Madhouse, the leading centre for creativity and innovation in Africa, recently marked the completion of its innovative Lens-Based Incubation Programme by awarding $10,000 in seed funding to AfrikoHub, the champion of its Demo Day pitch competition. Developed in partnership with the University of Lagos, this program was created by Madhouse to provide African creatives with vital business skills required for launching successful enterprises.
Africa’s creative sector contributes 1.42% to the country’s GDP and encounters significant hurdles such as limited access to funding, lack of intellectual property protection, and insufficient training opportunities. Programs like Madhouse’s Lens-Based Incubation Programme are crucial in tackling these challenges. Leading financial organizations have acknowledged the industry’s economic prospects, evident in initiatives like Afreximbank’s $500 million Creative Industry Support Fund and the African Development Bank’s $170 million loan for digital and creative businesses in Nigeria.
By providing a nurturing environment for creativity, comprehensive business training, and significant seed funding, Madhouse aims to enable creative entrepreneurs to scale their businesses globally, create employment opportunities, and contribute significantly to economic growth. The programme’s impact has been profound, as noted by participants like Tunde Raphael, Founder of AfrikoHub, who emphasized how the programme pushed his team to deliver and provided practical insights from successful creative entrepreneurs.
