Group urges FG to create enabling environment for startup ecosystem
The Convener of StartupSouth Enterprise Development LTD/GTE, Mr Uche Aniche, has called on the State and Federal Governments to create an enabling environment for the startup ecosystem to thrive.
Aniche made the call on Monday, during the opening of a two-day summit, organised by StartupSouth for the ninth edition of the technology and business innovation conference in Port Harcourt.
He said that startupSouth is a community of an ecosystem development and advocacy group with a goal to inspire and support the emergence of the various thriving startup ecosystems within the South-South and South-East of the country.
He said that the StartupSouth-9 conference was organised in partnership with Xend Finance, MainOne and Zoho.
Aniche also said that the event, tagged “Deep & Broad: Extending the Frontiers of Technology and Economic Development,” was aimed at bringing young and older people together to expose and inspire them to think and build bigger creative tech solutions.
He stated that the aim was also to make the platform a basis for economic growth and to drive poverty away from the country.
Aniche also advocated that the states initiate steps to domesticate the country’s Startup Act.
According to him, the National Startup Bill was assented to by President Muhammadu Buhari and the next step is for the 36 states to domesticate it.
He also called on the two tiers of government to review their policies on taxation, in order to end multiple taxation and woo investors to the country, especially on start-up businesses.
He said that the law provides some level of funding access for start-ups, using certain mechanisms, among which is tax waiver for people who invest in startups.
“This makes it possible for more people to become interested in investing in startups.
“There are grants and educational development part of this law.
“So, if the states do not domesticate it, it becomes difficult for their residents to benefit from its impact,” Aniche said.
He, therefore, called on the government to invest more in the startup ecosystem so that the country would not become obsolete in the global system.
Aniche said that the startup had done about $8 million dollars in terms of rating within the South-South region.
“This feels like a far cry from a total pool of what is available to Nigerians and globally,” Aniche said.
Mr Ugochukwu Aronu, the Chief Executive Officer of Xend Finance and Asset Chain, one of the sponsors of the conference, said the organisation got about 150 innovators for the Hackathon Pitching competition, where 12 persons were selected.
He also said that the contestants pitched Real World Asset Solutions using Asset Chain, which had 10 finalists competing for grants of about $10,000 dollars.
“Within the 10 finalists, Eden Finance emerged the winner and took home the grand prize of $1,000, while Safe Launch and FLLOW, which came second and third, received $750 and $500, respectively.
“The prize is intended to encourage participants to continue building creative solutions,” Aronu said.
He said that his organisation would continue to support young Nigerians to be more creative and move the country forward to tech and start-ups.
