Three Nigerian technology startups have secured substantial equity investments totaling over $20,000 to drive digital innovation within their businesses. The entrepreneurs emerged victorious in the MarkHack 3.0 startup pitch competition, which attracted 75 startups from across four African countries. In addition to the equity investments, the winning startups were awarded $10,000 in AWS credits, entry to the Eko Innovation Centre (EIC) Accelerator program valued at $10,000, laptops, and seed investments from program partners.
The competition, organized by the Eko Innovation Centre in partnership with the GDM Group and Brand Communicator, centered on four key areas that are shaping the future of marketing. These areas included e-commerce evolution, artificial intelligence-driven personalization, blockchain for business, and localizing XR (Extended Reality).
Speaking at the event’s grand finale in Lagos, Victor Afolabi, the brain behind MarkHack, emphasized the importance of staying ahead in the rapidly evolving marketing and media landscape. Afolabi highlighted the transition of marketing to the metaverse, incorporating artificial intelligence for personalization and blockchain technology. He stressed the significance of access to funding for businesses to invest in digital marketing innovations to remain competitive.
Joshua Ajayi, the Publisher of Brand Communicator, noted the unprecedented pace at which marketing and media are evolving, with technologies such as AI, big data, and immersive tech reshaping the industry. He lauded MarkHack for its fusion of creativity, technology, and innovation, representing a significant shift in addressing marketing and media challenges effectively.
The projected growth of the marketing communications industry to $2 billion by 2025 and the digital advertising market to $272.4 million this year underscores the immense potential for businesses to leverage cutting-edge techniques. The evolving marketing landscape in Nigeria highlights the opportunity for companies to explore innovative strategies and embrace digital advancements for enhanced competitiveness.
