LoftyInc Headlines at Social Impact Investment Summit hosted by MIIS @ Monterey, CA

LoftyInc Partner, Damilola Agboola was among members of the investment, educational and social development community that featured at an event designed to obtain commitments from silicon valley investors to a new social impact investment model. The theme of the summit was: "What It Takes:  Enterprise Development through Social Impact Investment".

Partner, Dami Agboola discusses the model at the event

The one day event was held at the McCone Boardroom on September 24 2010, of the Monterey Institute of International Studies; after an evening reception, held the previous evening at the Santa Barbara Room at the Monterey Marriott Hotel, CA. 

The purpose of the one day event according to the organizers, was to "engage key stakeholders and potential investors in a substantive discussion regarding enterprise development opportunities in low-income countries, with a particular emphasis on formation of an investment facility and its linkages with a complementary education facility for base-of-the-pyramid entrepreneurial development."

LoftyInc Partner, Damilola Agboola made a brief presentation to attendees focusing on the unique high impact business incubation model of LoftyInc Allied Partners Limited. He proposed for the model to be replicated under the auspices of a global program targeting five high growth economic regions; Nigeria, Philippines, India, China and yet to be determined East African country. While competing models were presented to summit attendees, the LoftyInc model was warmly received and plans are already under way to support the extensive roll out program in Nigeria next spring under the Innovation Incubation Initiative (I-3). 

Cross-Section of Summit Attendees

Significant dollar commitments were also obtained from summit attendees (which came from industry, social impact investment community and development agencies) towards supporting a cluster of educational institutions, business incubators and eventually an independently managed fund to support this global program.

More Pictures from the Event


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Incubators? What are those? Who needs them?

You can only imagine how many times we get those questions at LoftyInc. Essentially, we first always nearly have to explain what we do and how we do it before we establish what could be in it either for an entrepreneur, investor or potential backer.

Essentially, simply explained by perhaps the most robust article on incubators we have found, “Imagine a place where you can focus on getting your company off the ground. A place with affordable rent where office equipment and administrative help are provided, and managerial and business advice are close at hand. If you imagined such a place, would you be dreaming? Maybe not, if you can hook up with one of the small business incubators springing up worldwide”.The essential goal of an incubator is to create an ecosystem of innovation that feeds off on itself at the lowest risk possible. 

i-hub in Kenya (a nascent incubator) is focused on innovation in East Africa

LoftyInc is one of such incubators especially focused on West Africa & her citizens in Diaspora. Nearly every incubator does it differently. Behind the essential day to day running of an incubator is a model to develop a pipeline of entrepreneurs and deals, raise and invest funds and ultimately to exit and return above market rate (and in LoftyInc’s case, social impact) to investors. The backbone of LoftyInc’s model is the collaborative framework that essentially seeks to develop teams around unique ideas, while turbo charging them with some seed funds.

LoftyInc’s first permanent facility is set to be completed by the end of the year. This facility is being built at the brand new ALF Campus at Ikeja, Lagos State- the commercial hub of Africa’s largest country-Nigeria and involves substantial capital investments by the backer- Africa Leadership Forum and LoftyInc Allied Partners Limited. It will come with floor space and equipment to accommodate networking sessions, offices for start-ups, administrative offices for incubator facilitators as well as adjoining classrooms and theatres for training. The first session of the ideally named IdeasLab will commence in the first quarter of 2011 at this facility.

Who needs an incubator? If you have an idea but need a team or space and essentially can’t afford to hire or rent. If you have a business idea, but can benefit from a network or business skills that can be acquired through the incubation process. If you have a business idea, but you need technology licenses which an incubator may be in position to acquire on your behalf. LoftyInc also provides limited funding to her entrepreneurs in exchange for equity or in loans provided by our partners. Of course, this ultimate reward of funding is for those entrepreneurs whose ideas have been refined through the LoftyInc process and have succeeded in building a team around such exciting ideas. Basically, we shall support every good idea that has been proven through the fire and trials of the IdeasLab.

Read More:

Start-Up Basics

Starting Up with little or nothing

How to fund a start-up: A Crash course on incubators, angels, venture capital and private equity

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LoftyInc's Partner Blogs for World Bank's Youthink!


Executive Partner, Michael Oluwagbemi joins a global panel of six to blog on World Bank's youth initiative outlet- Youthink! The site is essentially designed to collaborate the global views of young leaders and entrepreneurs on important issues in the socio-economic development space. Views expressed on the blogs are those of the writers only. You can read Michael Oluwagbemi's contribution at this link.  He discuses technology, innovation and entrepreneurship through his submissions. Stay tuned.