Frequently Asked Questions (FAQs)
What is the difference between the Ideas Lab and the Wennovation Hub?
None. Wennovation Hub™ is the brand name for the Ideas Laboratory operated by the I-3 partners.
What are cycles?
These are distinct windows for training, mentorship, development and funding of successful applicants to the Wennovation Hub platform that coincides with sessions. They are identified using military signage: alpha, bravo etc. For the pilot program focused on higher education sourced entrepreneurs through our Wennovation Camp program, the cycles will be denoted by serialized decimal numbers i.e. 1.0, 2.0 or 2.1 etc.
Is Application free?
Applying to the program is free. Applicants will be screened and interview and on success may be required to pay a minimum participation fee depending on which path they are pursuing within the program. Wennovation Consulting is complimentary for first-time participants.
Why are applicants sometimes required to pay?
Program sponsors are committing enormous resources to this platform. In order to ensure time and material commitment, they have required participants to pay this participation fee to gain buy-in
How long will the program last?
Usually most participants in our programs sign up for a minimum of 3-12 months depending on their need. Wennovation Platform members obtain renewable membership status in our eco-system.
What is the time commitment required?
We expect your time commitment to your business and/or idea will be 110%. No weekends, no public holidays, no vacations. Starting and running a business is a life of commitment. We require the same commitment from you while participating in our program.
Will the facility be opened 24-7?
No. The facility will be open for use between 8am and 4pm daily. However, when the facility is closed, participants will continue running their businesses from every space possible including in buses, hotel lobbies, beach front hut, fast food cafes and even their brains!
Do I need a business plan to apply?
No. More than a business plan or a brilliant idea, we need an inquisitive mind, a willing spirit and a committed person. Of course, having all of these and a plan is a plus.
What skills do I require while in the program?
Determination. Determination. Determination. Need we say more? Well, you also must be ready to work with others collaboratively. Be prepared to have you ideas die, change or be reborn! Our program is open to everyone with or without formal education provided they are computer literate. Computer literacy is just a requirement to succeed within our technology intensive program!
What services will be provided by hub operator to incubated businesses?
Everything from management consulting to networking and contacts; LoftyInc will also provide legal and finance structuring assistance to businesses that require it. LoftyInc will also provide access to our network of potential funders for businesses that qualify. We promise access, but also refuse to spoon feed our entrepreneurs.
What is LoftyInc getting in return for these?
Ten percent (at least most of the time); that is not a joke. Every business that is incubated through this program will be incorporated with ten percent ownership ceded to LoftyInc Allied Partners Limited or some higher percentage of royalty from sales. LoftyInc shall reserve the option to exercise sales or acquisition rights in firms incubated; and may obtain greater influence on management via investments from funds under management.
We guarantee an energizing working environment and an enterprising bunch to work with. Otherwise, the success or failure of your ideas, business or operations depends solely on you and your ability to work with others as a team: collaboratively.
Where will the investment funds come from?
Program participants will be able to access funds from loan pools arranged by the partners (Africa Leadership Forum & LoftyInc). Also, the LAGOS ANGEL NETWORK and PROPOSED EDGE Fund will provide equity investments (raised from private investors) to incubated business. In the future, a global fund will also provide matching investments in firms incubated through our program.
Do I need to innovate?
Yes. But innovation comes in various forms. Design, marketing/sales and packaging innovation are a few. However, we focus on high impact innovation i.e. cost effective innovation, which is the innovation that results in highest level of employment, productivity and social impact using the least capital investment. In other words, more for less is our watchword.
Who are your partners?
We pride ourselves in developing the deepest and widest network of partners bar none in the business. We draw advisors from every walk of the business world, mentors from the brightest minds in Nigeria (Home & Diaspora) and relationships with global brands (like Google Africa, Samsung etc.) and institutions (in Nigeria, United Kingdom and USA).
Now let us innovate our way to prosperity!