In order to fulfil its mission of stimulating research and development and providing assistance to energy startups, the Nigerian Content Development and Monitoring Board is collaborating with the Founder Institute to unveil 17 portfolio companies.

According to the board, these companies have successfully undergone the Technology Incubation and Innovation Centre program established by the board.

A statement from NCDMB disclosed that the launch of the companies would hold on Thursday, August 24, 2023, in Yenagoa, Bayelsa State.

It stated that international and local venture capitalists, investors, and product development subject-matter experts who might be interested in investing or partnering with the new portfolio companies would be attending the launch.

NCDMB said the launch of the new portfolio companies was a major milestone of the board’s R&D strategy anchored on the commercialisation of research and innovation.

However, it stated that the exposure given to the founders was anchored on a well-tested NCDMB product development framework, which included product validation, prototype development, field trial, business development, and product deployment.

It added that the mission of both NCDMB and FI was to empower Nigerian startups and entrepreneurs to innovate and scale up their minimum-viable products.

Commenting on the initiative, the Executive Secretary NCDMB, Simbi Wabote, said, “The board deploys an end-to-end strategy in its projects and does not relent until ideas that it supports are fully deployed, commercialised and begin to solve societal problems.”

He noted that some of the solutions proposed by the founders would impact key sectors of the economy beyond the oil and gas sector.

He added, “These are innovative solutions to everyday problems that we face in the country. Nigerian youths are innovative and creative. They are looking for a platform they can get and NCDMB will be that platform.”

Speaking ahead of the launch, the Director of Planning, Research, and Development, NCDMB, Abdulmalik Halilu, explained that Founder Institute was engaged by the board in December 2022 as a partner in product development, adding that the programme started with 54 incubates.

He further hinted that the collaboration leveraged the Founder Institute’s globally recognised Accelerator programme that saw the 54 incubates transit from idea to business development.

He noted that as part of the programme, the founders underwent mentoring, concept development, and patenting processes and some of them are currently developing prototypes of their various innovations.

According to him, at the end of the seven months of intense tutelage, 17 incubates completed the business case development phase and are now positioned to establish startup companies and attract investors.

He stated that the incubation process would continue after the launch and would include validation, a startup process, and assuring that the board will handhold the companies until their minimum viable products are introduced in the market and become successful.

“The structured accelerator programme and the NCDMB incubation programme have guided incubates to master the art of pitching, understanding market dynamics and customer insights, practicals, and mentorship,” Halilu claimed.

According to him, the accelerator programme also equipped participants to navigate the entrepreneurial landscape effectively, adding that the impending showcase of the 17 incubates bears immense significance for Nigeria’s economic trajectory.

“By nurturing these talents, NCDMB is not only fostering job creation but also cultivating a pool of capable individuals poised to drive growth across various industries. The programme also ignites an entrepreneurial and innovative culture, with the potential to propel technological innovation and effect positive social change,” he added. (Punch)