SME100 Africa, an African SME community with a mission to empower young African entrepreneurs to scale their businesses, recently organized the Lagos small business summit 6.0.
The event gathered business executives across the country and Africa to mentor young African businesses.
The theme of the Lagos Small Business Summit held over the weekend, at Terra Kulture, Victoria Island, Lagos is titled: “Next frontier of innovation and leadership”, and for 6 years, SME100 Africa has empowered and grown businesses in Africa and Ultimately, Nigeria.
One of the panellists, Seyi Tinubu spoke about the importance of embracing technology. He stated that: ” Tech companies have opened our eyes to see that the market has changed. The billboards are not entirely a bad idea but, an entrepreneur should leverage Instagram, websites and all other online media”
“Statistics has it that over 17.5 per cent GDP 2020 was from tech startups.
“Technology is here to stay, it is the future. If you do not build your business on the foundation of technology, then, you won’t tap into the goodness which is embedded in the ecosystem, added Tinubu.
However, Fade Ogunro highlighted the importance of positioning oneself to attract funding for one’s business or idea.
One of the highlights of the event is the one million naira business funding. For this competition, over one hundred entrepreneurs applied for this opportunity. After due diligence, 37 entrepreneurs emerged and competed for the one million business grant.
After the first round of the pitch competition, 6 finalists emerged and, Damilola Soyombo was declared the overall winner of the competition.
Asides from the money prize that was given to the winner, Seyi Tinubu, a venture capitalist also gave the 6 finalists the sum of Five hundred thousand naira, while, Fade Ogunro of Bookings Africa gave them one hundred thousand naira each.