V8 Technology Incubation Hub Opens in Lekki


Emma Okonji

A new technology incubation hub known as V8, has been launched in Lekki area of Lagos, at the new co-working space and technology accelerator.

The hub is a community and collaboration platform providing professional support services to entrepreneurs, start-ups and small businesses, especially those in the digital technology space.

V8 will provide services such as on-demand workspaces, mentorship, capacity building, business strategies and funding. Members of the co-working space will have access to secure enterprise grade internet and Wifi, uninterrupted power supply, meeting/board/training room, break out area to receive guests and a communal kitchen with tea & coffee making utilities. These will all be provided as a service, saving V8 members the significant capital costs if procured on a stand-alone basis.

A brainchild of the former Head of Intel Capital Africa, Tobi Oke, and CEO of iConcepts, Ugo Okoye, V8 Africa came from several years of actively creating conducive environments and strategies for new technology businesses and benefits heavily from the experiences of its founders in identifying, enabling and accelerating start-up growth across Africa.

Between the two founders is over 30 years’ experience in investing, delivering world class technology solutions and contributing to the ecosystem, enabling innovation within Nigeria and Africa.
Speaking on the motivation behind V8, Oke said: “Higher than usual infrastructure requirements and costs are needed for businesses to be successful in our part of the world. A significant number of businesses have not been able to move past their startup phase due to these infrastructure hurdles which range from limited access to funding to the lack of very basic infrastructure.”

“As Nigeria steps boldly into a more technology-driven economy, we see more local businesses embracing co-working communities, especially in this period of infrastructure unavailability and CAPEX costs. At V8, we are passionate about helping businesses overcome these obstacles by offering efficient and affordable infrastructure as a service,” Oke added.

According to Okoye, “We do not see ourselves as competition with other co-working spaces, but we rather we see ourselves as part of the ecosystem in Nigeria enabling entrepreneurship, innovation and collaboration.”
Apart from providing co-working space to its members, V8 will also incubate new technology companies with its maiden accelerator programme, which begins first quarter, 2017.

“This is a key part of the company’s vision in addition to the provision of infrastructural services in its co-working space. V8 intends to invest in the best and brightest African technology companies through mentoring, funding and the provision of infrastructure,” Okoye said.