Madhouse, Africa's leading hub for creativity and innovation, concluded its pioneering Lens-Based Incubation Programme on June 28 by awarding $10,000 seed funding to the winner of its Demo day pitch competition.
In partnership with the University of Lagos, Madhouse designed this programme to equip African creatives with essential business skills necessary to establish profitable ventures.
Africa's creative industry, contributing 1.42% to the nation’s GDP, faces significant challenges including funding accessibility, intellectual property protection, and limited training support. Initiatives like Madhouse's programme are crucial in addressing these obstacles.
Notably, in 2020, Afreximbank announced a $500-million Creative Industry Support Fund, aimed at providing credit lines and direct financing to operators. In late 2021, the African Development Bank extended a $170 million loan to digital and creative enterprises in Nigeria, further underscoring the sector's economic potential. The Nigerian government through the Federal ministry for arts, culture and creative economy has prioritised investment in the growth of the creative and cultural sectors through the destination 2030 agenda.
Madhouse is playing a pivotal role in tackling these challenges by providing a conducive environment for creativity, business training, and $10,000 seed funding. This funding is aimed at enabling creative entrepreneurs to scale their businesses globally, create employment opportunities, and significantly contribute to economic growth.
AfrikoHub, an AI-powered platform connecting businesses and creators with afro-centric content emerged as the winner of the LensBIP demo day pitch competition. Tunde Raphael, Founder AfrikoHub shared, “The incubation programme pushed me and my team to deliver and gave us access to practical insights from successful creative entrepreneurs. This funding gives us the opportunity to continue to build AfrikoHub and deliver value at scale.”
Reflecting on the Lens-based incubation programme's impact, Christiana Fagbenro, a participant shared, "As a female creative entrepreneur, the programme transformed my approach to funding and business structure, providing invaluable mentorship and equal opportunities." University of Lagos Vice Chancellor, Folasade Ogunsola, praised the programme for nurturing entrepreneurial spirit among youth and fostering innovative solutions.
Participants of the Lens-Based Incubation Programme benefited from mentorship by industry leaders such as Kola Aina, Ojoma Ochai, Adaora Mbelu, and others. They received training in investment readiness, ideation, design thinking, product development, creative business models, and legal considerations. Access to Madhouse's state-of-the-art facilities fostered an environment conducive to innovation and collaboration across diverse creative disciplines.
Presiding as judges at the pitch competition were the University of Lagos Vice Chancellor, Folasade Ogunsola, Head of Arts and Regional Lead for Creative Economy SSA at British Council, Brenda Fashugba Executive Director, VFD Group, Adeniyi Adenubi, Chairman, ISN Hubs, Charles Emembolu, CEO Pulse Africa, Katharina Link and Professor of Entrepreneurship hub and Strategic Management, Sunday Adebisi.
The programme's Demo Day showcased a convergence of creative minds, featuring a recycled art creation exhibit and a panel discussion on building sustainable creative businesses. Esteemed figures like Layi Wasabi, Emmanuel Oyeleke, Ferdy Adimefe, Malik Afegbua and Olufemi Oguntamu shared insights, inspiring young creatives with their experiences in transforming their passion to profit.
Bayo Omoboriowo, Founder Tikera Africa, emphasised, "Madhouse is a creative expression of Tikera Africa that disrupts and accelerates socio-economic growth by empowering young Africans to innovate freely and access global markets." He highlighted the programme's role in equipping talents with skills to commercialise their creativity effectively.
Madhouse remains committed to advancing Africa's creative and cultural sectors, nurturing a new generation of innovators prepared for global influence. For more information on Madhouse and its initiatives, visit www.tikeraafrica.org.
About Madhouse: Madhouse serves as Africa's premier laboratory for creativity and innovation, dedicated to nurturing African creative and cultural innovators. Through its comprehensive programmes, Madhouse provides mentorship and resources to empower aspiring creatives, enabling them to transform ideas into globally successful enterprises.
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