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Frequently Asked Questions

About the programme

What type of business are you looking for?

We are looking for disruptive businesses targeting the African market, with pan African potential and which have great social impact. Each cohort will have a different focus and our first programme will be focused on Financial Technology – we are open to all FinTech businesses but are particularly interested in the following themes: Blockchain technologies, mobile and virtual registrars, credit scoring, data analytics, online lending, investTech, ‘Bots, payments and remittances.

How is the programme going to look like?

Key features of Itanna:

  • 5-month programme starting mid-February in a collaborative community working space
  • $20,000 investment from Honeywell Group in all participants
  • $100,000 investment from Honeywell Group in the top 2 graduates
  • Introductions to and guidance from Honeywell Group key decision makers
  • Hands-on advice from experts
  • Mentoring from leading entrepreneurs and industry experts in Africa
  • The opportunity to pitch your business to Honeywell Group’s networks of investors

What will a typical week be like?

You will be working on your business during the week with the assistance of the Honeywell Group teams.

We are not running an MBA class, we are focused on your business and making sure it becomes super successful.

There will be some limited classes on certain topics depending on the cohort’s requirements. Every week, we will host an event with an external expert. Every Tuesday morning, we will have a weekly meeting checking up on progress.

Where is Itanna located?

The Factory is located in a secret location in Lagos, Nigeria. We have developed a really cool office space.

What happens after the programme?

We are invested in your business. It is in our interest that your business succeeds and as greedy investors we will help you make sure it happens. Maybe you will become a unicorn…

How much does each participant receive?

Each participant receives $20,000.

Certain participants may receive a further $100,000 at the completion of the programme.

We will sit down with you at the beginning of each programme to agree on use of proceeds.

We may disburse the funds in Naira or in US$ depending on the use of proceeds.

How are the investments structured?

Each participant receives $20,000 in exchange for a 7% minority stake. The 7% stake is structured as a convertible loan note, convertible into equity.

At the end of the programme, 2 businesses may receive a further $100,000 in exchange for a further 20% minority stake. The 20% additional stake will be structured as common equity resulting in a fully diluted stake of 25.6%.

Who will be invited to the investor days?

Real investors that have a track record of investing in Africa or in tech companies.

These investors will be selected by the Honeywell Group.

Application Process

Can I apply if our company or founders are not from Nigeria? Can you help with immigration issues and accommodation?

Absolutely. We are looking for applications across Africa. We will help with the immigration process and help you find appropriate accommodation.

How are the 10 companies chosen?

The top 10 companies are chosen by a screening committee, which is composed of members of the Honeywell Group and external experts.

These companies will be the companies that most align with our innovation themes, we believe are most likely to succeed and are ready to scale.

We are business people and investors. We are not running a TV show, so we won’t invite you to present in front a panel of 50 people and put a spotlight on your face.

How does the application process work?

Submit your application online as soon as possible here.

Shortlisted candidates will be invited for interviews that can take place in person or remotely.

My startup does not need seed capital, can I still apply?

Please get in touch and send an email to investments@itanna.co
We are also looking for startups who need to raise larger amounts of capital.

Do I need to have a minimum viable product in place?

Yes, you do. However, we will also consider applications that don’t have one, provided the scope to revolutionise Africa is great.

Do I need to have a business plan?

You would need to submit either a video or a pitch deck detailing your product, the problem you are solving, the potential to revolutionise Africa and your team.

We will help you develop a business plan during the programme.

About Honeywell Group

Who is the Honeywell Group?

Founded by Dr. Oba Otudeko, CFR in 1972, Honeywell Group is a leading Nigerian corporate with businesses across major sectors of the Nigerian economy: foods, real estate, infrastructure, energy and services.

How is Itanna linked to the Honeywell Group?

Itanna is funded by the Honeywell Group and forms a core component of its innovation strategy.

The Honeywell Group is committed to funding and supporting entrepreneurs and startups.  The Honeywell Group will also provide mentorship from business leaders and entrepreneurs to help you develop your business model.

Honeywell Group will leverage on its local and international network and portfolio businesses to help you scale up, deploy your products and gain access to partners and customers.

Will all the mentors come from the Honeywell Group?

No. Some will but the majority will be entrepreneurs, professionals in the financial industry and other experts.

Why is the Honeywell Group doing this?

Don’t tell anyone, but we are looking for the next African unicorn.

Is a participating company's product or service guaranteed to be used or distributed by the Honeywell Group?

No, there are no guarantees. It’s entirely at the Honeywell Group’s discretion as to whether or not it enters into any commercial arrangement with a participating company after the programme.