The ARM Labs Innovation Program (ALIP) has been a catalyst for Nigerian startups, equipping them with essential resources and guidance to effectively pitch and secure investments. Since its inception in 2018, ALIP has played a pivotal role in diving innovation and nurturing growth within the startup ecosystem.
ALIP Cohort 5, which commenced on May 15th, 2023, continued the tradition of excellence, bringing together a diverse cohort of promising startups poised to make significant strides in their respective industries. This cohort marked a significant milestone in the program’s journey, showcasing the resilience and ingenuity of Nigerian entrepreneurs.
Among the selected startups for Cohort 5 were Arich, GoNomad, Farmer1st, Periculum, and Wano. Each of these startups showed tremendous potential and embarked on a transformative journey throughout the program.
Investment Outcome
The 5th Cohort experienced a program overhaul and implemented stricter investment criteria. Startups were mandated to showcase market demand, validate their market, and present a well-defined growth strategy, among other prerequisites. This enhanced selection process aimed to ensure that only the most promising and viable startups were admitted into the program, fostering a culture of excellence and accountability.
Selected Startups in Cohort 5:
- Arich is a savings platform designed for local traders, offering them a convenient and secure way to save their daily earnings through the Arich mobile app or their mobile agents. The startup demonstrated remarkable progress during the program, refining its business model and solidifying its market position. They successfully received funding from the ALIP 5.0 program.
- GoNomad emerged as a frontrunner in the service sector, leveraging technology to redefine the way startups launch and set up their businesses in the US and UK. With ALIP’s support, GoNomad successfully secured funding, paving the way for its expansion and growth.
- Farmer1st specializes in offering banking and micro lending services tailored to smallholder farmers. Despite its promising concept, Farmer1st faced challenges in meeting the investor requirements set forth by ALIP. While the journey may have been challenging, the experience gained through the program undoubtedly provided valuable insights for future endeavors.
- Periculum offers customized data analytics solutions to help companies extract deeper insights from their data using their flagship product, Insight. While they successfully completed the ALIP 5.0 program and met all investor criteria, their funding needs exceeded the investment ticket for the program.
- Wano is a mobile money operating system that empowers businesses to create financial solutions on WhatsApp, like what they can achieve on USSD infrastructure. Despite its promise, Wano did not meet the investors criteria, underscoring the stringent selection process enforced by ALIP. While not every journey culminates in success, the lessons learned along the way serve as invaluable steppingstones for future growth and development.
After the success of ALIP 5.0, it’s essential to celebrate the successes achieved and reflect on the valuable lessons learned. While some startups, such as Arich and GoNomad, secured funding and forged ahead on their growth trajectory, others faced challenges that underscored the inherent complexities of the startup journey.
Going forward, ALIP reaffirms its dedication to nurturing and empowering Nigerian startups, providing them with the necessary tools and support to excel in an ever-changing business environment. As we conclude Cohort 5, we invite aspiring entrepreneurs to apply for ALIP Cohort 6 through our website, where they can access the application and begin their entrepreneurial journey.
