Inlaks Just Launched a New Tech Hub, Where Does it Fit in the Ecosystem?
Inlaks, one of Africa’s oldest tech companies, has launched a new tech hub in Nigeria – theHatch. Called theHatch, the hub is focused on the fintech sector. theHatch will mentor the next wave of entrepreneurs developing homegrown financial services and solutions, particularly for the insurance industry. The hub will also provide funding and help innovators hit the ground running with their disruptive ideas.
Meanwhile, Inlaks’ decision to launch a new tech hub is, frankly, somewhat puzzling.
Nigeria already has quite a few tech hubs. According to a report by the GSM Association (GSMA), there are already 55 tech hubs in the country, 31 of which are based in Lagos.
So what will value does Inlaks’ theHatch hub add to the ecosystem?
Inlaks Joins the Niche Train in the Ecosystem
Importantly, Inlaks’ new tech hub takes a different approach in the startup ecosystem. As a fintech-focused hub, theHatch is a niche tech hub. And according to GSMA, niche tech hubs are a new trend in the development of tech hubs in Nigeria.
Inlaks CEO, Femi Adeoti. Source: Nigeria Communications Week
Many new tech hubs today are increasingly specialised and tend to focus on developing startups to address particular markets, industries or sectors. Inlaks’ latest tech hub only fuels this trend even further. This focus makes the new hub more appealing to entrepreneurs, and suggests the incubator could help get them to market quicker.
Now the belief, although this is unproven, is that niche tech hubs help to develop innovative products much quicker than regular tech hubs. Many niche tech hubs are founded by companies or institutions with significant strength or presence in certain markets. The idea is that they can use their existing strength in a particular sector to accelerate growth of the companies within.
