During the 2023 ARM Labs Lagos Techstars Accelerator Demo in Lagos, Oyin Solebo, the Managing Director of ARM Labs Lagos Techstars, announced the successful connection of 12 startups with investors. These startups underwent a rigorous 13-week accelerator program facilitated by ARM Labs Lagos Techstars.
The accelerator program, a collaboration between Techstars and ARM Labs, aims to support early-stage startups in building sustainable businesses and connecting them with potential investors. According to Solebo, the program focuses on providing startups with the education and knowledge necessary to develop sustainable business models. As a result, many startups have seen significant improvements, including changes in their business models and revenue multiplication in a short period.
Solebo emphasized the importance of building businesses that can attract investment by showcasing positive contribution margins and demonstrating the potential for expansion. Investors are keen on understanding a company’s profitability after covering variable costs, as well as assessing customer acquisition costs versus customer value.
In addition to providing mentorship and networking opportunities with investors, the program aims to equip startups with the skills and knowledge needed to improve their businesses. Sadiq Mohammed, the Deputy Group Chief Executive Officer of ARM Holdco, highlighted the program’s role in offering investors insights into emerging opportunities in the startup space and providing clients with opportunities to invest in promising startups.
The ARM Labs Lagos Techstars Accelerator serves as a platform for startups to receive guidance, mentorship, and access to capital, ultimately facilitating their growth and success in the entrepreneurial ecosystem. Through initiatives like this, startups are empowered to innovate, create sustainable business models, and contribute to economic development.
