LoftyInc & Vertext Media Ink Project Finance Package

LoftyInc Allied Partners, Nigeria’s pioneer start-up & project incubation firm is pleased to announce the closing of a short term project finance agreement with Vertext Media Limited. Vertext Media, the first company incubated by LoftyInc in 2008, is a family owned publishing and consulting concern based in Ibadan, Nigeria.

VML participated in the pilot phase of a new funding product offering by LoftyInc’s Project Incubation Group targeted at SGBs (Small & Growing Businesses). The funding product is targeted at SGBs with proven product sales seeking short to medium term project finance for their products or services and willing to subject this process to LoftyInc’s managed funding model that helps lower lenders’ risks in frontier markets.

While the size and detailed terms of the package remain undisclosed, the financing is for a one year period based on project plan submitted by the management of Vertext Media Limited, with a grace period of three months and no prepayment penalties. 

Within the first two years of its establishment, Vertext Media have seen its turnover triple and net income double; a snapshot of the monitoring and evaluation (M&E) report prepared by LoftyInc for the firm in August, indicate net asset have grown by six fold as the company enter new markets like the energy industry and educational consulting for government in 2011/12. Indeed, the report predicts, VML “to more than double this projected revenues in FY 2012/13, once …it completes its current round of growth strategy execution”.

The project finance product currently in its pilot phase and set to launch officially in the first quarter of 2012 leverages the managed funding mechanisms developed by the start-up incubation group of LoftyInc (through the Wennovation Hub) and the social capital harnessing capabilities of LoftyInc’s USA subsidiary, Wazobia Investments LLC. This product further establishes LoftyInc’s credentials as a credible alternative to traditional sources of financing for small growing businesses (SGBs) in Nigeria and the broader ECOWAS region. 

Want to participate in the first funding window in 1Q 2012? Contact us at projectincubation@loftyincltd.biz

Wish to explore partnerships to extend marginal social capital to frontier markets? Contact us at solutions@loftyincltd.biz

LoftyInc Allied Partners Limited was founded in 2008, and is a start-up business and project development company focused on frontier markets especially those in the ECOWAS region. LoftyInc is the operator of Nigeria’s first for-profit incubator and enterprise accelerator: the Wennovation Hub. LoftyInc is not a lender, mortgage broker or loan originator. It works with international lenders that specialize in small business project financing. LoftyInc’s involvement is in the capacity of an offsite guidance and support team for clients. In no way do LoftyInc represent itself as loan officers for any lending institution.

Nollywood Day Held as Wennopreneurs Attend EDC Conference

It was a beehive of activities this week at the Wennovation Hub. The week started with an exhibition of the program at the recently concluded PAU-EDC Annual Conference held at the MUSON Center. It provided a natural avenue for would Wennopreneurs  to pitch their ideas to would-be partners, investors and clients

Valleybits Technology Ltd. Team & Intern, Femi @ EDC Conference, Nov 29 2011

On hand were MobiQube, Valleybits & Opacus CEOs to the delight of the attendees. The well attended gala night event was headlined by Dr. Towry Coker. In attendance also was LoftyInc Managing & Executive Partners, Dr. Wole Odetayo & Michael O. Oluwagbemi II.

LoftyInc Partners & Wennopreneurs at the Gala Night Event

The Panelists- In Session

The highlight of the week most definitely got to be the First Nollywood Day Event at the Wennovation Hub, which featured a panel discussion by eminent panelists from Nollywood, Publi Advocacy and Technology. Led by Mr. Bode Oluwafemi, a strategic consultant and eminent advocate for technology, health and technology, actress Nse Ikpe Etim and MobiQube`Nig Ltd CEO Mukthar Oyewo spoke eloquently about the technology needs of Nollywood 2.0. 

Nollywood Day Audience

With about twenty five live attendees, and twice as many followers on twitter, Facebook and Livestream, the Nollywood event was a resounding success with increased visibility for the positive impact of Wennovators in the emerging 21st century youth driven economy in Nigeria. 

