Madhouse, a premier African innovation center for creative talents, concluded its groundbreaking Lens-Based Incubation Programme on June 28th with a Demo Day pitch competition. The highlight of the event was the awarding of $10,000 in seed funding to AfrikoHub, an AI-driven platform that connects businesses with creators of Afro-centric content.
Transforming Africa’s Creative Sector
In collaboration with the University of Lagos, Madhouse designed this initiative to equip African creatives with the business skills needed to launch and grow profitable enterprises. Despite contributing 1.42 percent to the continent’s GDP, Africa’s creative sector faces challenges such as limited access to funding, intellectual property protection issues, and a lack of educational resources.
Support from Major Financial Institutions
Recognizing the sector’s potential, Afreximbank launched a $500-million Creative Industry Support Fund in 2020, followed by the African Development Bank’s $170 million loan to Nigeria’s digital and creative industries in late 2021. The Nigerian government has also committed to fostering the growth of creative and cultural industries as part of its Destination 2030 agenda.
Madhouse’s Role in Fostering Innovation
Madhouse’s incubation programme aims to address these challenges by nurturing a supportive ecosystem for creative innovation. The $10,000 grant awarded to AfrikoHub will help scale the platform, enabling it to deliver greater value and reach a broader audience.
AfrikoHub founder Tunde Raphael expressed gratitude for the insights and mentorship received during the programme, which pushed his team towards excellence. The funding will be instrumental in expanding AfrikoHub’s capabilities and market presence.
Testimonials from Participants and Leaders
Christiana Fagbenro, another programme participant, highlighted the transformative impact of the incubation on her business approach and funding strategies. The Vice Chancellor of the University of Lagos, Folasade Ogunsola, praised the programme for fostering entrepreneurial skills and innovative thinking among the youth.
Expert Mentorship and Comprehensive Training
Participants received mentorship from industry experts like Kola Aina, Ojoma Ochai, and Adaora Mbelu, and training in areas such as investment readiness, ideation, design thinking, product development, creative business models, and legal frameworks. Madhouse’s state-of-the-art facilities fostered a collaborative and creative environment for a variety of disciplines.
Celebrating Creativity and Sustainability
The Demo Day featured an exhibit of recycled art and a panel discussion on sustainable creative business practices. Industry leaders like Layi Wasabi, Emmanuel Oyeleke, Ferdy Adimefe, Malik Afegbua, and Olufemi Oguntamu shared their experiences on turning passion into profit.
Driving Socio-Economic Growth
Bayo Omoboriowo, Founder of Tikera Africa, described Madhouse as a manifestation of Tikera Africa’s mission to stimulate socio-economic growth by empowering African youth to innovate and penetrate global markets. He emphasized the programme’s effectiveness in teaching talents how to monetize their creativity.
Madhouse remains dedicated to advancing Africa’s creative and cultural sectors, fostering a new wave of global influencers. For further details on Madhouse and its programs, visit www.tikeraafrica.org.