FEDERAL GOVT COMMENCES START-UPS SUPPORT AND ENGAGEMENT PORTAL

The recent report that Federal Government of Nigeria has commenced support and engagement portal for Start-ups reminds us about the rising significance of innovations by Start-ups in the digital economy. Start-upBlink is an Israeli-based company that organises annual Global Startup Ecosystem Index, which ranks Start-ups on recommendations in 1000 cities in 100 countries. The 2023 Start-upBlink report identified 15 African countries with top start-ups, includingunicorns, Jumia and Flutterwave in Nigeria. The Global Startup Ecosystem Report 2023 (GSER 2023) showed that no African city has attained the ranking of listing since inception. A long and more rigorous way to go. The World Economic Forum in 2021 recognized the crescendo and energy of a start-up 54gene, owned by Nigerian geneticist, Abasi Ene-Obong  for his role in launching COVID-19 mobile testing laboratories in Nigeria.  Thus, making it one of such Start-ups targeted by this government. Certainly, the launch of a Start-Ups Support and Engagement Portal by the Federal Government is a significant development, and it's crucial for startups like Flutterwave, WeMove, Fintech, Kobo360, and others to prepare strategically to leverage this opportunity. Some critical pieces of advice for these startups to consider among plethora of issues are: 1.Thoroughly examine the details of the Start-Ups Support and Engagement Portal to understand the specific programs, incentives, and support mechanisms that the government is offering.Identify the eligibility criteria and requirements for participation in the government initiatives. 2. Ensure that your startup's mission, goals, and activities align with the broader objectives of the government initiatives. This alignment can strengthen your case when applying for support or engaging with government programs. 3. Prepare and organize all necessary documentation related to your startup, including legal and financial documents. Compliance with regulatory requirements is often a key consideration for government support. 4. Clearly articulate the value proposition of your startup. Demonstrate how your business aligns with national development goals, job creation, or other relevant objectives emphasized by the government. 5. Ensure that your technology infrastructure is robust and scalable. Government initiatives may involve collaborations, partnerships, or integrations, and having a solid technological foundation is essential for seamless engagement. 6. Prioritize data security and privacy compliance. Many government initiatives involve the handling of sensitive data, and having robust security measures in place can build trust and facilitate smoother collaboration. 7. Strengthen your financial management processes. This includes having transparent accounting practices, clear financial projections, and an understanding of how government support may impact your financial statements. 8. Showcase your startup's scalability and growth potential. Governments often seek to support businesses that have the capacity to expand, create jobs, and contribute significantly to the economy. 9. Actively participate in networking events, industry forums, and other platforms where you can engage with government officials, policymakers, and potential collaborators. Building relationships can enhance your chances of being noticed and considered for support. 10. Highlight any social impact initiatives or corporate responsibility programs your startup is involved in. Many government initiatives have a social or community development component, and showcasing your commitment to these aspects can be beneficial. 11. Seek legal advice to ensure that your startup is fully compliant with existing laws and regulations. This is especially important if the government initiatives involve legal obligations or contractual agreements. Stay informed about updates and changes to government programs. Government initiatives may evolve, and being adaptive and responsive to these changes is crucial for continued engagement and success.By proactively addressing these areas, startups like Falutterwave, WeMove, Fintech, Kobo360, and others can position themselves effectively to benefit from the support and engagement opportunities offered through the Federal Government's initiatives.   We're keeping in touch with developments and surely keep you updated as we serve you further. Meanwhile your comments, critique , perspectives and DM are welcome.   Ikechukwu Odoemelam #iplawyer #corporateleaders