Access to quality workspaces fully equipped with infrastructural facilities such as the internet, power supply, and other conveniences make for an enabling environment where founders of young startups can think creatively and innovate with minimal distractions.
With this in mind, Lagos Innovate launches Workspace Vouchers to support the most promising founders and/or startups at the early stages of their business with operations in Lagos State, providing them with access to well-equipped workspaces and learning.
To help meet the expense of accessing high-quality infrastructure, Lagos Innovates will cover 30% to 75% on average of membership costs at any of its Partner Hubs for 3 to 12 months, to help selected founders/startups meet the expense of getting access to first-rate infrastructure.
Since the application and allocation processes are highly competitive and based on merit, only the highest potential founders/startup might benefit from this program.
What are the requirements?
You qualify for a Workspace Voucher if
- Your startup is in its early stage from ideation to very early revenue stage, meaning that it is either not yet incorporated, or it was incorporated less than one year.
- The size of your team is small (only co-founders) with no paid staff.
- You do not yet realize monthly revenues of over one million naira.
- You have never secured any third-party capital for your startup, including equity, debt, or grants.
Process of selection
- Participants’ online application will be judged based on merits, subject to their meeting the eligibility criteria for a Workspace Voucher.
- Applications will be reviewed and scored by a panel of judges from within the Lagos startup ecosystem, considering four parameters: (1) market opportunity, (2) strength of the co-founding team, (3) progress achieved or traction to date (4) strength of recommendation by a credible third-party.
- The maximum possible score is 100 points, the highest-scoring startups within the minimum threshold of 50 points and above, will be awarded and Workspace Vouchers, until the available vouchers for a particular period are exhausted.
- Although startups can score 50 points without a third-party recommendation, however, this is a good way to increase your score.
Note that ideal referees include respected founders, investors, and other experts with notable track records within the Lagos startup ecosystem who know you, your co-founders, and your venture well enough to give a good recommendation.
If you’re interested in applying for the Lagos Innovate Workspace Voucher program 2021, click here. Application closes on Friday, January 29, 2021.
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