Nollywood Award Winning Actress Nse Ikpe Etim with Wennovators

Nollywood Day at the Wennovation Hub: Powering Nollywood using Technology

In a bid to highlight the interconnectivity of Wennovation Hub’s recent content distribution technology and mobile application initiatives with top content creators in Nollywood and to achieve synergy with key actors, we are pleased to present to you the 1st Nollywood Day at the Wennovation Hub with the theme: Powering Nollywood using Technology (a panel discussion)


Venue: EDC Large Auditorium, Plot C Obasa Road, Off Oba Akran Rd Ikeja Lagos (road beside AP Petrol Station)

Date: Wednesday, November 30 @ 12.00pm


Panelists:


Nse Ikpe Etim, Nollywood Star & Best of Nollywood Awards 2011 Winner (Actress)

Nse Ikpe-Etim has been in the entertainment industry since age 18 when she anchored a show on NTA. Her first movie role was in Venom of justice 2 after which she has acted in various movies including the Nollywood big hit movies, Reloaded and Guilty Pleasures, where she acted as Ramsey Nouah's wife.


Chude Jideonwo, Founder – RedStrat/The Future Project, Y!Naija

A lawyer and award-winning journalist, Chude has, for almost a decade, garnered key experience in all forms of traditional and new media, and has translated that practical experience into successful media campaigns. He also works as an expert in youth development across the country and beyond.

Chude is founder and Creative Director of RedSTRAT/The Future Project, a full service public engagement/communications company. He is primarily in charge of Strategy, Planning, Content and Communication.
Chude also founded EnoughisEnough Nigeria, the largest coalition of youth and youth-led organizations in the country. It is now one of the country’s foremost civic participation groups as well as the premium voice for young people in politics. He chairs the Public Relations & Communications Committee, and has in that position secured buy-in from national and international media including CNN (International), BBC, Radio France, Reuters, the Associated Press, amongst others,
In May 2010, he was selected for the Nigeria Leadership Initiative’s (NLI) Future Leaders Fellowship.

Other panelists include Mukhtar Oyewo and Modupe Ajibola

Program:
• 12:00 – Introduction of Guests & Participants
• 12:20-­‐ Wennovation Overview
• 12:40 – Questions & Answers
• 1:00 -­‐ Panel Discussion: What ongoing technology developments are going to drive Nollywood 
2.0 and how can this be jumpstarted?

• 2:00 – Meet our Wennopreneurs
• 2:30 – Vote of thanks


Mr. Femi Babajide, Marketing Development Manager at Intel Corporation (West Africa), will moderate the event


Send in your questions via twitter to @wennovation using the hashtag #nollytech , or on Facebook

This event will be live on Twitter (#nollytech), Facebook & we will make arrangements to telecast live.
This is the first in a series of sector partnering events for the ecosystem. Feel free to invite a friend.

Contact : Ayokunle Akinrotimi (ideaslab@loftyincltd.biz +234 805 951 7814)

Wennovation Camp 1.0...1 dream, 2 Companies, 3 Products, 4 Mentors, 5 Consultants, 6 Weeks , 7 Entrepreneurs & 49 days from ideas to funding!

LoftyInc Inks Strategic Partnership with De La Rue African Innovation Prize

LoftyInc Allied Partners Limited is pleased to announce a strategic partnership with United Kingdom based De La Rue African Innovation Prize (DLRAIP), a not-for-profit organization that organizes business plan competitions in African countries and awards prizes to ideas emerging thereof. At the signing ceremony, which took place at the University of Cambridge, UK, on November 15, Wennovation Hub Program Director, Idris Bello, represented LoftyInc Allied Partners Limited while De La Rue African Innovation Prize was represented by its Trustees; Julia Fan Li, Sarah Teacher, and Alexander Handy.

Wennovation Hub Program Director (Idris Bello) and De La Rue African Innovation Prize Trustees at the formal signing of the MOU between the two organizations to support university entrepreneurship in Nigeria.  Date: November 15, 2011.

The De La Rue African Innovation Prize was first inspired by a public policy lecture given by President Paul Kagame at the University of Cambridge in December 2008. In 2009, DLRAIP established a partnership to run the first DLRAIP Business Plan Competition at Kigali Institute of Science and Technology (KIST). DLRAIP itself started with a grant from Cambridge University Entrepreneurs (CUE) Business Plan competition and believes in the catalytic power of business competitions for both economic and social development.

