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24 contestants battle for ‘HB LAB’ largess for tech start-ups



24 contestants battle for 'HB LAB' largess for tech start-ups

A total number of 24 contestants have been selected from about 154 participants after a review following the launch of “HB LAB”- an innovative accelerator contest by Heritage Bank.

According to reports, the selected 24 who scored above 60, will battle for the final selection which will produce seven successful applicants, which will see the winner go home with the sum of $25,000 as grant with other benefits.

The maiden edition of HB LAB is a 12-week programme, expected to provide technology startups with enabling environment, resources and support required to innovate and accelerate impactful solutions with the potential to radically improve financial Inclusion/Intermediation, agriculture and other related problems affecting critical sectors of the economy.

The MD/CEO of the bank, Ifie Sekibo, while speaking on the launch of HB LAB, explained that in Nigeria, technology startups still account for a relatively small share of all businesses, but they have an outsized impact on economic growth.

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He said that would be the case because startups provide better-paying, longer-lasting jobs than other start-ups, and they contribute more to innovation, productivity, and competitiveness.

He disclosed that the team with the most compelling solution will be awarded a $25,000 grant alongside access to workspace and IT infrastructure for solution testing and development for a defined period.

According to him, the HB Innovation Lab Programme is open to product development teams and technology driven startups across Nigeria.

Sekibo stated that the critical areas of focus are Fintech, agriculture, education, digital, security and power, whilst noting that the application requirements include names, age, gender, contact number, home and email addresses of the participants.

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