ARM Labs Lagos Techstars Accelerator 2023

Techstars, the most active pre-seed investor in the world that provides access to capital, programming and connections to early-stage entrepreneurs, in partnership with ARM Labs, a Lagos-based innovation program, announces  the call for applications for the 2023 edition of the ARM Labs Lagos Techstars Accelerator Program.

Following the success of the inaugural program in 2022, the ARM Labs Lagos Techstars Accelerator 2023 program will support startups based in Africa that are building innovative companies across FinTech, Mobility, E-commerce and TalentTech.

The program

The three-month, in-person program is based in Lagos, Nigeria. The first month is dedicated to refining the startup’s value proposition through extensive hands-on training and exposure to over 100 Techstars mentors. Month two features guest speakers including top ecosystem operators and founders, tailored workshops, and one-on-one support to help founders execute and accelerate their business. The third month is focused on preparing the startups for fundraising, and the building of investor relationships. 

Techstars’ primary investment is at the accelerator stage, and they also have a dedicated follow-on fund to continue to invest in portfolio companies as they grow. They make a first investment of up to $120,000 in each company at the time of the accelerator program: a $20,000 equity investment for the right to 6% in common shares, and an optional $100,000 convertible note. Techstars will also receive 6% of the Token Reserve if a company is conducting a Network Launch using distributed ledger technology (an ICO, SAFT, token event, etc). A description of their standard deal terms is here.

The process

Applications for the 2023 ARM Labs Lagos Techstars Accelerator program close August 9, 2023. Founders are encouraged to submit their applications early, as applications will be reviewed on a rolling basis.

The program will commence November 13, 2023 and conclude with a Demo Day showcase on February 15, 2024 where investors, community, government and business leaders will experience the transformational power entrepreneurs have on the African ecosystem. For the in-person accelerator programs, it is required to be primarily based on site and work out of the office space during the program.  Last year’s invite-only Demo Day had over 400+ attendees in person and an additional 2,500+ people streamed the event live on YouTube and LinkedIn.

Benefits of participating

• Access to Techstars resources for life;
• Acceleration in a 90-day Techstars mentorship-driven accelerator program with personal mentorship and office space;
• Lifetime access to the Techstars worldwide network of entrepreneurs, including more than 10,000 mentors, 10,000 investors, 1,600 alumni companies, and over 200 staff members;
• Access to over $400k of cash equivalent hosting, accounting, and legal support—plus other credits and perks worth more than $5M;
• Working and meeting spaces, as well as a nice lounge all with super fast and reliable wireless Internet access;
• Demo Day exposure and other investor connections.

Historically, on average, Techstars companies go on to raise more than $2M of outside capital after the program.