In a bid to build a supportive environment for innovation and create new pathways for a future where prosperity is inclusive, opportunities abound, and where the entrepreneurial spirit thrives, Group Chief Executive Officer, Moniepoint Inc, Tosin Eniolorunda has rewarded three University-based young Nigerian entrepreneurs through the inaugural edition of the Tosin Eniolorunda Innovation Challenge, an initiative of the Management Students Association, University of Lagos.
The winners emerged during the 4th Annual Students Entrepreneurship Program, a one-day session which featured keynote presentations, panel discussions, and networking opportunities designed to equip future business leaders with the skills and knowledge needed to foster SME growth and innovation. With the theme, “Bridging The Gap From Micro To Macro: Empowering SMEs To Drive Sustainable National Growth”, participants were challenged to explore simple but creative solutions to the challenges faced by SMEs while underscoring the necessity of fostering an entrepreneurial mindset, and equipping emerging business leaders with the tools to innovate and solve problems effectively.
Speaking to the rationale for the Challenge, Tosin Eniolorunda who was represented at the event by Efemena Ogie, Head of Partnerships, noted that small businesses are vehicles for innovation and problem solving and that empowering them isn’t merely a strategic imperative but a moral obligation toward ensuring sustainable and inclusive prosperity for all. He added that the initiative resonated strongly with him considering his own early beginnings as an undergraduate of the Obafemi Awolowo University where he was solving problems for his peers on campus.
“This initiative aligns with our vision of powering dreams and being critical enablers for the growth of the SMES across Nigeria. We have seen first hand the transformative power of innovation and problem solving as pivotal building blocks for unlocking value, considering that the world belongs to dreamers and doers. Our growth has been driven by our ability to listen to the customers as well as providing innovative solutions to the challenges they have faced. Dreams and passions are the fundamental instruments for entrepreneurial activities and the drive to provide financial happiness for all Nigerians has kept us going. This Innovation Challenge is a solid platform to help more dreamers move their innovative ideas into becoming tangible ventures that can increase their contribution to the broader economy,” he said.
Not limited to providing student entrepreneurs with seed funding or funds to upscale their ventures (for already existing businesses), the Tosin Eniolorunda Innovation Challenge, which showcased an impressive array of entrepreneurial talent and innovative ideas, also provided mentoring initiatives, workshops and training sessions to participants who are committed to identifying problems and proffering solutions as well as making great impact in their communities.
After a rigorous selection process, five finalists emerged to present their ideas to a distinguished panel of judges, with the winners announced as follows:
1. Winner: Craft by Leemart
Founder: Halimat Ajoke Ariyo
A fashion leather brand creating high-quality, customized products – footwears, customized bracelets, wallets, belts, journals and other products with quality leather with a focus on customer satisfaction and personalized experiences.
2. 1st Runner-up: SafeMom
Founding team: Michael Kolade Sunmoni and Saanumi Oluwaseun Joshua
A healthtech startup addressing maternal mortality by connecting expectant mothers with healthcare resources through an innovative digital platform. These include 24/7 access to healthcare experts, educational resources on pregnancy, childbirth, and postpartum. and support groups.
3. 2nd Runner-up: UNISHOP
Founding team: Bukunmi Ransome-Kuti and Israel Olasupo
A retail-as-a-service platform empowering student entrepreneurs to establish and grow their businesses within the campus ecosystem. It offers basic listings and premium shop pages to drive visibility and marketing for student businesses to thrive in the campus marketplace.
These winners were selected after preliminary rounds by an expert panel of judges drawn from the business and technology ecosystem including industry leaders such as Gabriel Balogun, Head of Learning and Development, Moniepoint Inc, Katherine Adesomoju, CEO, Spectrum Holdings, Samuel Olatunde, CEO/Founder, Edala Homes, and Adeola Sanusi, CEO/Founder, XL Homes.
The evaluation was based on key metrics including market potential, understanding of financial management, growth plans, and business value/competitiveness of the proposed solution and the quality of the presentation and delivery.
An elated Halimat Ariyo who went home with 1 million naira in prize money said: “I’d like to thank Moniepoint and Mr Eniolorunda for this opportunity and the cash incentive. I am energized to take my business to the next level and the world would know my name.”
The Tosin Eniolorunda Innovation Challenge is identifying promising small businesses on campus and providing valuable training and exposure to them underscores the importance of nurturing young talent and fostering innovation for Nigeria’s socio-economic advancement while validating Moniepoint’s commitment to support entrepreneurship, and position young Nigerians for global relevance.
