive be N1 million equity-free funding in two tranches; the first coming before August second week and the remaining N500, 000 after the three months programme.
He expressed joy having a company incubated in Abia emerge winner adding that the pitching was part of a three months ongoing business incubation programme.
He said that the incubation programme was to upgrade the knowledge and skills of young entrepreneurs to help them succeed.
Kingsley Amajuoyi, the Proprietor of the winning company said he began planning to bring hygenic and safe oil palm production and packaging when his father died from a certain food-related sickness.
“I am speechless, I am so excited. I wished that my father was alive to see this happen; I am very grateful to God”,
“I dedicated this to my father because losing him woke me up to the responsibility of helping people consume healthy foods and I am glad to be doing that.
In the next couple of months you will see us in shops around Nigeria and we aim to expand into other products”, he said.
Mr Mishack Obioha, the Executive Director, Venture Platform Foundation, a subsidiary of Innovation Hub said the company believes African entrepreneurs would solve its problems and become its last frontiers of development.
He said the belief has spurred the company up to design different programmes to support emerging entrepreneurs one of which is the Startup Incubation it is doing in partnership with federal government.
“Through this programme, we are incubating 110 companies, we are also supporting another 330 companies amounting to 440 companies to be supported by the Startup Nigeria Programme”, he said.
He said that the winners had emerged on merit hence the startups that won were all very good and promising companies.
Ms Ezinne Uzoije, a Manager in Inovation Hub said managing the startups had been interesting at different stages of the project stressing that the emerging companies can solve Africa’s problems.
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