Oxford Foundry and FMDQ Private Markets launch global partnership to accelerate Nigeria’s startup ecosystem
Oxford Foundry and FMDQ Private Markets, a subsidiary of FMDQ Holdings Nigeria, Africa’s first vertically integrated financial market infrastructure group, have launched a global partnership to accelerate the growth of Nigeria’s startup ecosystem and nurture a future generation of young Nigerian leaders in entrepreneurship, through knowledge exchange and collaboration.
The partnership will support Nigeria’s future business leaders and high-growth startups to access the networks and skills they need to grow and sustain their businesses, create jobs and inclusive socioeconomic growth, and facilitate the growth of Nigeria’s venture ecosystem. Critically, the partnership supports collaboration and knowledge exchange between the UK and Nigerian angel investment communities, as Nigeria’s community matures. Ventures will be supported to develop market solutions in high-potential sectors such as technology, agriculture, green industries, and healthcare.
Nigeria has one of the largest numbers of technology startups in Africa and has been identified as one of the eleven ‘3G’ countries by Citigroup – countries of large growth potential and profitable investment opportunities. There is an increasing number of programmes to support Nigerian startups, with corresponding high demand, implying that there is huge potential and opportunity to create new partnerships to support high growth-potential businesses, and an increased need to access capital. Currently over 80% of venture/start-up funding comes from an entrepreneur’s personal or family resources.
Through this partnership, a bespoke Programme, starting in late 2021, leveraging the University of Oxford’s global, ultidisciplinary networks and Nigeria’s entrepreneurship ecosystem, to support Nigeria’s future business leaders and high-growth startups to access the networks, skills and investment pathways they need to grow their businesses, has been co-created.
The Programme is focused on three key areas, to Upskill, Grow and Accelerate, with the facilitation of the training of twenty (20) young Nigerian aspiring entrepreneurs and future leaders through the OXFO-FMDQ Young Entrepreneurial Leaders programme; the promotion of knowledge exchange and shared best practice across Oxford’s and Nigeria’s angel investment communities, through roundtables and relationship building initiatives, to unlock vital capital; and the acceleration of five (5) high-potential Nigerian startups through a tailor-made OXFO x FMDQ Start-up Bootcamp, to scale up transformative social and economic impact in Nigeria. The Programme leverages the Oxford Foundry’s unparalleled assets, including networks, partnerships and a venture building and leadership curriculum delivered by some of the world’s leading experts.
Ana Bakshi, the Director of Oxford Foundry said, “I am sincerely pleased to launch our first global partnership with FMDQ in Nigeria. Nigeria has one of the largest number of tech startups in Africa, and Africa is a continent of immense entrepreneurial talent and high-growth venture potential. There is huge opportunity to invest in the future generation of global entrepreneurs and leaders who will come from across the continent, and this first partnership is an important step to build new relationships and learn from other entrepreneurial ecosystems. Now more than ever, it’s vital that we share our resources, access to networks and opportunities, and work together across geographical boundaries to benefit society, create jobs and boost economies. We want to open the Oxford Foundry up to the world, and together, support the next generation of entrepreneurs and leaders to create the purpose-led impact and positive change we all need to see.”
Bola Onadele Koko, the CEO of FMDQ Group said, “FMDQ is delighted to be the first global partner of the Oxford Foundry, particularly on this laudable initiative, which emphasises the provision of critical support for high-growth startup businesses. It is vital that young Nigerian startup companies and high-growth small- and medium- sized enterprises (SMEs) are provided with the skills, networks, mentorship and capital required to overcome the barriers to successfully grow and sustain their businesses, thereby creating employment opportunities and supporting poverty alleviation in the country. FMDQ Group, through its wholly owned subsidiary, FMDQ Private Markets, is excited to work with a credible partner to deliver the key programmes under the partnership to develop and transform Nigeria’s young entrepreneurs, further entrenching the ethos of the Group’s mission – we collaborate to empower markets for economic progress towards delivering prosperity. Furthermore, this Programme is in close alignment with FMDQ Private Market’s flagship initiative – SCALE (Startup Capital Access & Liquidity Ecosystem) – aimed at supporting the growth of highpotential Nigerian-based startup companies, creating a pipeline of sustainable businesses in Nigeria.”
The Oxford Foundry Entrepreneurship Centre at the University of Oxford was opened by the CEO of Apple, Tim Cook, in 2017, to provide all students and alumni of the University of Oxford, as well as wider communities, the entrepreneurial and technology experiential skills and training they need to succeed in their chosen careers, and to build and lead purposeful, sustainable ventures that benefit people and the planet.
Through local, national, and international partnerships, the Foundry is democratising entrepreneurship and opening up Oxford University’s talent, resources and networks to the world. To date, the 32 ventures on the Foundry’s Accelerator Programme, Elevate, have raised over £43 million since joining the Programme, are valued at over £150m, have created more than 170 jobs globally, and are creating a positive impact around the world across different sectors and industries.
