ARM Labs Lagos Techstars, also known as Techstars Lagos, has shut down operations. This comes two years (and 24 investments) after it launched its accelerator program in Nigeria. It also announced the abrupt end of its third cohort program, which commenced in March 2024.
Nigerian entrepreneur, Iyinoluwa Aboyeji (CEO & General Partner, Future Africa) reacts:
Sad news but another reason why Africa must come of age. We cannot continue to depend on foreign accelerator businesses who are here today and gone tomorrow after collecting millions of dollars from corporates, DFIs and foundations in the name of supporting African entrepreneurs who end up left in a lurch.
Thankfully Accelerate Africa isn’t going anywhere. We are growing fast and delivering real outcomes even without the millions of dollars in support we see these big organizations and foundations throwing at organizations in the business of accelerators rather than the business of accelerating the continents founders towards a tangible and long term sustainable outcome.
Read our guiding manifesto for Accelerate Africa and the future of African innovation and entrepreneurship [here]
Background
- Aboyeji – former Andela and Flutterwave founder – teamed up with Mia von Koschitzky-Kimani of Prosper Africa in May 2023 to launch Accelerate Africa – an 8-week program accelerating bold and visionary founders building global businesses to solve Africa’s biggest challenges.
- Future Africa is the fund for Africa’s future, providing capital, coaching, and community to bold and visionary leaders turning Africa’s biggest challenges into business opportunities.
- Future Africa’s goal with Accelerate Africa (A2) is to build a highly curated community of African founders who support each other through its five critical building blocks for building transformative businesses; storytelling, team building, business development, product development and fundraising.