The Dutch Entrepreneurial Development Bank, FATE Foundation, Netherlands Enterprise Agency, and the Netherlands Consulate-General in Lagos recently organized the Capital Unleashed Roundtable, aiming to foster innovation and entrepreneurship in Nigeria.
In a statement, the organizers emphasized the pivotal role of young entrepreneurs in driving innovation, economic growth, and sustainable development in the rapidly evolving world. They highlighted the importance of boosting access to capital for young entrepreneurs, whose ideas and ventures hold the key to addressing societal challenges and creating opportunities for a brighter future.
The event underscored the Netherlands’ commitment to addressing the financing needs of young entrepreneurs in collaboration with stakeholders in the Nigerian ecosystem. It aimed to create pathways for growth and sustainability while propelling Nigeria’s innovation ecosystem to new heights.
Geoffrey van Leeuwen, the Minister for Trade and Development Cooperation of the Kingdom of The Netherlands, emphasized the significance of accessible finance in Nigeria’s emerging startup ecosystem. He highlighted the importance of forging partnerships among government institutions, banks, venture capital funds, development organizations, and young entrepreneurs to drive tangible outcomes in entrepreneurship and innovation.
The objective of the event was to initiate and develop ideas for new financial products that can bridge the early-stage financing gap, ranging between 50,000 and 250,000 euros. This initiative builds upon previous Dutch initiatives in Nigeria, such as the Orange Corners Innovation Fund and finance provided via FMO subsidiaries.
Despite Nigeria’s vibrant entrepreneurial landscape, many startups struggle to secure the necessary funding to scale their ventures beyond the initial stages. Access to finance remains a significant barrier for budding entrepreneurs, particularly in the pre-commercial phase, hindering economic growth, entrepreneurship, and innovation across various sectors.
Adenike Adeyemi, the Executive Director of FATE Foundation, expressed excitement about the collaboration between the Netherlands and Nigeria to accelerate access to growth capital for young entrepreneurs. She highlighted how this initiative aligns with FATE Foundation’s commitment to fostering job creation, and innovation, and addressing finance gaps, ultimately propelling Nigeria’s startup ecosystem to new heights.
