Nigeria, a hub of innovation, has the potential to lead the way in creating solutions for the continent and beyond. Home to several fintech disruptors, Nigeria has quickly become the most attractive African nation for startup investment.

As of 2022, the country had the highest number of startups in Africa, securing over $2 billion in funding between 2015 and 2022 alone.

And with small businesses already accounting for nearly 50 percent of the nation’s GDP, there is a strong pipeline of entrepreneurs to keep on fueling Nigeria’s robust innovation culture.

Providing these enterprises with the technology they need to activate their ideas and scale their operations can help small businesses with big ideas become world-class problem solvers like so many of their local counterparts.

Microsoft has reaffirmed its commitment to fast-tracking digital transformation in Nigeria, supporting startups to realize their potential with enabling technology for the long-term benefit of the country’s digital economy.

Where ideas meet action

Together, Flapmax and Microsoft ideated the FAST Accelerator program, helping startups scale rapidly and access new growth opportunities by bringing together cutting-edge technologies, holistic skills development and AI expertise, as well as business development strategies.

Accelerators such as these with vast resources at their disposal are helping businesses to extend their reach and positive impact, with around 2,000 startups impacted to date.

Indeed, participants that successfully complete Flapmax’s program can enroll in the ISV Success Program to become partners with Microsoft, accessing its customer base and listing their solutions on the Azure Marketplace.

Leveraging the power of startups to advance financial inclusion

Recent breakthroughs in AI have enabled local fintechs participating in FAST Accelerator to advance financial inclusion.

Arguably one of the biggest challenges for small businesses in Africa is a lack of access to credit. WallX, a Nigerian fintech, offers an all-encompassing AI-powered solution permitting small and medium enterprises (SMEs) to manage international transactions, simplify local dealings, and establish credit records on the WallX platform.

CoTrust Equity is helping African SMEs gain access to finance to scale their businesses. Using Microsoft Azure on Intel architecture, their platform features robust APIs, AI-based fraud detection, and enterprise security, delivering best-in-class services for SMEs and businesses across the enterprise. CoTrust currently serves 10,000 SMEs and plans to add further SMEs this year.

Another startup that has been supported by Flapmax and Microsoft is Aibanc, which is pioneering the first subscription-based banking system in Africa. The company leverages AI technology to provide loans and related financial services to individuals and SMEs across Africa and beyond.

The collaboration with Microsoft and Flapmax equip Aibanc to effectively deploy AI-based personalization and recommendation systems within Azure, enabling it to offer hyper-personalized services for each individual customer.

This includes loans and additional benefits such as HMOs, extending far beyond traditional banking offerings.

Ultimately, this is helping hundreds of small business owners across Africa to increase their revenue, access international trade and manage their bookings from one place.

Technology is a powerful enabler

Beyond financial solutions, Nigerian startups are having a transformative impact on other key sectors such as energy and logistics. And as with WallX, many of these enterprises have something important in common – the backing of powerful technology.

Another local industry benefiting from startup disruption is logistics. Trucki Technology, based in Ikorodu, is at the forefront of revolutionizing haulage management with artificial intelligence.

According to the startup, 80 percent of Africa’s logistics operations currently take place offline – meaning the process of payments and order fulfillment is disjointed and not integrated with the customer experience.

Trucki is transforming the outlook for cargo owners and drivers with its AI-driven logistics solutions. These tools encompass enhanced route planning and AI-powered prediction algorithms combined with an IoT-supported telematics system.

The partnership with Microsoft and Flapmax provides Trucki with the critical infrastructure needed to deploy AI-powered logistics solutions, empowering cargo owners and drivers while transforming the logistics industry.

Altogether, having received advanced training in California, USA, through FAST Accelerator, these startups have returned to Nigeria equipped with the skills and knowledge to drive innovation and growth in their respective industries.

Boosting Nigeria’s vibrant startup landscape

The ongoing challenge lies around how to integrate a greater number of the nation’s SMEs into the digital economy and supercharge their problem-solving capabilities.

Tackling these issues will rely heavily on the development of strategic alliances across sectors.

These collaborations are crucial in devising holistic approaches to the complex issues confronting small enterprises in Nigeria.

Beyond skills and access to market and finance opportunities, aspiring entrepreneurs are also in need of business mentorship to succeed.

Programs such as those facilitated by Microsoft for Startups Founders Hub prime local businesses for growth through industry-specific webinars designed to help startups scale, pitch coaching sessions that will help investors enhance their pitching skills, and investor community sessions that will connect startups with top investors from the Continental investor community.

