Honeywell Group has officially launched Itanna, a new Lagos-based accelerator, and investment vehicle. The accelerator, which will be managed by Honeywell Group head of innovation and sustainability Tomi Otudeko, will focus on Nigerian tech startups.
In a statement, Otudeko said the accelerator — which is located at the Enterprise Factory in Iganmu — will allow Honeywell Group to collaborate with the Nigerian tech ecosystem.
He stated: “We will invest patient capital in the startups we work with, and we will also provide world-class mentorship to enrich the business strategy of each cohort.”
Four startups will participate in Itanna’s four-month-long innovation programme. The startup that will participate in the first cohort are Accounteer, KoloPay, TradeBuza, and PowerCube will each receive $25 000 from Honeywell Group.
The four were selected from an applicant pool of over 200 startups. “The caliber of startups who applied to Itanna was striking;, and we’re now excited to begin work with our inaugural cohorts,” said Otukedo.
He said the accelerator was conceived to be a place where Africa’s top talent can bring their ideas, visions, expertise, and resources to create a “new wave of businesses” that will ignite and stimulate economic growth across the country and the continent.
Itanna will provide for-profit startups with a minimum viable product with training and mentoring from leading industry experts, as well as access to Honeywell Group’s network of local and international investors.