Lagos Innovates Workspace Voucher Program is now open for founders and start-ups in Lagos state to apply. This way, potential founders and/or start-ups can have access to a well-equipped workspace in the state.
Are you in need of an office space to work within 3 to 12 months? Apply now.
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About The Workspace Voucher Program
The Lagos Innovates Workspace Vouchers support the highest potential founders and/or startups in Lagos State. It supports those at the very early stages of their ventures (ideation to very early revenue) by facilitating access to well-equipped workspaces and learning.
Basically, Lagos Innovates covers 30% to 75% on average of membership costs at any of its Partner Hubs for 3 to 12 months, and the value of the award varies depending on the stage of development of the startup. And, to ensure the benefit goes to the most promising founders and highest potential startups; the application and allocation processes are highly competitive and merit-based.
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Lagos Innovates Workspace Voucher Program Eligibility Criteria
To apply, you must meet the following criteria;
- Your venture stage is anywhere from ideation to very early revenue. This means that it is either not yet incorporated, or it was incorporated less than one year from the date of your application for the voucher.
- Your team is small without any paid staff, or you are a team of co-founders.
- You do not generate monthly revenues of more than one million naira.
- You have never received any third-party capital for your venture, such as grants, equity or debt.
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Selection Process And Criteria
Panel of judges from within the Lagos startup ecosystem will score all applications based on these four criteria;
- Market opportunity
- Strength of the entrepreneur/co-founding team
- Progress or traction to date, and
- Strength of recommendation by a credible third-party.
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Basically, the maximum possible score is 100 points, and the Workspace Vouchers will be allocated to the highest-scoring ventures. This is subject to a minimum threshold score of 50 points until the available vouchers for a particular period are exhausted.
More so, it is possible to score 50 points without a third-party recommendation, but this is a good way to increase your score. You can upload a 1-page recommendation letter together with your application. And, ideal referees are recognized experts from within the Lagos startup ecosystem (for example, successful founders, investors with notable track records, hub/incubator operations, etc.). It should be someone who knows you/your co-founders, and your venture well and can provide genuine insight into your potential.
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The deadline for application is January 29, 2021. If you want to apply for the Lagos Innovate Workspace Voucher Program, use this link to apply now; https://lagosinnovates.ng/section/program/workspace-vouchers
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