Events

Founder Institute Directors, Mentors And Founders, Get Together, Sequel To The Commencement Of Cohort 2

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The Directors of Stanbic IBTC Founder Institute, Lagos, held a get cocktail party, for its mentors and the in-coming Cohort 2, on Sunday, February 2, 2020, at the GoDoHub Hall, 53, Oladipo Bateye Street, GRA, Ikeja, Lagos. The event was tagged; “Founder Institute Lagos VIP Mixer Party”,

Cross-section of the founders in cohort 2

Present at the event, were the five Directors of Stanbic IBTC Founder Institute, Lagos, namely; Chukwuemeka Fred Agbata Jnr., who is, also, Founder Institute Regional Director and Co-Founder, GoDoHub; Ayowande Adalemo, Stanbic IBTC Founder Institute, Lagos Lead Director, who is, also, the CEO, Wave3 Wireless; Oluwarotimi Fasuyi, who is, also, the CEO, VasDigiMobility: Ifedy Eze, who is, also, Co-founder, Maisematrix Consulting: and Bola Omofaiye, who is, also, Country Head, West and Africa, at Somfy.

Mentors, who attended the cocktail party include Simeon Ononobi, CEO, ThankUCash; Atul Kshetry Managing Director, Hoesch Pipe Mills (Nig) Ltd; David Adebayo, Head, Distribution and Supply Chain Banking, Stanbic IBTC; Charles Uche Emembolu, CEO, Crestsage Limited, Olamide Afolabi, CEO Sanwo; Ife Olatunji, Founder, Metamorph; Shehu Umar, Director WattlinQ and host of other mentors.

Cross-section of some of the mentors

The welcome speech was given by Chukwuemeka Fred Agbata Jnr. “CFA” who introduced the other directors and the mentors and gave brief rundown on what the founders should expect, during the 14 weeks that the program will last.

Ayowande Adalemo, Lead Director, Stanbic IBTC Founder Institute, Lagos, gave a brief history of the Founder Institute.

Ayowande Adalemo, Lead Director, Stanbic IBTC Founder Institute, Lagos

He stated that Founder Institute started about 10 years ago, stressing that going through the FI program is quite challenging, but it is profitable in the end.

Ayowande disabused the minds of the incoming Founders for Cohort 2, from thinking that the program is all about accessing funds.

“It’s all about you and not your idea. If you have excellent values, you can build any idea into a business”, Ayowande explained.

He concluded by stating that Founder Institute, has a 72% success rate in business, by Founders who have passed through the FI experience.

Speaking at the event one of the FI mentors, Simeon Ononobi, CEO, ThankUCash, gave the Founders three things to hold dear, while looking forward to start the program. These are as follows:

  • Be realistic. start from scratch
  • Find that one customer that will give you your first cheque
  • Nobody funds ideas, but execution

Another mentor, Olamide Afolabi, CEO Sanwo, who gave them these tips:

  • Tap the experience at the FI program. FI will transform and renew your mind
  • Processes matter. Do not cut corners

Ife Olatunji, Founder, Metamorph, another mentor, gave the following tips to the Founders:

  • A major problem of Founders is the Founders’ bias. Do not be too rigid on your ideas, Be flexible
  • The experience is worth it

Charles Uche Emembolu, also, a mentor gave then the following tips:

  • Learning to build a product, or, service is what is paramount and not the raising of funds
  • He stated that, the Founders may not complete the program, but they should take the lessons and run with it.

Another mentor, Atul Kshetry Managing Director, Hoesch Pipe Mills (Nig) Ltd, on his part, gave the following tips:

  • Nigeria is a country of opportunities
  • Be creative, be hardworking and be sincere
  • Where there is a shortage, there is, opportunity and where there is, opportunity, it needs to be tapped

Shehu Umar, Director WattlinQ, who is, another mentor, gave the following tips:

  • Adapt and execute your ideas. That’s the only way you can make progress.
  • Create value for the Customer

David Adebayo, Head, Distribution and Supply Chain Banking, Stanbic IBTC, on his part stated that:

  • People underestimate the quantum of knowledge they are supposed to have, about the industry they intend to invest in, so, they do not read. As a Founder, you should read extensively and understand your line of business, inside out.
  •  We are not ambitious enough. Be ready to put in the work.

It was a night of dancing and networking and getting to know one another. In all, 44 Founders are billed to commence with Cohort 2, for the 14-week program, out of a total of about 300 that applied.


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