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EVENT REPORT 2017
EVENT REPORT 2017
The Funding Space – is a training, mentorship and access to finance
platform.
The main objective of The Funding Space is to inspire, challenge,
support and share information on access to funding with Nigerian
actors to enhance the growth of locally grown innovations and
enterprises in Nigeria that use ‘business solutions to address the
social problems’ .
The Space serves as an exchange that links Social Entrepreneurs,
Start-Ups, Entrepreneurs and Non-Profits in Nigeria, with Angel and
Impact
Investors, Successful Entrepreneurs, Socially Conscious Private Sector
Entities, Donors, Venture Capitalists and Financiers, locally and
internationally.
ABOUT THE FUNDING SPACE
• 28 Donors, Impact Investors and Financiers;
130 Social entrepreneurs, MSMES and NGOs
participated in the 2017 Funding Space;
• 4 Conveners and 20 Partner organisations;
• 4 Plenary sessions, 6 Concurrent Sessions;
• Aspiring young entrepreneurs pitched their
ideas to potential investors;
• The Fund to support “Women’s Financial
Inclusion” was launched at the event.
Day 1 - The Opening
Ceremony
Opening Prayer
Rev. Alexander Bamgbola,
Chairman, Christian Association of Nigeria (Lagos Chapter)
Welcome Address
Chairman 2017 Funding Space, Erelu Bisi Fayemi
(Co-Founder, African Women’s Development Fund)
Welcome Address
Setting the Stage – Ms. Thelma Ekiyor
CEO, Afrigrants, Co-Convener – The Funding Space
Keynote Address:
Mr. Olukayode Pitan, MD/CEO, Bank of Industry
Special Guest of Honour
Ms. Leymah Gbowee
Nobel Laureate
Highlights from
Opening Statements
“Nigerian social entrepreneurs need to do
Business unusual, not business as usual to
address the problems in society”
“Too many entrepreneurs see their dreams die
because they lack the right information, skills
or contacts. The Funding Space hopes to
facilitate these linkages ”
“The Bank of Industry’s has funds
for SMEs but Bank does not
receive enough fundable projects”
“Poverty destroys lives
and communities. African
Entrepreneurs and non-
profits are key to
reducing the impact of
poverty”
• Nigerian innovators need support to convert their
ideas into viable businesses that can attract
investors;
• Donors and investors do not recognise that
investing in SMEs means investing in capacity
building;
• Entrepreneurs and non-profits need education on
the types of financing/funding that is appropriate
for their organisations;
• Donors, impact investors and other financiers
should design informed strategies that address the
unique challenges in Nigeria;
• Funding should be “nurturing” not “oppressive”
KEY OUTCOMES
Dr.Kelechi Ohiri
Flint Atlantic /Health Strategy
and Delivery
Foundation
Uche Cynthia Nwuka Bank Of Industry
Afolabi Imoukhuede Job Creation
& Entrepreneurs
hip
Olakunle Soriyan Olakunle Soriyan
Company
Thelma Ekiyor
(Panel Chair)
Afrigrants, Co-
Convener – The
Funding Space
Yvonne Moore Moore
Philanthropy, USA
Andrew Echono
United States
African Development Foundation
(USADF)
Prof. Abiola
Awosika OASIS
• Innovations in the tech sector are on the rise in
Nigeria. However, the government needs to
improve power supply to support the sector’s
growth;
• Investments in enhanced cyber security will lead to
more faith in internet-based businesses;
• Tech companies should work closely with social
entrepreneurs to improve access to education,
better health care, and social justice;
• Support for STEM initiatives should be prioritised
to build the next generation of tech-preneurs.
KEY OUTCOMES
Barbara
Iyayi
Rising Tide
Africa (Panel
Chair)
Sola
Amusan Microsoft
Kola
Aina Ventures Platforms
Uche
Ogboi Echo VC
David
Taiwo, Stemdot, USA
PLENARY SESSION 2: Financing Small & Medium Sized Tech-Based Solutions
• The Speed Dating lunch was a vibrant,
fun hour for participants to make the
right connection and share their ideas;
• New friendships and deals were made
during this hour;
• This hour was the highlight of the event
for many participants
SPEED DATING LUNCH
• The opportunities in Nigeria are vast. Nigerians
should explore partnerships to harness those
opportunities;
• The world is coming to Africa for investment
partnerships. Are Nigerian entrepreneurs ready for
those partnerships?;
• The Funding Space should be built as a unique
platform for investors to source credible partners
in Nigeria;
• The Funding Space should support entrepreneurs
to operate globally.