This strategic partnership will see the current DLRAIP business plan competition expanding into six to seven Nigerian universities in 2012 culminating in awards of varying cash prizes and ultimately grants for the most promising ideas to get incubated at the LoftyInc operated Wennovation Hub, located in Lagos, Nigeria. The competition will be known as the De La Rue African Innovation Prize (DLRAIP) Wennovation Hunt.

Furthermore, the De La Rue African Innovation Prize driven selection process will serve as the basis for the scale-up of the ongoing Wennovation Camp program currently in its first cycle. The DLRAIP will enable expansion of WennoCamp 2.0 and subsequent versions from technology into other sectors.

According to LoftyInc’s Managing Partner, Wole Odetayo – the partnership “will see us tripling the current number of companies incubated at the Hub in 2012 alone, and thereafter creating a sustainable pipeline of innovative companies in the Wennovation eco-system”. DLRAIP’s Julia Fan Li added that the “The De La Rue African Innovation Prize is excited about expanding our program into Nigeria, and looks forward to working with the Wennovation Hub team”.

The 2012 sponsor of the African Innovation Prize globally is prominent multinational: De La Rue Identity Systems, which is a world expert in the delivery and management of systems and solutions with over 100 projects implemented in 65 countries. A substantial fundraising drive is however planned to support the DLRAIP Nigeria program. Interested corporate and individual supporters of the may contact us at: africaninnovationprize@gmail.com and ideaslab@loftyincltd.biz

Our Wennopreneurs are Blogging...and Listening too..

Want to gain some insights into goings on at the Wennovation Hub? Well, you need not dial farther than the e-diaries of the two companies being incubated. Surf to their insightful recollections by clicking on the links below the screenshot images hereafter:

Link to Opacus Tech Blog...

Link to Valleybits Technologies Blog

We are incredibly excited about the possibilities and promise of these companies. Visit us today at www.wennovationhub.com to read more about what we do or write us at ideaslab@loftyincltd.biz

New Day(s) at the Wennovation Hub

Just as the first Wennovation Camp incubation cycle got underway starting on November 2nd,  we are glad to announce the launch of  a fresh website for our deserving followers. With better animations, more media, and hopefully more updates on the activities of our "Wennopreneurs" at the hub...Visit the new website @ www.wennovationhub.com 

The Wennovation Bootcamp was launched on Wednesday with the seven future "wennopreneurs" and various mentors coming together for one goal: launch two solid viable business built around the idea that high impact businesses need not obtain that million dollar contract to take off, but can be built on collaboration, network and efficient use of limited resources.

In attendance on Day One were the CEO of Bead Emporium- a fast growing jeweler & fashion retail outlet based in Nigeria & UK, Ms. Oyinda Osonowo sharing insights on what it takes to survive as entrepreneurs. Imploring the fresh minds in attendance to "fail as much as you like but never give up", she set a very high standard for subsequent would-be mentors for the program. Also in attendance on day one was tech social blogger and commentator, Jesse Oguntimehin. Attendees spent most of the day getting orientated to the unique cultures at the hub, while drawing fresh insights from the wellspring of wisdom offered by many in attendance.

Day Two held much promise, as a rapid WennoConsulting sessions were scheduled with top flight consultants from the ALF Entrepreneurship Development Center. This got up to a quick start, and got the teams started on a path to going from ideas to funding in six weeks with four separate consultants. The day was topped with a working session with Mr. Demola Idowu of Silveredge Projects -a medical technology and e-learning development company. The hands-on session was so transformative for the participants that the hub is still buzzing with the fresh insights offered by our invited Guests. Our thanks to everyone and especially our guests for making Day 1 & 2 of the Wennovation Camp 1.0 a resounding success.

For more information on the Wennovation Camp 1.0 focused on mobile application development and supported by Google Africa & MIT-AITI, email us at ideaslab@loftyincltd.biz 

www.wennovationhub.com

i for Inspiration & innovation...Steve Jobs Rules...

