- About the LOOPLab Incubation Program
- Structure of the LOOPLab Incubation Program
- 2022 LOOPLab Innovators
About the Programme
The LOOPLab Incubation Programme seeks to support the winners of the Circular Lagos Challenge in developing their business plans and securing funding to implement their different solutions. The programme will run for six months during which the innovators participating in the programme will be equipped with essential tools and knowledge to grow their businesses.
The Incubation Programme commenced in earnest on the 4th April, 2022 with 7 innovators from the Circular Lagos Challenge.
Structure of the LOOPLab Incubation Programme
There are four components of Incubation Programme:
I. Peer Networking & Mentorship
Weekly check-ins among participants to report on successes of prior week, their goals for the week and their biggest challenges.
Monthly “Opportunity Scanning Workshops” that will focus on troubleshooting challenges on a just in time basis.
Coaching Support for partner companies to enable to develop constructive working relationships with start up and to provide development opportunities.
II. Business Advisory Services
Legal, Accounting and Business Planning workshop and advisory support. Workshops will set expectations on business management procedures. Participants will have 1:1 support over the course of the programme.
Governance, Corporate Culture and Teams workshop and advisory support. Workshops will set expectations on working practices and attitudes towards organizational learning. Participants will subsequently be paired with a coaching resource who will support them during the programme.
III. Taught Programming
This features six learning blended learning modules mixing international and local faculty.
Kinetic Thinking and Management (Online): Identify different ways of “creating” and learn to adapt to meet the needs of different creative situations.
CE Business Models (F2F): Apply the business model canvas to the CE and identify value through operational processes, new market opportunity and new products. Content: business model canvas, CE business models, CE value chain analysis, burnt toast, value propositions etc.
Trusted Advisors (Online): The Customer Journey Sales through co-development with clients and teams. Module will cover what is a trusted advisor and why is it important to be one in the BD process, managing difficult conversations and sales negotiations.
Marketing (Online): Identifying and reaching potential clients. Module will cover market segmentation and digital marketing strategies.
Growth, Milestones and Rebuilding Strategies (F2F): Build upon business plan or strategy and identify most appropriate forms of financing to grow business and a financing strategy. Module will cover setting milestones and planning for growth, learning from “failure”, financing strategies for new ventures etc.
Pitching to clients and investors (F2F) Sell the story of venture so that it is an attractive proposition to clients or investors. Module will prepare participants to develop pitch-decks and presentation skills, work constructively with feedback and prepare relevant information different types of investors need to be ready to make an investment.
IV. Prototype Development and Pitch Days
The LOOPLab will facilitate and monitor progress on partnership agreements between start-ups and corporate partners. The agreement will be developed on a bespoke basis and will include milestones and checkpoints that cover piloting, alternative applications, business planning, pilot and growth. The taught sessions, weekly check-ins, opportunity scanning workshops and coaching are designed to provided partners the support needed to meet the objectives set in the partnership agreement.
The shared goal of all participants in the LOOP Lab is to strengthen the Nigerian CE start-up ecosystem, improve success rates of new partnerships (including with Dutch businesses), and to combat youth unemployment.
LOOP Lab will organize investor and client meetings and events to grow start-up networks and to apply skills developed in the programme. One large finale F2F event will be planned. Other smaller ad-hoc events will be facilitated throughout the year in conjunction with the F2F learning modules or on an online basis.
2022 LOOPLab Innovators
9 innovators were selected for the first iteration of the LOOPLab Incubation Programme. Each innovator cuts across a different section of the value chain in circular economy allowing for active collaboration amongst them. By adopting this approach, we are putting into practice the creation of a more sustainable flow of materials across the various links in the chain.