KEY OUTCOMES
Johnathan
Holifield
ScaleUp
Partners, USA
Melinda
Emerson USA
Emil Ekiyor
Enabek
Solutions, USA
THE VIRTUAL PANEL - CREATING GLOBAL PARTNERSHIPS FOR SOCIAL IMPACT
• Nigerian women are increasingly becoming
entrepreneurs. However, only 1% of women in
Nigeria can currently obtain 1% procurement
contracts. Advocacy to change this this trend is
vital;
• Women entrepreneurs face financial exclusion and
need targeted support to access finance;
• Flexible investment to support early stage
women’s businesses in important;
• More solidarity is needed among women-led
organisations to make funding environment more
“friendly” to women.
KEY OUTCOMES
Melinda
Emerson USA
CONCURRENT SESSION: Changing the Landscape: Easing Access to Funding/Finance for Women Entrepreneurs
Ms. Comfort Lamptey UN Women, Nigeria
Thelma Ekiyor Afrigrants,
Mobola Onibonoje Alitheia Capital
Olatorera Oniru Dress Me Outlet
• High youth unemployment in Nigeria has been
described as a “ticking bomb”. All donors and
impact investors should have portfolios that
address this problem;
• The N-Power scheme by the government, is an
excellent innovation that directly targets youth
unemployment . However, the scheme needs to
build broad-based partnerships to maximize its
impact;
• Bank of Industry needs to improve and increase
platforms for young entrepreneurs to access
available financing;
• Investments should be made in programmes that
mentor young entrepreneurs.
KEY OUTCOMES
Funmi
Adeyemi
Afterschool Graduate
Development
Centre (AGDC)
Panel
Chair: Mr.
Jimmy
Odukoya Executive
Director,
F.I.I.L.M
Mr. Remy
Chukwunyere Directorate for
Employment & Job
Centre,
Imo State
Adaoha
Onyebuchi
Ashoka Africa
Michael
Oye Bank of Industry
CONCURRENT SESSION: Supporting Youth Entrepreneurship & Job Creation in Nigeria
Afolabi
Imoukhuede Job Creation &
Entrepreneurship
• Start-ups were urged to take advantage of banks’
advisory services that support new enterprises;
• Banks will only support viable businesses.
Therefore, entrepreneurs should invest in
developing fundable business plans and building
organisational structures that will attract Banks;
• The Central Bank of Nigeria has several products
for entrepreneurs with low interest rates but
entrepreneurs do not seek necessary information
to grow their businesses;
• Banks should prioritize interfacing regularly with
entrepreneurs to build stronger relationships;
• Banks should provide more support to the non-
profit sector.
KEY OUTCOMES
Osaigbovo Omorogbe,
Fidelity Bank
Panel Chair:
Mr. Sam
Egube AltAssist
Limited
Yinka
Adegboye Bank of Industry
Omolara
Akinfolarin Sterling Bank
Segun
Sodimu Fortis
MicroFinance Bank
DAY 2 PLENARY SESSION: SME & BANKS Opportunities, Realities & Challenges
• Agriculture is poised to out-perform the oil and gas
industry as the highest contributor to Nigeria’s
GDP;
• More Nigerians should explore opportunities in
agribusiness. The sector can serve as a main
solution to high unemployment in the country;
• The Federal Government has several products for
for agribusiness owners, such as; Land allocation,
subsidies, and loans for equipment leasing but
these are largely not accessed by entrepreneurs;
• Impact investment in Nigeria’s agriculture sector is
increasing. Investors should simplify their
processes to encourage rural agribusinesses;
• Agribusinesses should join associations that
support business growth, e.g. the Tractor
Association of Nigeria.
KEY OUTCOMES
Folorunsho
Titilayo
Bank of
Agriculture
Mosun
Umoru
Ministry of
Agriculture
Thelma
Ekiyor
Chinwe
Asuji
Doreo
Partners
Onyeka
Igwebuike Technoserve
CONCURRENT SESSION: SUPPORTING THE GROWTH OF AGRIBUSINESS IN NIGERIA
Bukola
Awosanya Sterling
Bank
• Collaboration and Partnerships are in the Health
sector are key in delivering quality service. “Mum
and Pop Shops” cannot stand the test of time and
would not attract investors;
• Healthcare solutions are capital intensive. Donor
agencies and investors are only attracted to
solutions that show growth and profitability
potential. Therefore, health entrepreneurs should
think and function like businesses in other sectors;
• The Lagos State’s Healthcare Insurance Scheme is
a good avenue to foster SME, investors and
government collaborations;
• Health practitioners are not necessarily natural
entrepreeurs. Capacity building for aspiring health
entrepreneurs is vital to the growth of the sector.
