Birthing value-driven startup companies
Hebron Startup Lab is Covenant University’s Startup Accelerator aimed at taking ideas from Concept to Product to Market.
Though the Lab was founded officially in November 2016, the University has been driving innovation, enterprise and the transformation of ideas via platforms such as the Dreamers’ project and the Visioners’ project. In order to stir the culture of innovation, facilitate the commercialization of research output and enable the transformation of concepts into market-ready products, the University established the lab.
Our reputation to make things happen as well as our capacity to cultivate and support talents, skills and entrepreneurs are reflected in the quality of our graduates. Some of the companies founded by our graduates include Softcom, Kora Pay, PiggyVest, Thrive Agric, Level UP, etc. These were delivered with available resources. This plan is to scale and achieve more results that will create value, opportunities and wealth for many more.
The Mission of the Hebron Startup Lab is aimed at the delivery of the Covenant University’s vision of raising a new generation of leaders; hence, the lab’s mission is to cultivate high-growth startups driven by high-growth entrepreneurs and teams. The mission is expressed as follows:
• To cultivate high-growth startups and spinoffs that create solutions with competitive advantages.
• Support the creation and launch of innovative businesses from ideas and research;
• Provide the enabling resources; and
• Organize developmental programmes.
These are to contribute to the University’s vision to become one of the top ten University’s in the world in 2022. Thus, we explore opportunities to commercialize research, generate industry income, create job opportunities and create wealth.
In line with the Covenant University Core Values (Spirituality, Integrity, Possibility-Mentality, Capacity-building, Responsibility and Sacrifice), the following are the values that govern the lab’s operations:
• Environmental Sustainability
• Wealth creation
Our values depict the reason we do what we do, our motivation and our drive. We want to scale our impact and capacity to create wealth, opportunities (jobs, businesses and markets) and value to Nigeria, Africa and the world.
Hebron Startup Lab serves mainly early stage startups and spinoffs; startups from pre-seed and seed stage and spin-offs from research output with market viability.
The areas of focus include…
• Renewable Energy
• As-A-Service Solutions
• Data and Analytics
To maximize the success rate and ensure the success of the Startup and Spinoff companies, the Hebron Startup Lab leverages on the core competencies of the University. This will help the Startup/Spinoff companies save cost, share resources and leverage on existing knowledge, experience and opportunities. Some of these are presented as follows:
• Covenant University facilities
◦ Internet facilities
◦ Electricity supply
◦ Research and Development facilities
• Covenant University network of Alumni Entrepreneurs
• Covenant University partners and affiliations
• Covenant University research laboratories and workshops
• A Creative Student Community
• An experienced Research community
Our Strategic Goal is to generate 30 high-growth startups within the next 3 years (May 2019 to April 2022).
Our target drive is to generate 10 startups per year. The strategy for working towards this are encapsulated in the following:
• Ship at least 3 Startups per Quarter per year.
• We accept 7 Startups per Cohort (to achieve the success rate of 3 Startups per Quarter and 10 High-Growth Startup/Spinoff companies per year).
• We run 3 Cohorts per year (each beginning in February, June and October). A Cohort is 3 months.
• Provide seed-funding (for the Startup/Spinoff to launch and build) at US$ 15,000 each to help cater for product development, operations, user acquisition and the startup team for the 1st year.
Meet the Amazing Minds of Hebron Startup Lab
Hebron Startup Lab Covenant University, Cannanland KM 10 Idiroko Rd, Ota