Lately, fro Business Innovations, President Muhammadu Buhari signed the Startup Act, initially an Executive Bill into law and has committed the sum of Ten Billion Naira (N10bn) only accessible to young and local innovators.
Reports attribute the Startups Act as an initiative of the President but not without inputs from the Federal Ministry of Technology and Digital Economy, superintended by the Minister, Dr Isa Pantami, as well as the Office of the Chief of Staff to the President, Professor Ibrahim A. Gambari.
Now, to have access to the N10bn fund to finance your project or ideas, here are the requirements and steps needed in the whole process.
Startup Act Requirements for Your Business Innovations
- The first advantage is that the selection process for qualified innovators would be carried out from the six geo-political zones of the nation.
- You have to be a young innovator preferably from the ICT sector, and ready with an idea that would convince the Presidential Council on Digital Innovation and Entrepreneurship.
- The Startups Act provides the legal and strategic framework for the innovators to make their contributions to the country, so ensure your concepts add impact to nation-building and the promotion of Made-in-Nigeria goods.
- Prepare before gracing the council loaning the money the membership comprises Government and Private Sectors, including representatives from the academia.
- The main objective of the Act is to prosper the country’s technological sector, so participants or interested parties should endeavour to be tech-savvy-youths conversant with trends in the business sector.