Stanbic IBTC Bank, a member of Standard Bank Group, has continued with its partnership with the Founder Institute Lagos to support entrepreneurs using technology to solve some of the continent’s most pressing challenges.
Founder Institute recently held the first online graduation ceremony, tagged, “Velocity Mini” to celebrate the Cohort II graduates who have passed through a 14-week hard core, Navy-seal type curriculum programme.
According to the statement, the Velocity Mini is the digital version of the Velocity Conference held at the end of every Cohort, to honour founders that successfully scaled through the Programme.
“Twenty-three portfolio companies who have gone through this programme will now be launching new technology-based companies and Stanbic IBTC helps the tech start-ups with the structure, feedback, and support network needed for success,” it said.
Speaking about the event, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, said that the partnership with the institute aligned with the core of Stanbic IBTC’s existence as a business.
He noted that Stanbic IBTC provides opportunities for entrepreneurs to have access to market and veritable partners they need to scale up their businesses. He encouraged the development of ethical value propositions by entrepreneurs as the way to thrive in a highly competitive market place.
Adeniyi also pointed out that the partnership reflects the company’s strategic drive for growing Africa in line with its purpose statement, which reads: “Africa is our home and we drive her growth.” He assured the newly graduated entrepreneurs of opportunities to connect with partners, angel investors as well as the Founder Institute mentors, to grow their businesses.
Ayowande Adalemo, Lead Director, Founder Institute, stated that the Founder Institute pre-seed programme is based on its interest in developing idea-stage entrepreneurs, as well as creating a support network of experienced start-ups and ecosystem leaders as mentors.
Addressing the graduates, he said: “You can come into the system with a loosely formed idea, but after the 14 weeks, you will be graduating as a CEO with a company that can go global and a network that money cannot buy.”
The programme has come to be known as the Stanbic IBTC Founder Institute, Lagos Cohort, following the institute’s partnership with Stanbic IBTC Bank.
Founder Institute, as the world’s largest pre-seed start-up accelerator, provides high-potential entrepreneurs and teams with the critical support network and structured process needed to build an enduring company. It has supported over 4,300 companies across more than 200 cities in six continents and is presented in nine different languages. In total, the Founder Institute Alumni have raised over $950 million and are worth an estimated $20 billion.