Africa’s leading hub for creativity and innovation, Madhouse, concluded its inaugural Lens-Based Incubation Programme on June 28th by awarding $10,000 seed funding to the winner of its Demo Day pitch competition. In partnership with the University of Lagos, Madhouse created this program to equip African creative professionals with essential business skills necessary to develop profitable ventures.
Africa’s creative industry contributes 1.42% to the continent’s GDP but faces challenges such as inadequate funding, intellectual property protection, and limited training support. Initiatives like Madhouse’s program are significant in addressing these issues. For instance, Afreximbank announced a $500-million Creative Industry Support Fund in 2020 and the African Development Bank extended a $170 million loan to digital and creative enterprises in Nigeria in late 2021.
The Nigerian government prioritizes the growth of the creative and cultural sectors through the Destination 2030 agenda. Madhouse plays a key role in addressing these challenges by offering a fertile ground for creativity, business training, and $10,000 seed funding for creative entrepreneurs. This funding aids in scaling businesses globally, creating employment opportunities, and fostering significant economic growth.
The winner of the LensBIP demo day pitch competition was AfrikoHub, an AI-powered platform connecting businesses and creators with Afro-centric content. Tunde Raphael, Founder of AfrikoHub, expressed his gratitude for the programme, stating that it pushed his team to deliver and provided practical insights from successful creative entrepreneurs.
Participants of the Lens-Based Incubation Programme benefited from mentorship by industry leaders such as Kola Aina, Ojoma Ochai, Adaora Mbelu, and others. They received training in investment readiness, ideation, design thinking, product development, creative business models, and legal considerations. Access to Madhouse’s state-of-the-art facilities provided an environment conducive to innovation and collaboration across diverse creative disciplines.
For more information about Madhouse and its initiatives, visit www.tikeraafrica.org. Madhouse, Africa’s premier laboratory for creativity and innovation, is dedicated to nurturing African creative and cultural innovators through comprehensive programs, empowering aspirants to transform ideas into globally successful enterprises.
