The Launch Lab: The Hive Incubator launches a startup incubation Program in Akure

The Hive Incubator, a groundbreaking initiative aimed at transforming Akure into a thriving hub for innovation and entrepreneurship has launched with the debut of a startup and SME incubation program, The Launch Lab.

Inspiration Behind the Program

In many parts of Nigeria, Lagos especially, building startups to solve problems within the country has become a constant thing, especially among young minds, with valuable purposes and huge results. However, the opportunities to do such aren’t enough in Akure despite the immense potential untapped in the city; the incubation program was born out of a desire to meet these needs on a huge scale.

According to the Co-founders of the firm behind this program, The Hive Incubator, The Launch Lab is designed to boost local talent, foster economic growth, and position Akure as a key player in Nigeria’s burgeoning startup ecosystem. “We launched this program to boost innovation and entrepreneurship in Akure, an emerging startup ecosystem. The idea is to build a community of young and thriving businesses.” said the program’s founder, Adegbulugbe Folajomi. “By supporting local talent, we aim to transform ideas into viable businesses, boosting the local economy and creating jobs.”

Adegbulugbe Folajomi – Lead and Co-founder, The Hive Incubator

What to know about The Launch Lab

The Launch Lab is a 3-tier program, starting from applications open to early-stage startups and SME builders from diverse sectors. Their submissions are reviewed based on the uniqueness of the idea, market potential, scalability, profitability, and team strength. Shortlisted startups pitch to a panel during a main-day event and the top 5 receive up to N3 million in benefits, including equity funding and the chance to be part of the program’s inaugural cohort.

Omotayo Oreoluwa – Co-founder, The Hive Incubator

The program will focus on two key areas: innovation and technology, and scalable, profitable businesses. “We want to support entrepreneurs who use technology to solve everyday problems or have innovative approaches to common business ideas,” Omotayo Oreoluwa, Co-founder of The Hive Incubator explained. “Our goal is to back businesses with high market potential, with Akure being a suitable playground.”

Startups accepted into the program will benefit from immense mentorship by industry experts, funding opportunities, access to co-working spaces, technical resources, and essential business tools. The program is establishing a dynamic hub in Alagbaka, Akure, equipped with state-of-the-art facilities including a football field, classroom, conference room, boardroom, and multiple workstations. The hub is already attracting several businesses, further enhancing the entrepreneurial community.

How to participate and benefit from The Launch Lab

The first cohort application has closed on August 11th however, aspiring entrepreneurs and startups from diverse sectors in Akure are invited to attend this groundbreaking incubation program on 30th of August 2024 at The Hive Incubator, Alagbaka Akure. Registration to attend is via https://bit.ly/thehivelaunchlab.

On the day, Applications will be evaluated (on merit), and the most promising startups will receive the resources, mentorship, and support needed to turn their ideas into successful businesses. The attendees also stand a chance of benefitting from other amazing opportunities to be provided currently and in the near future by The Hive Incubator.

To participate or apply for upcoming programs from The Hive Incubator, further details are found on http://www.thehiveincubator.com and email inquiries can be sent to hello@thehiveincubator.com or Folajomi@thehiveincubator.com

HYPE EMPIRE Co-founders at The Hive Hub, Alagbaka Akure

This is the first program of its kind in Akure, and while it is new, it is backed by years of experience in building startups across various industries. The team is committed to continuous improvement and adaptation to ensure long-term success.

“The Hive Incubator is an answer to one of the long-term prayers for Akure Entrepreneurs and we’re sure it’ll yield massive results in the long run.” says Samuel A. Oyebode (also called Saamu Eleja), the CEO and Co-founder of HYPE EMPIRE, a PR partner of The Hive Incubator.

The support for incubated startups will not end with the program; these businesses will become portfolio companies and continue to receive access to the hub, events, and mentorship.

While the current focus is on developing Akure’s startup ecosystem, the program aims to codify its success model and share it with entrepreneurs and ecosystem leaders nationwide.