The Director General of NITDA, Mallam Kashifu Inuwa, announced that the economy has seen an influx of over $4 billion in investments thanks to Nigerian StartUps.
Inuwa spoke at the Innovation Support Network (ISN) 2023 annual summit with the theme: ‘Unlocking Potential: Collaborating for Growth and Impact’ In Abuja.
Based on the provided statistics, it was highlighted that Nigeria hosts over 3,000 startups, a figure that appears relatively low given the country’s sizable population of 200 million.
He stated that the selected theme for the gathering was not only apt but also underscored the fact that collaboration was a new innovation that provided a competitive advantage in all areas of socio-economic activities.
Inuwa extolled ISN for their consistent efforts in organising this annual event, highlighting the irreplaceable contribution they provide to the development of the tech innovation ecosystem.
He also conveyed his best wishes to ISN for the successful launch of ‘Omniverse,’ the premier ecosystem platform for technology, innovation, and connected industries on the African continent.
According to the Director General, this initiative holds the potential to create lasting collaborations, forge valuable connections, nurture a sense of community, and produce content that will drive the entire ecosystem to expand investments and share knowledge for a positive, enduring influence.
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Inuwasaid: ‘The inauguration of the Omniverse is a testament to your collaborative efforts with relevant stakeholders in the ecosystem.’
‘This annual gathering of tech innovation ecosystem stakeholders comprising researchers, creators, innovators, investors, regulators, and tech enthusiasts, provides a profitable platform for nurturing ideas into industry-changing products, services, and business processes.’
‘Stakeholders also have the opportunity to network, connect, and foster new sustainable relationships with their relevant target audience and people.’
He acknowledged that there were numerous challenges to contend with concerning regulations and policies.
Inuwa said: ‘The StartUp Act aims to address the challenges in the ecosystem, providing funding, capacity building and infrastructure to the STartUps.’
‘The tech industry thrives on collaboration. Research by the MIT Sloan School of Management revealed that collaborative innovation, where different organisations work together on research and development, has been on the rise.’
‘Over 60 per cent of global innovation now involves some form of cross-organisational collaboration.’
‘In addition, a 2020 report by Microsoft indicates that over 95 per cent of Fortune 500 companies rely on Microsoft Cloud services, illustrating how digital collaboration is driving business operations and innovation.’
‘These statistics are indicative of the fact that the world becoming is increasingly interconnected, interdependent, and collaborative.’
He asserted that collaboration had transitioned from being an option to becoming an absolute necessity for progress and growth.
Inuwa urged for a deepened collaboration among all levels of government, corporations, investors, venture capitalists, academia, hubs, and entrepreneurs.
In her speech, Beverly Agbakoba, ISN’s Legal Partner, explained that the summit’s goal was to support the development of homegrown and naturally cultivated tech enterprises, beginning within their own region and then venturing into the global market.
Agbakoba, who referred to ISN as the central hub in Nigeria’s hub ecosystem, noted that the summit gathered more than 200 hubs from various regions, with a primary focus on capacity development, skill acquisition, and enabling youth to create jobs and generate wealth.