Startups often find themselves in a catch 22 situation. To gain investor capital, they need to show traction. To gain traction they need capital. To solve this, entrepreneurs are often told to go down the FFF route, friends, families or fools. Unfortunately, not many Nigerians have access to the FFF round that’s commonplace in other climes. They still must source this money somehow in order to build a product. It is at this point many a startup dies. Because to have a product, they need to have interrogated the market on some level and market research is never free. For the average Nigerian entrepreneur, going from market interrogation to traction is a herculean task.
Working with Nigerian Healthtech startups over the last year has made it apparent that a good number are caught in this catch and struggle with identifying and understanding their target market. This understanding is the key initial step to a great product. As a result, DHN has decided to support small market research endeavors by startups in our network.
We’ll provide selected startups with guidance on designing a market research model, identify goals and provide financial grants of up to ₦100,000 to assist in completing the project.
Applications will be accepted on a rolling basis and are open from the 6th of November 2017. It will be run indefinitely until otherwise advertised.
We aim to turnover every application within a 3 month period. Each application will receive a personalized response and feedback from us. This is because we understand the value of hearing the thoughts of others when working on a startup. If selected for the grant, you will know within 4 weeks. We will then work with you to refine your idea and design a suitable market discovery instrument.
To apply, fill out the google form here. Everyone is welcome to apply regardless of stage or experience. Our goal is to increase the activity in the digital health space so no idea is too early, too simple or too dumb. All that’s required is a passion and doggedness to see your idea through to the end. Oh, and your idea needs to be in digital health just in case there’s any doubt.
Don’t think further, apply now, you’re who we want to talk to.