The man and the legend...just passed away. Steve Jobs was an inspiration to those of us that occupy the innovation complex. I know for sure that at LoftyInc, Steve Jobs particularly occupied a special place in our hearts. 

I remembered Wole (co-founder)  and I have had our Apple moments, discussing how Steve Jobs shaped his products and the company, we seeking how to adapt these lessons earlier on into ours. His focus on quality, user experience and perfection were simply impressive. Apple and Steve Jobs have consistently defied the adage that the customer knows best....Steve never shied away from creating a new need for his clients; that is what we aspire to be to our clients. Create a user experience the user never realized they even needed!

The height of my personal Steve Job moment came about exactly one and half years on the clock at LoftyInc. I was preparing for an epochal presentation at the World Bank ABCDE Conference at Stockholm, Sweden.  I had to turn to the master: Steve Jobs.

After reading the book, "The Presentation Secrets of Steve Jobs- How to be Insanely Great in Front of Any Audience" by Carmine Gallo, I was turbo charged for this audience. At the end of it all, and after my 50 or so recorded practice presenting like Steve Jobs, I was at Stockholm selling our ideas which today is known as the Wennovation Hub. Yes, our strategic partner- the Africa Leadership Forum was part of that audience at  Stockholm...two weeks later I was on a plane heading to New York to sign us up. 

Everyone have their Steve Jobs story. His black turtle neck wears, his secret preparations and product releases, the perfection in product aesthetic and functionality, his ability to read your need and even his choice of product name, makes Steve miles apart from his peers. He was a showman, a presenter and above a special human being. His insistence on perfection, sometimes near dictatorial handling of product releases was also legendary. 

You want to demo?  do it in your office...those are not for his users. Your release product must be bug free, and plug and play: that was the Steve Philosophy. Here was a technology visionary, an astute entrepreneur, an entertainer, a designer and above all an innovator. Steve will be missed, but he lives with us all. 

As I shut down my MacAir writing this, I'm amazed how beautifully functional it is: and grateful I have it to fittingly pay this tribute to the man who can proudly say of this product in the words of Wole Soyinka's Bambulu: "this is the child of my brain; the product of my endeavors....the materialization of inventive genius". Genius...that is Steve. Inspiration..that is what he left us. 

Wennovation Hub Launches WennoCamp 1.0 for Mobile Apps Development

Seven of the thirty students trained by the partnership between LoftyInc and the MIT Accelerating Information Technology Innovation (AITI) , to incubate student launched local businesses around mobile application developers at the University of Ibadan this summer, have been selected by the Wennovation Hub to herald the first cycle of the Wennovation Camp this Fall. 

The product enhancement and development process will be supported by business & technology mentors sourced from among the associates’ rank of the Nigeria Leadership Institute, and technical assistance will be rendered by Google Africa.

Since the MIT-AITI program ended in August, the process of Wennovating begun in earnest as these entrepreneurs were screened and carefully selected for fit into the incubation model, and allowed to reshape their teams accordingly around the best ideas. 

The seven "wennovators" selected were from four teams at MIT-AITI program (InveniQ, Ting Mobile, Compass and Pluss) with very exciting products which may be enhanced or entirely remade during the WennoCamp. The Camp will span six weeks of product enhancement and business development leading up to seed funding and operations using the Hub as their space in the first few months of beta product launch. 

The Wennovators are organized into two inter-disciplinary entities (teams):

Team 1 (Opacus Technologies Limited)- Alpha Product: Location Awareness & Transport Finder App

 

TL-R: Wennovators 1.0:  Dara Adeyemo,Diji Adeyemo,                          Ibrahim Abiola, Adetayo Rabiu

Team 2 (Business Name Pending CAC Approval) - Alpha Product: Enterprise Expense & Recruiter App

L-R: Oluwatosin Adesanya, Onitilo Oluremi, Oghenekhowo Tega

During the Camp, the seven "wennovators" aim to coalesce around redesigned and fused products from their initial pass at their ideas, and eventually launch into the market at least two mobile technology products focused companies in Nigeria. The greatest promise of these teams is to optimize their existing products, build newer ones and truly bring Nigeria Mobile App development into the business mainstream.

