Workspace Vouchers support the highest potential founders and/or startups in Lagos State at the very early stages of their ventures (ideation to very early revenue) by facilitating access to well-equipped workspaces and learning.
To help defray the cost of accessing high-quality infrastructure, Lagos Innovates will cover 30% to 75% on average of membership costs at any of our Partner Hubs for 3 to 12 months. The value of the award varies by stage. Partner Hubs are listed below.
To ensure that this benefit goes to the most promising founders and highest potential startups, the application and allocation processes are competitive and merit-based.
> Your venture stage is anywhere from ideation to very early revenue. This means that it is either not yet incorporated, or it was incorporated less than one year from the date of your application for a Workspace Voucher.
> Your team is small and does not include any paid staff. You are a team of co-founders.
> You do not generate monthly revenues of more than one million naira.
> You have never received any third-party capital for your venture; this includes grants, equity or debt.
Selection Process and Criteria
• Your online application will be judged entirely on its merits, subject to your meeting the eligibility criteria for a Workspace Voucher.
• Applications will be scored by a panel of judges from within the Lagos startup ecosystem, taking into account four criteria:
(1) market opportunity,
(2) strength of the entrepreneur/co-founding team,
(3) progress or traction to date, and
(4) strength of recommendation by a credible third-party.
• The maximum possible score is 100 points, and Workspace Vouchers will be allocated to the highest scoring ventures subject to a minimum threshold score of 50 points, until the available vouchers for a particular period are exhausted.
• It is possible to score 50 points without a third-party recommendation, but this is a good way to increase your score. Ideal referees are recognised experts from within the Lagos startup ecosystem (for example, successful founders, investors with notable track records, hub/incubator operators, etc.) who know you/your co-founders and your venture well and can provide genuine insight about your potential.