US Embassy Abuja, NITDA and AfICTA host GistTech Connect: Knowing When To Seek Capital and When to Bootstrap


GistTech Connect is an event that brings together Tech startups and in an interactive forum, equip them for funding and sustainable business. The 'gist' centred around how to brand, register, trade mark or patent ideas to be attractive to Angel Investors, and venture Capitalist away from self-financing that is common in Nigeria.

Experts who facilitated the interaction include the Economic Counsellor of US Embassy Abuja, Alan R. Tousignant, and also a representative of the Director General of NiTDA, Technical Assistant to the DG, Mr. Chuks Onuoha and the indefatigable Chris Uwaje (FNCS) was also there to tackle questions intelligently.

The need for Tech Start-ups to have a go-to-market strategy, have business plan, have a process sustainability plan, understand Intellectual property rights, craft a strategy, legally register it for growth was at the front burner.

Questions from participants ranged from the role of Bank of Industry in providing funding. How they facilitate ideas from Computer science students in Nigeria and what NiTDA is doing to educate local investors.

Answers had NiTDA promise that 2016 will be a year of many unveilings particularly in areas of Tech start up database, amongst other things.

Recommedations were:
Tech Start ups must understand that their field is "intangible" to the Bank of Industry (BOI) procedure and we need to get the process template of Intellectual Property in Nigeria and legislate it. In the mean time, Tech startup were advised to set up as a problem solving tech product or idea and take advantage of world class opportunities of funding. To do this, they were advised to register and protect their ideas outside Nigeria as well.

The forum explained that the aim was to connect Nigerian Innovators to venture capitalists.

Organisers were US embassy, National Information Technology Development Agency (NITDA),  and Africa ICT Alliance (AfICTA). Other speakers were to be Presidio Partners - a venture capital firm located in Silicon Valley and Ingrid Vanderveldt, founder of Empowering a Billion Women by 2020 (EBW2020). The idea was to  help Techpreneurs know when to seek capital and when to Bootstrap. This event which held at the US Embassy Abuja on Tuesday, Nov 17, 2015 is a welcome idea indeed. 

Enjoy more photos!


With Dr Uwaje and Mr Olu Joseph

With Mr Olu Joseph
Jenny's CEO Blog covered the event courtesy of AfICTA and Mr. Olu Joseph of Wallet Solutions Ltd.