Known as FastForward Student Innovation Fund, the fund seeks to invest in INNOVATIONS started by current students and recently graduated students (up to 3 years).
Innovation is highlighted above because the fund won’t invest in anything short of that. The fund will be used to invest in tech-enabled innovations, not just software, apps or Internet startups.
“There are other opportunities to fund regular startups and business ideas, FastForward is focused on next big innovations,” said Opeyemi.
The fund will invest between NGN250,000 and NGN2,000,000 in selected innovators, taking equity of no more than 25% for the cash.
Aside the cash investment, the innovators will receive advice, expertise and connections to help these businesses grow with the help of a network of part-time partners.
Students that are building innovative and tech-enabled in consumer tech , health, power, clean water, education et al, should apply right away!
“Our mission is to help you achieve global relevance and success,” Opeyemi added.
Opeyemi Awoyemi and his co-founders started Jobberman while they were students in the University, and it makes perfect sense that he has launched this fund – students will be provided with funds to bring their Jobberman- or SpaceX-esque innovation to life and create value for all Nigerians.
The NGN200 million innovation fund was raised from alumni of specific universities, high networth individuals, private equity companies and supported by the Federal Government of Nigeria. It is managed by Investment One.