The "business bootcamp" heralding the six-weeks WennoCamp 1.0 is scheduled to begin in earnest on November 2, 2011. Exciting activities including engagement of notable CEOs, Technology gurus and bandstorming sessions are planned during the program. 

This program further enhances LoftyInc's continued focus on enhancing Nigeria's innovation eco-system specifically focusing on areas like mobile technology where our impact can be most felt. It also validates the unique business incubation model designed by LoftyInc.

Our thanks to all our partners for helping us bring this program to fruition. 

Internship Opportunity...

LoftyInc Angel Network Internship Opportunity in Nigeria

Overview

As a volunteer intern, you will provide crucial contributions to LoftyInc's social impact investing activities, especially through the newly formed LoftyInc Angel Network (LAN). 

The LoftyInc Angel Network (LAN) is a network of Nigerian angel investors (registration in progress) organized by, but independent of LoftyInc to offer seed and expansion capital to businesses incubated by LoftyInc Allied Partners Limited.

As an intern, you will augment LAN staff and investor members by tackling projects such as sector or regional analysis, case studies, due diligence support and/or investor support.

Responsibilities

The volunteer intern role provides crucial additional capacity to the LAN team.  Responsibilities include one or more of the following, depending on your experience and interests:

• Sector and Regional Analysis:
• Learn about the most attractive emerging investment areas by performing analysis on target investment sectors (such as clean technology, education, mobile technology, mobile payments, or fair trade).
• Perform market, segment, trend and company analysis to identify what's hot in impact capital and in social enterprise in these areas, identify potential deal flow partners and make recommendations. We plan to use this analysis to guide future investment decisions.

• Case Studies:
• Learn how social impact investments are made by studying investments we've made and writing up detailed case studies on how the investment was identified, researched and structured and the potential for exits.  We plan to feature these case studies on our website and in our public relations activities to demonstrate our impact and success.

• Due Diligence Support:
• Learn how investors perform due diligence on prospective investments by preparing pre-meeting investor briefs and recording highlights of investor conversations with social enterprises.  We plan to use this input to help us better assess investment opportunities.
  
  
• Investment Meeting Secretary:

·         Be a proverbial fly on the wall for our member investment meetings where we discuss investments and other top issues.

·         Record meeting minutes and distribute to the team. This is a unique opportunity to form relationships with the industry’s leading impact investors in an otherwise closed-doors meeting.  A great way as well to get to hear how investors evaluate projects in real time.

• LAN MD  Support:
• Work with the MD of the LoftyInc Angel Network to identify potential members of the network, and follow up as required.
• Represent the MD as required.
• Other: We sometimes consider other projects which leverage unique capabilities of our volunteer interns. 

Experience, Education and Training

• The ideal candidate will be highly analytical; detail oriented and possess a strong interest in social enterprise and impact investing.
• Experience in social enterprise, developing countries, public policy and/or investing desired but not required.
• Must be a current student or recent grad living in Nigeria.

Time Commitment

Time commitment is quite flexible.  We would ask for a minimum of 4-6 hours per week or more (depending on your project) for approximately 10 to 12 weeks, though by combining several projects, can also take full-time interns.  We sometimes consider other time periods and time commitments depending on your situation.

Reporting and Compensation

Interns report to the LAN MD and each is mentored, as appropriate, by a LAN member investor.  While this is a volunteer position with no monetary compensation at the moment, we make every effort to assure your experience is valuable.

Next Steps

Send resume and cover e-mail with subject heading- “Attention LoftyInc Angel Network” to solution@loftyincltd.biz on or before September 30, 2011

About LoftyInc

LoftyInc Allied Partners Ltd. is a business development company founded in 2008 to specifically focus on supporting innovative entrepreneurs and businesses. LoftyInc specializes in start-up business and project incubation in West Africa. LoftyInc unique business incubation model is implemented on a platform jointly initiated with the Africa Leadership Forum: the Wennovation Hub. LoftyInc supports over half a dozen domestic start-ups and three early stage projects sponsored by domestic and international clients. www.loftyincltd.biz  www.wennovationhub.com

Plot C, Obasa Road, off Oba Akran Road, Ikeja Lagos

MobiQube Joins Wennovation Platform

Mobile platform application developer and indigenous social networking operator, MobiQube Nigeria Limited recorded a milestone when it officially became the newest member of the Wennovation Platform on August 15th, 2011. MobiQube was represented by Chief Executive Officer, Mukhtar Oyewo; signing on behalf of LoftyInc was Wole Odetayo, Managing Partner.

