Madhouse Concludes Lens-Based Incubation Programme with $10,000 Prize

Madhouse, Africa’s leading creative hub, wrapped up its innovative Lens-Based Incubation Programme on June 28th, crowning its Demo Day pitch competition winner with $10,000 in seed funding. Developed in collaboration with the University of Lagos, this initiative aims to empower African creatives with essential entrepreneurial skills needed to launch successful ventures.

Africa’s creative sector, which contributes 1.42 percent to the GDP, grapples with challenges such as limited access to funding, intellectual property protection issues, and a lack of training support. Programmes like Madhouse’s play a crucial role in overcoming these barriers.

In a significant move, Afreximbank launched a $500-million Creative Industry Support Fund in 2020, providing credit lines and direct financing. Similarly, the African Development Bank extended a $170 million loan to Nigeria’s digital and creative enterprises in late 2021, highlighting the sector’s economic promise. Nigeria’s Federal Ministry for Arts, Culture, and Creative Economy has also prioritized sector growth through its 2030 agenda.

Madhouse’s efforts are pivotal in addressing these challenges, offering a nurturing environment for creativity, business acumen, and crucial seed funding. This funding aims to empower creative entrepreneurs to expand globally, generate employment, and make substantial economic contributions.

Source: TechCabal