Kernelincs Resources, brand owners of KR Foods, an Abia State-based integrated oil palm processing and packaging company, has won the 2019 Startup Nigeria Demo Day competition for South-East region.
The Ventures Platform Demo Day is a culmination of 16 weeks of coordinated activities and interventions, designed to support start-ups with mentorship, business re-engineering, work space, living space, back office support, shared services and seed funding.
Start-Up Nigeria is organised by Ventures Platform in partnership with the Federal Government to support start-ups in the North Central, North West and South-East regions of the country.
The participating companies are allowed to pitch their businesses to an audience of investors at the Demo Day final, where the winners emerge.
The 2019 Demo Day final of Start Up Nigeria for South-East region took place at the Innovation Growth Hub (ighub), Aba, where Kernelincs Resources pitch was selected as the best by an online audience. The firm was rewarded with N2 million equity-free funding.
Honey Empire, a honey production and packaging firm, came 2nd, while the 3rd position went to GreenBox Africa, which produces cheap solar-powered electricity generators.
Daniel Chinagozi, founder/chief executive officer, Innovation Growth Hub (ighub), whose company incubated the participants, explained that the 2019 edition of the programme, which is second in the series, received 543 applications, which were pruned down to 330 companies, enlisted to receive free business advisory services.
He observed that Kernelincs Resources pitching was promising and would receive N2 million prize money, stressing that the company would receive N1.5 million this month (August 2019) while the balance of N500,000 would be released to them after the three months mentoring programme.
He stated also that the other nine finalists would receive N1 million equity-free funding in two tranches, the first coming before the end of August and the remaining N500, 000 after the three months mentoring programme.
Chinagozi expressed joy that a company incubated in Abia, emerge winner, noting that the pitching was part of a three months ongoing business incubation programme.
He said that the incubation programme was to upgrade the knowledge and skills of young entrepreneurs to help them succeed.
Mimshack Obioha, executive director, Venture Platform Foundation, organisers of the programme, noted that his company believes that entrepreneurs, particularly those that are leveraging innovation can solve Africa’s problems.
Fueled by the passion to boost entrepreneurship, he explained that his company developed different programmes in different parts of the country to support entrepreneurs and one of such programmes is the Start-up Incubation, which it is doing in partnership with the federal government.
“Through this programme, we are incubating 110 companies, we are also supporting another 330 companies amounting to 440 companies to be supported by the Startup Nigeria Programme”.
He explained that the winners emerged on merit, hence the start-ups that won were good and promising companies.
Kingsley Amajuoyi, managing director, KR Foods explained that he began planning to bring hygienic and safe oil palm production and packaging when his father died from a certain food-related sickness.
“I am speechless, I am so excited. I wished that my father was alive to see this happen; I am very grateful to God”,
“I dedicated this to my father because losing him woke me up to the responsibility of helping people consume healthy foods and I am glad to be doing that.
“In the next couple of months you will see us in shops around Nigeria and we aim to expand into other products”, he stated.
Venture platform is a leading source of capital, capacity building, support and advocacy, for under-served entrepreneurs, communities and institutions, enabling them to enhance creation of wealth and development in Africa.
Ventures Platform is a pan – African early stage fund focused on supporting post MVP teams to grow their startups.
Ventures Platform invests in seed and early-stage companies that are operating in markets that have existing positive offline indicators.
GODFREY OFURUM
