Olufunbi Falayi, one of the co-founders of Lagos-based startup incubator/accelerator, Passion Incubator has resumed at IDEA Nigeria, the Nigerian government-funded incubator also based in Lagos with another center in Calabar.
Olufunbi shared the information with TechCabal some moment ago.
According to him, in his new role at IDEA, he will “lead all IDEA Nigeria (Lagos) activities and intervention with early stage startups and engagement with the ecosystem”
Passion Incubator was launched last year by Olufunbi and Taiwo Ajetunmobi, running a “cashless”accelerator programme out of Yaba, Lagos.
Olufunbi is also moving with Waracake, Talkingbookz, Beattrafik, Medrep, Easyspace and Stylista; six startups currently being incubated at Passion Incubator to IDEA.
It’s not exactly clear what will happen to/at Passion Incubator following this move.
but TechCabal has reached out to Olufunbi and will update accordingly. Olufunbi shares more insight about the move with TechCabal in this Q & A. The interview has been edited for clarity.
TechCabal: What happens to/at Passion Incubator now? Why are the Passion incubated startups coming with you? And kindly update us on your partner’s activities in the wake of your move.
Passion Incubator at this point will not accept any new startups. However, our current startups (Waracake, Talking Bookz, Beat Traffik, Medrep, Easy Space and Stylista) will be operating from IDEA Nigeria’s facility. I will continue to work with PI startups as part of my engagement at IDEA. My partner will run the day to day operations of PI and will continue with his primarily role of leading our business development and expansion activities – growing PI into adjacent business segments. We will keep you informed on our new projects. So sorry, but no juicy details on a split here.
Why are you moving? Or perhaps, why are you not staying on at Passion Incubator?
A call to serve and an opportunity to help more entrepreneurs. Our country needs a strong ecosystem and we need to accelerate the development of the ecosystems and move things forward. Working at IDEA gives me the opportunity to help with that. From the beginning we were always clear that starting PI was about helping to grow the ecosystem and helping the entrepreneurs find success. Moving to IDEA helps us continue to do this but on a larger platform
When was the move finalized and in what capacity are you going to function at IDea now?
Discussions have been on going for a while but the move was finalized a week ago. I will be the functioning as the Centre Manager (Lagos) and I will lead all activities and intervention with early stage startups and engagement with the ecosystem. So you guys will be seeing a lot of me.
This is a long and difficult journey. My personal philosophy is that we are all in this together. Anyone with an opportunity to collaborate to grow the ecosystem should reach out directly to me or call the front desk at IDEA to reach me.
Update [17:26] – An earlier version of this post did not include the Q & A with Olufunbi.