MobiQube have a number of products in the pipeline, including Yarnable: a micro-discussion social site focused on Africa currently undergoing major revamp after MobiQube late May 2011 takeover. Due for release soon are beta versions of FoneRecharge and GreetingCards, as well as suite of free-apps for various smart phone platforms. Major development of the suite is already ongoing at the Hub facilities where MobiQube's top flight team are working towards a mid fourth quarter release in time for the holiday season. 

The Wennovation Platform is one of three flagship programs being run by the Wennovation Hub, the other being WennoConsulting and WennoCamps, focused on offering robust support to start-ups with products in advanced development or in the market. MobiQube joins PrimeCoHall within this program, as well as the three legacy companies for which LoftyInc have always provided ongoing support since 2008. 

LoftyInc & MobiQube sign the dotted line...

Dr. Wole Odetayo reaffirmed at the signing that, "For the Wennovation Hub, this new member is particularly synergistic with our focus on mobile application development or linked companies in 2011; coming off the intensive training  phase of WennoCamp, organized in partnership with MIT-AITI for mobile application development at the University of Ibadan in early August". That training being a precursor for the WennoCamp incubation phase which will soon take off at the Hub. 

In the next few weeks, LoftyInc will partner closely with MobiQube to ensure timely and effective release of products in the fourth quarter, while helping the MobiQube team identify strategic options to enhance the company's viability. LoftyInc will also gain one board sit as a result of this strategic addition to our portfolio firms.  

Wennovation Day as MIT-AITI Trains Nigeria's Next Tech Entrepreneurs

Next Generation Afropreneurs?

It was a day full of Wennovation and potential "wennovators", on July 13 at the site of MIT-AITI ongoing training of top notch mobile application programmers on the campus of the University of Ibadan. The program which began in earnest in June, devoted a full day to a compendium of speakers from the LoftyInc operated Wennovation Hub.

LoftyInc's Michael Oluwagbemi & Wole Odetayo 

First, during the morning session LoftyInc Partners- Wole Odetayo and Michael Oluwagbemi, and Hub Operating Director, Ayo Akinrotimi introduced the concept of Wennovation. Through the interactive session, attendants were familiarized with the opportunity of a lifetime which will see at least two teams qualifying into the incubation program at the hub to be known as Wennovation Camp starting in September, 2011. The introductory session which was lively and well received, was followed up with an introduction to the concept of Business Process and Legal Aid by Barrister Kamar Raji a seasoned legal practitioner

Top Notch Consultant, Niyi Sanuth Discusses
 Bureaucratic Survival Strategies

The afternoon session focused first on bureaucracy and strategy of navigating the complex web of government regulations, rules and procurement. Led by the insights provided by business process consultant, Mr. Niyi Sanuth- the session was riveted with relevant questions on how to operate within a large public sector led economy focusing especially on strategies that will be useful to start-ups to survive in this arcane world of rules.

The day's session ended with riveting expose by Michael Oluwagbemi on Apps Monetization and Financing Alternatives for Small Growing Businesses in Nigeria. An afternoon of engaging discussions, questions and hopefully recruitment of the next generation of Wennovators began thereafter.

The exciting part of the day were discussions surrounding some exciting projects that are being developed by MIT-AITI participants, two of which will eventually be admitted into the WennoCamp program. Projects ranging from emergency locator phone app to geo-locators as well as mobile job finders, messaging and social congregation platforms were among interesting projects these young minds are working on at the MIT-AITI lab. Read more about these exciting projects

Barrister Raji Discuss Legal Options for Start-Ups in Nigeria

The MIT-AITI program will come to a close in early August, when winners scheduled to join the WennoCamp program will be chosen at an August 2nd meet at Ibadan.

