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

VisionInvent Joins Wennovation Platform

In fulfillment of the vision of LoftyInc, as operators of the Wennovation Program, for its use as a bridge to tap into West Africa's enormous human resources in the Diaspora for economic development, LoftyInc Allied Partners Limited is pleased to announce a first of its kind alliance with VisionInvent Inc on the stable of newly launched program known as the Wennovation Platform. 

VisionInvent is a design and engineering firm based in Austin, Texas and co-founded by Mr. Modupe Ajibola in 2008. A provider of hi-tech engineering, manufacturing, networking and sales services for more than two dozen innovative products, it also holds differing degrees of intellectual property protections/rights on these products singly or with top technology partners (OEMs). VisionInvent is led by Modupe Ajibola, a technology prodigy originally from Nigeria, working on over half a dozen patents applications developed in his firm. He is a graduate of Texas A & M University, and also a serial inventor and entrepreneur. 

The program developed by LoftyInc ( i.e. the Wennovation Platform) allows technologists, inventors and hi-tech entrepreneurs overseas use the "Wennovation Advantage" to build their brand, pursue projects, obtain sales and manage/execute contracts or projects wins in Nigeria, while still largely maintaining their primary residence and home office overseas. 

L-R: LoftyInc Partners, Wole Odetayo & Michael Oluwagbemi,

VisionInvent Modupe Ajibola & LoftyInc Assoc. Kingsley Onoriode

LoftyInc is proud to count VisionInvent USA and her Nigerian Subsidiary - PrimeCo Hall Limited, as the first organization taking advantage of this program. The alliance was officially kicked off on May 2, 2011 during a visit of a joint LoftyInc-Vision Invent team to the Wennovation Hub that is already yielding positive sales results to the latter organization. 

Among the products being pushed by VisionInvent in the market includes environmental sensor technologies, biometric technology solutions, back-up power applications, power regeneration and energy harnessing technologies, LED/Billboard/Electronic promotional solutions, specialty technology items as well as multi-platform consumer products like tablets and extension screen solutions for homes and offices. See VisionInvent/PrimeCo Hall Brochure.  

Speaking about his collaboration with LoftyInc, Modupe insists that "providing a program and platform by which technology developed by Nigerians overseas can be accessible to those at home, provides a collaborative framework for transforming Nigeria's economy using all her resources at home and abroad". LoftyInc looks forward to many years of productive alliance between our organizations.

The "Wennovation Platform" provides office location, project management tools and staff, as well as network and contacts to its members. For more information contact us at ideaslab@loftyincltd.biz or visit www.wennovationhub.com 

More News...

LoftyInc congratulates our legal advisor/consultant, Barrister Tomi Lagundoye on her recent completion of a Masters Degree in Law program at the University of Texas Austin. Prior to her LLM program, Tomi graduated with a degree in Law (LLB) from the University of Ibadan before proceeding to the Nigeria Law School (BL) and was called to bar in 2007. Thereafter, she worked at the prestigious law chambers of Udo Udoma & Belo-Osagie in Lagos focusing on Commercial Law especially in the Oil & Gas Sector. During her stint at University of Texas, she served as Staff Editor at the Texas Journal of Oil, Gas and Energy Law. 

Barr. Tomi Lagundoye and LoftyInc Exec Partner, Michael Oluwagbemi
at UT Law 2011 Sunflower Ceremony  

The LoftyInc family congratulates Tomi on her achievement, and wish her good luck in her future endeavors. Tomi formally joined the ranks of proud Longhorn lawyers at a unique "Sunflower Ceremony" held on the grounds of Frank Erwin, Jr. Special Events Center, at UT Austin on Saturday May 21 2011.

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