Nigeria: Bolt Nigeria grants $26,000 seed fund to 10 drivers

Bolt Nigeria has granted a total of $26,000 to ten drivers who reached the finale of the Bolt Den initiative within the Bolt Accelerator Program.

These drivers underwent a stringent selection process, with 1,600 initial applications whittled down to 100 progressing to the ideation phase. The top 20 drivers then participated in an intensive business development boot camp in preparation for the pitch day.

During the Bolt Den pitch session, the top drivers presented their innovative ideas to a panel of judges, resulting in the selection of the top 10 ideas. These ideas encompassed initiatives such as converting vehicles to compressed natural gas (CNG), creating a mobile application connecting users with on-the-go mechanics and towing rescue vans, transforming petrol-operated vulcanizing machines to solar energy, and designing and assembling electric bicycles, among other concepts.

The final ten drivers were announced, each receiving a €2,000 seed fund and access to a 6-week business mentorship program. Additionally, the top 20 drivers received certificates of participation, and three drivers were awarded laptops in categories such as best pitch, most scalable idea, most innovative idea, and one received access to business mentorship with Oliver Wyman.

Caroline Wanjihia, serving as the Regional Director for Africa and International Markets at Bolt, shared perspectives on the extent of Bolt’s presence across the African continent.

“In Africa, we’re in several markets, Nigeria, Ghana, Tunisia, Tanzania, Uganda, Kenya, and South Africa,” but we’ve chosen Nigeria as the first market to launch the Bolt Accelerator program. The program is an economic empowerment initiative run with the Nigerian driver community,” she said.