More recently, these efforts are also being boosted by the rise of continent-wide events, such as the African Startups AI Fest, which are dedicated to advancing AI transformation in Africa. Spearheaded by Microsoft, the festival marks a new era of focus on empowering startups to drive global innovation using AI.

From financial inclusion to connectivity, Nigerian startups hold the answers to a myriad of long-standing societal challenges.

By providing these businesses with the tools, skills, and network they need, Microsoft aims to empower them to reach new heights and create broadscale impact.

Local innovators are not only building solutions for today, but also shaping the future of their industries and communities.

The Fast Accelerator program aims to bolster Africa’s digital ecosystem by supporting startups on their journey to growth and expansion.

After conducting a 2-week Online Bootcamp with over 60 tech companies and experienced mentors, the FAST Accelerator’s 12 chosen startups will proceed to a comprehensive 5-week acceleration experience in Silicon Valley, California, starting in October.

Microsoft is a key partner in this endeavor, recognizing the potential of African startups and SMEs in contributing to the continent’s digital economy. Mame-Fatou Gueye, SME Program Manager at Microsoft Africa Transformation Office, emphasized the significance of African entrepreneurs in addressing local societal and economic challenges.

The FAST Accelerator program received an overwhelming response, with over 1200 applications from 35 African countries spanning various industries such as Financial Services, Healthcare, Agriculture, Transportation & Logistics, Clean Technology & Energy, and Creative Media & Entertainment. These applicants offered cloud-based solutions harnessing AI to drive innovation and efficiency while addressing critical challenges.

Dr. Dave Ojika, founder and CEO of Flapmax, highlighted their mission to create impactful AI-driven solutions and facilitate global-scale growth opportunities for African startups, SMEs, and enterprises through partnerships with Microsoft and Intel.

The FA23 cohort, selected based on their readiness to scale within Africa and alignment with the United Nations Sustainable Development Goals (SDGs), comprises diverse startups from various sectors:

1. Zeeh Africa: AI-powered open banking platform
2. Sumundi: Intelligent eCommerce platform
3. Cotrust Equity: Micro-lending platform
4. Trucki: AI-powered haulage infrastructure
5. Orange VFX: Animation and visual effects studio
6. 10mg Pharma: AI-driven medication cost savings
7. Wallx: Payment and business solution for small businesses
8. Moosbu: SME empowerment with AI
9. KCG Aquatec Fish Farming: Sustainable aquaculture infrastructure
10. Aibanc: AI-powered banking for high earners
11. Zendawa Africa: Enabling online sales for neighborhood pharmacies
12. Greenbii: AI-driven asset financing and software management

Starting from October 23, the FA23 cohort will embark on various activities, including training, AI integration, business development, fundraising, and more. Intel and Microsoft will collaborate with these startups on co-innovation projects, providing sales and marketing support and enabling go-to-market strategies. Additionally, the Flapmax engineering team will assist in optimizing Large Language AI models on Microsoft Azure and Intel platforms.

Flapmax has also introduced the FAST Portal, a digital matching platform designed to connect investors with startups within the FAST Accelerator community, facilitating introductions and collaborations to empower entrepreneurs and innovators in underserved markets.

With Africa as the first point of contact, the alliance seeks to provide entrepreneurs in emerging markets with access to technology, training, mentorship, and funding opportunities through the innovative FAST Accelerator program.

The FAST Accelerator program, jointly developed by Flapmax and Microsoft, offers a comprehensive suite of services including business development, AI integration, funding, and community building opportunities. 

Designed to propel startups towards sustainable growth, the program received an overwhelming response, with over 800 startups from 25+ countries vying for a spot in the inaugural cohort.

Dr. Dave Ojika, Founder and CEO of Flapmax, expressed his enthusiasm about the partnership, emphasizing commitment to expanding AI accessibility in underserved communities. He believes that bridging the knowledge gap in technological advancement is crucial to creating meaningful social impact. 

Through this collaboration with Intel, Flapmax seeks to equip innovators in Africa and other technologically underserved regions with cutting-edge technology and advanced curricula, including generative AI, robotics, and deep tech.

Intel’s General Manager of Education Client Division, Michael Campbell, praised the alignment of their mission with Flapmax’s vision. Intel’s focus on shaping the future of computing and driving intelligent, connected, and productive solutions perfectly complements Flapmax’s efforts to democratize AI technology and make it accessible to all aspects of life, including underserved populations in Africa and other emerging markets.

