If you remember, we brought it to you when Wema Bank started this year’s Hackaholics registration which was tagged Wema Bank Hackaholics 4.0. We shed light on how to go about the registration and the numerous impacts of the initiative on society. Announced in March 2023, more than 3000 applications to Hackaholics 4.0 were scrutinised to arrive at the final 10 that took to stage during the event.
Wema Bank Hackaholics 4.0 was a youth-focused startup competition aimed at providing a platform for innovators and startup founders with tech-driven or tech-enabled game-changing ideas and products to grow and scale their ventures. The competition was open to anyone, regardless of age, experience, or educational background. Participants were required to submit a one-minute pitch video outlining their problem statement, solution, target market, and business model.
The different stages of Wema Bank Hackaholics 4.0 were as follows:
Stage 1: Registration
The competition was open to anyone, regardless of age, experience, or educational background. Participants were required to register online and submit a one-minute pitch video outlining their problem statement, solution, target market, and business model.
Stage 2: Selection
The top 10 finalists were selected based on the originality, creativity, and scalability of their business ideas. The finalists were also assessed on their passion, drive, and team spirit.
Stage 3: Hackathon
The top 10 finalists participated in a three-day hackathon, where they worked with mentors and coaches to develop and refine their business ideas. During the hackathon, the finalists had access to resources such as co-working space, computers, and the internet.
Stage 4: Pitching
On the final day of the hackathon, the finalists pitched their ideas to a panel of judges, who selected the four winners. The judges assessed the finalists on the viability of their business models, the strength of their teams, and the potential impact of their solutions.
Stage 5: Award Ceremony
The event was tagged “Re-imagine: Disrupting the Ecosystem for Scale” and was held in Lagos on Friday, October 6, 2023. It ended beautifully as Jane Agbaohwo, Founder of Ireti, a health tech startup that helps solve the problem of late diagnosis of breast cancer went home with a cash prize of N15 million.
The four startups that won funding are:
- IRETI, a health-tech startup that helps women manage breast cancer
- GRIP, a fintech startup
- Trakka, a tech startup
- Outsidee, a tech startup
As mentioned earlier, Jane Agbaohwo emerged, while Nelson Co-founder of Grip, a fintech startup that compiles fragmented financial data in one piece grabbed N10 million as the first runner-up with Trakka another fintech walked away with N7 million as the second runner-up. To promote female participation in the tech sector, N5 million was specifically reserved for any female-led team. Furthermore, a substantial N22 million was allocated to university STEM endowments, reflecting a dedication to fostering the next generation of tech trailblazers
In addition, the founder of Outside won N5 million for the best female-led startup.
The other finalists are Chao, Raptor, Pup Industries, University X, Naija Box, and Mum Alive.
This year’s Wema Bank Hackaholics was a great success, and it highlights the bank’s commitment to supporting innovation and entrepreneurship in the Nigerian tech ecosystem. The competition attracted a diverse range of participants from all over Nigeria, and the winning startups are developing innovative solutions to some of the country’s most pressing challenges.
The hackathon was a grueling but rewarding experience for the finalists. They worked long hours to develop and refine their business ideas. The mentors and coaches also provided valuable guidance and support, but the finalists ultimately had to rely on their creativity and ingenuity to succeed.
The pitching competition was also a tense experience. The finalists had to present their ideas to a panel of experienced judges, who were not afraid to ask tough questions. The judges were looking for startups with viable business models, strong teams, and the potential to make a positive impact on Nigeria.
The four winning startups were all deserving of their awards. They have developed innovative solutions to some of Nigeria’s most pressing challenges.