On Tuesday, July 19th 2022 in Lagos, Assets & Resource Management Holding Company (ARMHoldCo) hosted a fireside chat with the theme " Building the next set of African Unicorns." This event was held in anticipation of the ARM Labs Lagos Techstars Accelerator program, which is scheduled to begin in August 2022.
The ARM Labs Lagos Techstars Accelerator program is a partnership between ARM and Techstars, an American Seed Accelerator that focuses on providing funding and support to Fintech and Proptech start-ups who are poised to use innovation in the process of solving problems across Africa. ARM Labs is located in Lagos, Nigeria. Techstars is located in the United States.
During his speech at the event, the Chief Executive Officer of ARM, Jumoke Ogundare, noted that fintech is the future of financial services, stating that technology continues to transform fintech as startups are growing more agile and efficient in innovating quickly. Other attendees at the event included the organizers of the accelerator program.
According to Jumoke, the collaboration between ARM and Techstars to develop the accelerator program was motivated by the desire to assist new business ventures and be on the cutting edge of change.
She stated that this collaboration will contribute to the expansion of the economy of the country in the areas of employment, reaching out to individuals who do not have bank accounts, and fostering social development.
According to her, new businesses who are given assistance by the company as part of the accelerator program will be given access to ARM's market, as well as the opportunity to construct networks and platforms that will allow them to enhance their capabilities.
In response to a question about the paucity of female entrepreneurs in the sector, Jumoke stated that ARM, through its accelerator program, is creating an ecosystem in which existing female entrepreneurs can provide support to new and aspiring female entrepreneurs. She suggested to female entrepreneurs that they develop their self-assurance and have faith in their vision, as well as seek out successful women who could act as mentors to assist bridge the gender divide.
When asked about the cooperation with Techstars, ARM's Director for Digital Transformation, Ina Alogwu, described the company as a global accelerator that has successfully completed 50 programs of its kind in 35 cities across 14 countries. Techstars is currently working with ARM.
Ina disclosed that Techstars has a portfolio of approximately 3, 000 companies that have graduated from one of their many programs around the world and received a total investment of $21.3 billion. She also mentioned that the startups that have graduated from Techstars programs typically raise approximately $1 million in funding on average.
When he continued, he mentioned that the twelve firms who participated in the Accelerator program will get a total of one hundred and twenty thousand dollars in investments and equity. In addition to this, they will have access to the network of over 7,000 mentors that are part of the Techstars program as well as the network of over 20,000 worldwide investors.
Therefore, the benefit you derive from it is not limited to that of an investment. You will have access to a network as well as a company that will provide you with immediate access to an existing customer base and assistance with any regulatory problems that you may be facing. Therefore, joining the program grants not just access to opportunities for equity investment but also to a variety of other opportunities, as Ina pointed out.
According to Maelle Gavet, the Chief Executive Officer of Techstars, the organization has been operating in Africa since 2011. Techstars' presence in the region dates back to 2011. She explained that after observing an increase in the number of African founders applying to their programs, they made the decision to set up shop on the continent. This choice laid the groundwork for a connection that would eventually lead to a cooperation with ARM, a company that shared a similar enthusiasm for innovation and the success of young businesses.