Published on June 27th, 2012 | by Senior Editor1
Wennovation: OTGPlaya Wins at Africa Diaspora Marketplace II
Wennovation Hub affiliated OTGPlaya Entity LLC emerged winner at the second Africa Diaspora Marketplace (ADM II) Grant Competition held this past weekend at Washington DC, USA. The competition sponsored by USAID, Western Union, EcoBank and Tony Elumelu Foundation among others supports emerging African innovators and entrepreneurs with seed matching grant.
OTGPlaya emerged as one of 17 award winners among over 400 applicants and 44 finalists that exhibited at the finals held from June 22nd, 2012.
OTGPlaya is the parent of Prime CoHall (PCH) Nigeria Limited, the pioneer Wennovation Platform company that have since completed an unprecedented incubation round that have seen it develop a best of class technology product. LoftyInc Allied Partners Limited is the business development partner of OTGPlaya Entity LLC, assisting the US based firm to develop a strong business model to ensure the market sustainability of its solutions.
For its win, OTGPlaya will obtain up to $50,000 in matching grant investment to assist with pilot deployment of its innovative OTG Kiosks in the second half of the year across Lagos, while building a strong technology and marketing support for its local subsidiary (PCH). Additional $10,000 in technical assistance from various public and private sector partners of the ADM II program have also been committed as part of the win.
OTGPlaya shareholders will match these investments as part of the grant agreement, and upon meeting key milestones will be eligible to participate in follow-on rounds of investments offered by the alliance of the ADM organizers with the Tony Elumelu Foundation, Nigeria for up to $250,000 in 2013.
Addressing the win, LoftyInc’s Executive Partner, and Ag. CFO/COO of OTGPlaya Entity LLC, the “Wennovation Team is very proud of this achievement of one of our pioneer class of Wennopreneurs. Of course, the award further enhances the Wennovation Hub brand as the place to go for real innovation that makes it to the market place. We are committed to offering our entrepreneurs creative paths to funding in spite of the challenges which we continue to confront in the region on this front”.
To date, the pioneer class of Wennovation Hub members of four companies have obtained up to $500,000 in investor commitment with over 80% coming from local investors. The OTGPlaya team leads this class strongly, and the Wennovation Family celebrates their success.