The FAST Accelerator program offers participants a unique opportunity to scale rapidly and sustainably. Top startups selected for the program will embark on an enriching five-week journey in Silicon Valley, California, where they will interact with industry experts, potential investors, and global partners within Flapmax’s extensive ecosystem of over 600 corporate partners.

Intel will play a crucial role in supporting program participants through extensive mentorship and coaching. They will collaborate closely with the startups, engaging in co-innovation projects, providing sales and marketing support, and enabling successful go-to-market strategies to reach a broader audience.

Moreover, the Flapmax engineering team will assist startups in applying Intel-optimized AI hardware and software solutions and fine-tuning their AI models on the Microsoft Azure cloud platform. As part of the program, participants will benefit from additional perks, including cloud credits from Microsoft for Startups Founders Hub (up to $150,000) and access to Azure OpenAI, featuring ChatGPT, DALL·E 2, and other Large Language Models (LLM) releases. Additionally, participants will gain access to Microsoft 365 and Dynamics 365 developer sandboxes.

With this robust partnership between Flapmax and Intel, the future of AI adoption in underserved communities looks promising. The program’s comprehensive support, cutting-edge technologies, and invaluable mentorship will undoubtedly pave the way for scalable business growth, optimized operations, and a more sustainable world. Aspiring startup leaders are encouraged to apply to this year’s FAST Accelerator program and seize the opportunity to make a lasting impact in the AI landscape.

The AI Builders Garage offers three critical pathways for young professionals into innovation and technology career paths: Youth Entrepreneurship, Sustainable AI Hackathon and Flapmax Community, and is designed to attract and promote both conventional and unconventional talent from around the world.

“Flapmax and our global partners are working together to create more opportunities for the next generation of innovators, developers, and entrepreneurs to advance their ideas in AI sustainability and build mission-driven businesses,” said Dave Ojika, Founder and CEO, Flapmax.

“We are proud to launch a global platform to bring together industry leaders with fresh faces, along with new venture capital and training opportunities. The AI Builders Garage is the future of collaboration and advancement through technology, as we break down global borders and support the next generation of innovators and founders.”

The AI Builders Garage is a global platform for entrepreneurs and developers to collaborate across borders and build ideas into sustainable technology solutions and businesses. The community is built on both in-person and virtual platforms and supports three key areas:

• Youth Entrepreneurship – New training and mentorship programs, as well as support from Microsoft-backed accelerator, designed to empower young developers, create real-world solutions, and launch new businesses or scale existing ones
• Sustainable AI – Global competitions focused on showcasing how AI can help solve business and community challenges to address world problems related to sustainability
• Community – A series of events, shows, and networking opportunities bringing together industry leaders with young builders and entrepreneurs.

On Dec. 1, 2022, an online AI Summit will kick-start the new AI Builders Garage, with a focus on digital transformation for emerging markets. Attendees will learn more about the new tools and technology launching to help young entrepreneurs connect and grow.

Sustainability is a top priority for global leaders and Flapmax, with a focus at the event on how AI and other emerging technologies can be used to prevent and reverse environmental impacts. At the Flapmax AI Summit, shortlisted AI Builders Garage candidates will present their AI sustainability solutions during a live hackathon, with prizes awarded to the top presenters.

“Developing talent in an economy with high unemployment rates is a challenge that is hampered by lack of resources and opportunities to pitch ideas, meet investors, and collect valuable feedback,” said Bernard Irungu, Program Manager, Flapmax.

“The launch of the AI Builders Garage is part of a global, continued effort to advance underserved communities through technology. We understand and value the collective contributions of developers, entrepreneurs, and professionals as we work together to solve the world’s most pressing problems.” 

Application to the AI Builders Garage and upcoming summit is open until Nov. 30, 2022. Youth Entrepreneurship track applicants must demonstrate how AI can be used to solve business challenges, especially in the areas of hospitality, education, health, financial services, agriculture, transportation, ecommerce, and manufacturing. 

Those selected will have an opportunity to build their use cases and present it at the AI Summit to a panel of technology and business leaders. Sustainable AI Hackathon participants will build an AI model or solution addressing sustainability. 

The Flapmax Community is open to all developers, entrepreneurs, researchers, and professionals who are interested in collaborating on technology solutions. The community serves as a showcase for new projects, hybrid accelerator for new entrepreneurs and developers, industry networking platform, and recruitment tool for technology leaders.