NCDMB to launch 17 portfolio companies graduating from Technology Incubation and Innovation Centre
The Nigerian Content Development and Monitoring Board (NCDMB), in collaboration with Founder Institute (FI), is set to launch 17 new portfolio companies that have passed through the Board’s Technology Incubation and Innovation Centre (TIIC) as part of its mandate to catalyze research and development and support startups in the energy industry.
International and local venture capitalists, investors, and product development subject matter experts who may be interested in investing or working with the new portfolio firms will attend the event. The creators will pitch their business ideas in the hopes of attracting the attention of investors, which will be one of the event’s main features.
The establishment of the new portfolio firms is a significant milestone in the Board’s R&D strategy, which is based on the commercialization of research and innovation. The Founders will be exposed to a well-tested NCDMB product development framework, which covers product validation, prototype development, field trial, business development, and product deployment. NCDMB and FI both have the objective of empowering Nigerian startups and entrepreneurs to innovate and grow up their minimum viable products.
In response to the proposal, NCDMB Executive Secretary Engr. Simbi Kesiye Wabote noted that the Board uses an end-to-end strategy in its initiatives and will not relent until concepts it supports are completely implemented, commercialized, and started to alleviate social problems.
He stated that several of the solutions presented by the founders will have an influence on major areas of the economy other than the oil and gas industry. “These are innovative solutions to everyday problems that we face in the country,” he added. Nigerian youngsters are creative and imaginative. They are searching for a platform, and NCDMB will provide that platform.”
Speaking ahead of the launch, NCDMB’s Director of Planning, Research, and Development, Alhalji Abdulmalik Halilu, revealed that the Board hired Founder Institute (FI) as a product development partner in December 2022. The program began with 54 incubates. He also revealed that the cooperation drew on the Founder Institute’s globally known Accelerator program, which saw the 54 incubates progress from idea to business growth.
He mentioned that the founders went through mentoring, concept development, and patenting processes as part of the program, and that some of them are currently developing prototypes of their various innovations. After 7 months of intensive instruction, 17 of the incubates finished the business case creation phase and are now ready to launch startup companies and attract investors.
He noted that the incubation process will continue after the launch and will include validation and the startup process, promising the companies that the Board will support them until their minimum viable products are launched to the market and become successful.
The 17 incubates cover a wide range of energy and data management sectors, including Renewable Energy, Geological and Geophysical, Local Materials Substitution, Health, Safety, and Environmental, and Engineering. Other areas of focus include technological development, pipeline monitoring systems, and artificial intelligence.
The structured accelerator program and NCDMB incubation program have assisted incubates in mastering the art of pitching, understanding market dynamics and consumer insights, practicals, and mentorship. The accelerator program also prepared participants to successfully negotiate the entrepreneurial ecosystem.
The upcoming display of the 17 incubates is extremely important for Nigeria’s economic trajectory. NCDMB is not only supporting job development, but also building a pool of capable individuals set to drive growth across numerous industries by nurturing these abilities. In addition, the curriculum fosters an entrepreneurial and innovative culture, which has the ability to push technological innovation and promote positive social change.
