The Nest Innovation Park is a leading innovation centre that provides entrepreneurs, creatives, start-ups and small businesses with dynamic training facilities and workspaces have today, announced its partnership with Mayhaven Innovation Hub, a hub that offers business incubation, co-working spaces, digital training services and management consulting.
The partnership between The Nest and Mayhaven is in a bid to ensure continuous cultivation of creativity, increased productivity and encourage community building. With a clear foresight of the needs of small businesses and an understanding of the struggles that start-ups face, the partnership between the two hubs will see an increase in the success chances of business.
According to The Better Africa by Weetracker’s report, the failure rate for start-ups in Nigeria, the supposed Africa’s biggest economy has averaged 61 per cent from 2010–2018. The reasons for the high rate of failure can be tied to inconsistent government policies, insufficient access to funding, the high cost of registering businesses, the high poverty rate in Nigeria and a lot more.
It is sad to know that Nigeria raked in $663.24 million worth of start-up investments, followed by Kenya and South Africa but when it comes to the trend in shutdowns, Nigeria experienced more shutdowns at 61.05 per cent as compared to the other two countries.
The founder of Mayhaven Innovation hub, Elvis Kayode has expressed his delight. He said: “We see the growth potential of start-ups and we are willing to help create new businesses in our community. Young Nigerians are taking the disruptive route and are building the capacity to deploy technology to provide solutions to everyday problems. The problem is not in their ideas, they are scalable however, these start-ups have little knowledge about management.
We are delighted that The Nest hub, whom we share mutual vision and goal with has deemed it fit to empower us so that we can also empower other businesses in our community”.
Director of Incubation at The Nest — Mr Segun Maleghemi said: “This was always in the plans, expanding along the paths where educational establishments and young creatives are found. We targeted Yaba, where the likes of Unilag and Yabatech are found. We are now in Ife, with OAU.
Mayheaven was an easy choice cause they key into our strategic growth roadmap and we love the relationship they have with the local company. Now is time to expand on what they do, and increase the value to the real target: Young entrepreneurs starting out.”
The partnership will see to helping start-ups in their basic operations, offer branding and marketing advice, expose them to a strong network of business-minded people that could in turn become mentors and advisors, provide assistance and resources needed for growth and ultimately help businesses scale.
We look forward to serving the start-up ecosystem in Nigeria.
References; https://businessday.ng/uncategorized/article/nigeria-records-61-start-ups-failure-rate-in-9-years/