Located at the ALF-provided facility in Ikeja, Lagos State, the Wennovation HubTM expects to train up to twenty-five entrepreneurs within each funding window starting from first quarter 2011 (each funding window is to run from 9-24 months).
ALF and LoftyInc will also serve as co-managers of The EDGE Fund which is expected to take equity stake in incubated businesses, and generate above market rate return to private sector and developmental partner investors.
Mentors to assist in managing the program and shepherding the incubation process will be trained in the Monterey Institute of International Studies, California and will be in Nigeria as soon as the program is launched.
Pathways to Innovation
Wennovation Hub provides five main services to startups and existing entrepreneurs:-
- 1) Access to full office support
- 2) Access to business consultants and professionals
- 3) Access to mentors (Technical and Business mentors)
- 4) Strategic management Advice
- 5) Access to funding
Our programs are divided as follows to meet the various needs of startups and entrepreneurs:
-Short impact Programs: This caters for entrepreneurs whose need does not include all of the five listed above. They are:
- i. Wenno Consulting-- Bi-weekly first time complimentary consulting and low-cost follow-ups for start-ups at various stages of development.
- ii. Wenno Space-This service help provide business with full office support internet access, stationaries, classrooms, seminar rooms, workstations, boardrooms e.t.c.
- iii. Wenno pad- This is a 4 bed , 3 bedroom apartment just outside ikeja, lagos. It’s meant for development lockdowns, in-house retreats and temporary accommodation for business teams that have such needs.
-Long Impact Programs: This provides all the five services to the entrepreneurs and startups. The programs here include:
- i. Wenno Camp - The pilot phase of the full-blown process is targeted at higher education teams of student entrepreneurs wanting to build marketable products, and float a business to monetize such. The Wennovation Cycles will succeed this pilot program, and will expand beyond the higher education demographic.
- ii. Wenno platform - This program provides established early stage technology entrepreneurs with ongoing project pursuit, follow-ups and execution support as well as expansion space and network to grow their business.
- iii. Wennopreneure-In-Residence: Our one year corporate social responsibility program for entrepreneurs who are challenged and can exchange their skills to add value to us while they get a wavier on the fees that help them build their business at no cost.