• Invenio
• TING MOBILE JOB FINDER®
• Compass®
• EasySoft
• NaviGate
• Pluss

LoftyInc & MIT-AITI Collaborate to Float Mobile Apps Start-Ups in Nigeria

Press Release on Wennovation Hub’s Collaboration with MIT-AITI

LoftyInc Allied Partners Limited, the operators of Nigeria’s premier business incubator- The Wennovation Hub- are pleased to announce a new collaboration with Massachusetts Institute of Technology’s Africa Information Technology Initiative (MIT-AITI).

The signing event where the memorandum of understanding (MoU), codifying the relationship between the two entities, was held on Wednesday, June 22nd  2011 at the Wennovation Hub – Plot C, Obasa Road, Ikeja-Lagos. Mr. Soji Awe of MIT represented the MIT-AITI program with Wole Odetayo (Managing Partner) & Ayokunle Akinrotimi (Associate) representing LoftyInc Allied Partners Limited.

Under the terms of the agreement, LoftyInc will provide some facilitators and materials specifically focusing on business incubation for the six-week pioneer training and mobile application technologies’ product development program of MIT-AITI in Nigeria beginning on June 21st through July 29th, 2011. In like manner, LoftyInc will also send representatives to serve on the project panel to award honors to top developers during the MIT-AITI program being held at the University of Ibadan’s (UI) computer science department.  More than thirty students and future entrepreneurs will be in attendance.

MIT-AITI's Soji Awe signs MoU on Wednesday, June 22

LoftyInc's Wole Odetayo Signs MoU at Signing Ceremony

Top market oriented mobile application developers will be selected by LoftyInc from the MIT-AITI program at UI, to graduate onwards into the pilot Wennovation Hub program to be known as WennoCamp. One of the key backers of the program is Google Africa.

The four weeks of WennoCamp incubation program will be held on site at the Wennovation Hub, Lagos; and will be focused exclusively on product refinement and business development. During this period, the student developers will be immersed with a team of their choice, supported by top WennoCamp linked geeks to unobtrusively develop a business around their initial project ideas built during the MIT-AITI program. 

CEO mentors and intensive product trouble shooting sessions are amongst the exciting sessions planned during their four week stint which will come to a close by pitching to potential seed investors organized by LoftyInc.

Successful Wennovators through the WennoCamp will be provided access to:

·        Ultra-Modern office space and complimentary broadband connection with full office support services for  3 months following their successful completion of the incubation program

·  Mentors – both technical and business types experienced in operations and development

·         Funding of up to $25 000 through a pioneer network of small investors being built by LoftyInc

·         Small seed grant (up to $1000 in kind) to register their business and begin marketing

·    The network of LoftyInc consultants in legal, financial and strategic advising that provide reduced fee-for-services to Wennovation linked firms

Speaking yesterday from Houston, Texas, Wennovation Hub Program Director and Serial Afropreneur, Idris Ayodeji Bello said “This collaboration is a small but important step in our journey of establishing a Wennovation Village in Nigeria, which will compete with the likes of Silicon Valley in the US, in terms of the quality of innovation and venture funding to support such. It is also a testament to our belief in the concept of wennovation (collaborative innovation), and we look forward to future collaborations with similarly-aligned organizations in Nigeria, and the Diaspora”.

AITI is a multidisciplinary group of the Massachusetts Institute of Technology (MIT) that promotes development in Africa by cultivating young technology entrepreneurs. AITI develops curriculum materials, software technologies, platforms, and networks that enable African undergraduate students to innovate in the area of information and communication technologies (ICTs). Since 2000, AITI has sent nearly 100 MIT instructors to teach over 1200 African students in five countries, resulting in the creation of African businesses and the addition of course offerings at our partner universities. http://aiti.mit.edu/

LoftyInc Allied Partners Ltd. is a business development company founded in 2008 to specifically focus on supporting innovative entrepreneurs and businesses. LoftyInc specializes in start-up business and project incubation in West Africa. LoftyInc unique business incubation model is implemented on a platform jointly initiated with the Africa Leadership Forum: the Wennovation Hub. LoftyInc supports over half a dozen domestic start-ups and three early stage projects sponsored by domestic and international clients. www.loftyincltd.biz  www.wennovationhub.com