Heritage Bank Plc, has redeemed its support pledge of $40, 000 grants to winners of the maiden edition of HB Innovative Lab.
Business Hilights recalls that the maiden edition of Heritage Bank Innovation Lab Accelerator programme (HB-LAB) tagged, ‘Demo Day,’ is a 12-week programme, expected to provide technology start-ups seeking additional investments to progress and accelerate market introduction/adoption of their solutions with co-working and internet resources, guidance and mentorship with finch start-ups founder and seed funding. However, the bank’s commitment is to create enabling environment, resources and support required to innovate and accelerate impactful solutions with the potential to radically improve financial Inclusion/Intermediation, health, automobile, agriculture, and other related problems affecting critical sectors of the economy.
At the grand finale of the programme, of the seven groups, Trep Labs-Real Drip emerged the winner with the most compelling solution won the N10million, whilst Ladipomarket.com.ng won the N5million prize, as the 1st runner-up, which is equivalent of $40, 000.
In his remarks at the event, the MD/CEO of the bank, Ifie Sekibo, said the bank knew it was in the best interest of the country to pay attention to the development to the technology and industrial sector. According to him, “the future of the country lies in the hands of its youth. Our youths are talented, and Heritage Bank is committed to harnessing this talent to grow the economy.”
According to him, although in Nigeria, technology startups still account for a relatively small share of all businesses, they have an outsized impact on economic growth, because they provide better-paying, longer-lasting jobs than other start-ups, and they contribute more to innovation, productivity, and competitiveness.
Sekibo explained further, “Newly starting up a business is part of the most difficult stage of the business, you would need to source for capital and manpower. Considering the fact that you are a new business those items are not so easy and cheap for you to acquire.
“However, the presentations we have seen today shows how gifted Nigeria is with human resources, our youths have demonstrated that the country still has a beautiful future.
“I am impressed with the start-ups, after six weeks of drilling and grooming they have been able to develop up to this point; everyone is a winner tonight as far as I am concerned.
“Based on the success of this maiden edition we are going to continue this initiative, we would go back to our laboratory and create something bigger for the upcoming editions.”
Expressing his views on the trending adoption of Artificial Intelligence in banks, he averred that “Technology has been playing a key role towards enhancing the banking sector. Thus, we saw the need to create an Artificial Intelligence product called Octopus, which has been piloted and its second edition is almost ready for launching.
Also speaking, the Co-founder TREP Labs, Alayande Abiola, said, “Emerging as first place and winning the ten million naira is going to help the growth of our clinical solutions.
“Now we would be able to complete our clinical trials, optimise our products development and also provide enough healthcare solutions that are battling with the country.”
Making remarks on contest that produced the winners, the bank’s Divisional Head Innovation and Partnership, Ikenna Imo, explained: “Twelve weeks ago we welcomed seven talented and diverse start-ups, at that time our intentions were clear that we were ready to create distinctive propositions that solves issues facing the country currently.