KEY OUTCOMES
Dr Jide Idris
Honourable
Commissioner
of Health
Lagos State
Dr Nneka
Mobisson mDoc
(Panel
Chair)
Fola Laoye
West Africa
Investments
Investment
Funds for
Health in
Africa
Dr Tunde
Ayeye
International Facilities
Services (IFS)
Fisayo
Okunsanya
PharmAccess
Nigeria
CONCURRENT SESSION: Assessing the Health Financing Landscape
• Nigeria is ranked amongst the poorest countries in
the world in terms of Renewable Energy. The
potential remains largely untapped;
• Entrepreneurs should explore the lucrative
opportunities in the renewable energy sector,
especially for rural communities;
• A variety of funding opportunities are available for
entrepreneurs in renewable energy but the
number of fundable projects are limited;
• Donors and investors should deliberately support
the growth of the sector by investing in training
aspiring entrepreneurs;
• The renewable energy sector is male dominated.
Donors should support women entrepreneurs in
the sector.
KEY OUTCOMES
Andrew
Echono United States
African
Development
Foundation
(USADF)
Panel
Chair:
Hon. Iniruo
Willis
Ifeoma Malo
Power for All Wiebe
Boer
All On
Dr. Patrick
Tolani
CESEL-
RENEWVI
A Solar
Nigeria
Limited
CONCURRENT SESSION: Financing Small-Scale Renewable Energy Solutions in Nigeria
• Statistics showed that the highest number of out-
of-school children are in Nigeria, (Fifteen million),
with Three Million in Lagos State;
• Edupreneurs find it difficult to access the grants
available in the education sector;
• The policy environment in Nigeria is stifling for
edupreneurs. Advocacy to governemnt to make
the sector receptive to entrepreneurship is
necessary;
• Impact investors and donors should guide
edupreneurs on how to access financing;
KEY OUTCOMES
Marica
Rizzo Acumen
Fund
Meghan
Curran,
Acumen
Fund
Bertil
Van-Vugt VC4A
Dr
Bunmi
Oyinsan Lekki
Peninsula
Affordable Schools
Emmanuel
Iruobe Dalberg
CONCURRENT SESSION INVESTING IN AFFORDABLE AND ACCESSIBLE EDUCATION
Panel
Chair:
Prof.
Abiola
Awosika OASIS
• Most players in the creative industry are
passionate and talented but lack business acumen.
Therefore, actors in the sector should build their
entrepreneurial skills;
• Nigeria’s creative industry has become world
renowned. However, players in the sector face
challenges accessing adequate finance for their
projects;
• Nigerian filmmakers and storytellers should
develop projects that depict the postive attributes
of Nigeria;
• The Funding Space should develop an “industry-
specific” platform for donors, investors and
Nigeria’ creative industry.
KEY OUTCOMES
CREATIVE INDUSTRY SESSION
WHAT DONORS AND
INVESTORS ARE LOOKING
FOR
CHOOSING THE RIGHT INTERNAL GOVERNANCE STRUCTURES & PARTNERS
SMALL GROUP TRAINING SESSIONS
Participants’ Feedback
Participants’ Feedback
“There are different types of funds available for the different stages of my business’ growth”
“The awareness that contrary to my prior perceptions, there is funding available for my ideas. I have to develop the appropriate systems and business models to access the funds”
“I learned how to write a good proposals; how to identify the right investors; and how to access indigenous financing"
”I learned more about what donors and funders are looking for? They need to know who I am, my track record and expertise to implement my ideas”
“I learned about good opportunities available in the healthcare industry”
“I learned how to interpret the Business Model Canvass”
“I learned that there are opportunities in the renewable energy sector…. I will explore!"
“The most helpful information was that I need to develop and maintain a good accounting system. This would show potential investors that I am accountable”
• All the sessions highlighted the importance
capacity building for SMEs and non-profits to
access funds;
• There should be thematic platforms organised by
the Funding Space with investors and donors;
• The Funding Space should not be organised only in
Lagos. Regional platforms such as the Niger Delta
should be organised;
• Specific funds should be set up by the Funding
Space to support aspiring entrepreneurs and early
stage businesses;
• A Fund for Women to facilitate financial inclusion is
an urgency;
• The Funding Space should facilitate global
partnerships for Nigerian SMEs and non-profits
Summary of the Event’s Outcomes
Mrs. Doris Mbadiwe Co- Founder Afrigrants Resources delivering the
Closing Remarks and Vote of Thanks.
Thanks To All Our Partners And Contributing Organizations
