Inside Itanna: Lagos’ Newest Tech Accelerator Backed by Honeywell Group
A Major Corporate Move into Nigeria’s Startup Scene
In August 2018, Honeywell Group—the powerhouse behind several major Nigerian businesses—stepped boldly into the startup world with the launch of Itanna, its new accelerator and direct investment arm. Operating from a 627-square-metre facility in Iganmu, Lagos, the venture represents a shift in how corporate giants collaborate with tech startups: not just as sponsors, but as strategic partners.
What Is Itanna and Who’s Behind It?
Spearheaded by Tomi Otudeko, Head of Innovation and Sustainability at Honeywell Group, Itanna is more than just a program—it’s a platform. Aimed at supporting Nigeria’s next generation of tech-driven businesses, Itanna offers a structured four-month innovation accelerator with hands-on support, tailored mentorship, and serious funding.
Each startup accepted into the inaugural cohort has received $25,000 USD in direct investment from Honeywell Group. More than just a financial boost, this seed money comes with access to Honeywell’s deep local and international networks, as well as the chance to pitch at a dedicated Demo Day later in 2018.
Meet the First Cohort: From Accounting to Renewable Energy
From over 200 applications, four standout startups were chosen. Their selection reflects Nigeria’s growing diversity in tech entrepreneurship:
The First Four Startups in Itanna’s Accelerator
| Startup | Sector | Description |
|---|---|---|
| Accounteer | Fintech / SaaS | Online accounting platform for African SMEs |
| KoloPay | Mobile savings | App for target-based savings, cashless and cross-platform |
| Tradebuza | Agritech / Commodities | Manages outgrower schemes and brokered commodity sourcing online |
| PowerCube | Renewable energy | Offers affordable, clean energy through modular solutions |
These ventures are tackling real market needs—from helping small businesses manage their finances, to powering off-grid homes with renewable energy.
It’s Not Just About Money—It’s About Building Lasting Businesses
Honeywell’s vision isn’t short-term. According to Executive Director Obafemi Otudeko, Itanna represents a “patient capital” strategy: long-term investment coupled with expert guidance. With nearly 50 years of business-building experience, Honeywell aims to inject real enterprise DNA into Nigeria’s vibrant tech ecosystem.
What Makes a Startup Itanna-Ready?
Getting in isn’t easy. To be accepted into the accelerator, startups must:
- Already have a Minimum Viable Product (MVP)
- Show customer traction or partnerships with acquisition enablers
- Demonstrate technical and industry expertise
- Show a clear path to scalability
This approach ensures that only the most promising, execution-ready startups make the cut—those with potential to grow fast, scale wide, and solve big problems.
A State-of-the-Art Space in Industrial Lagos
The accelerator operates from a purpose-built space called the Enterprise Factory, right in the industrial heart of Lagos. At 627 square metres, it’s not just big—it’s smart. Inside, startups have access to open workspaces, private offices, fully equipped meeting rooms, and a professional-grade conference area.
Scaling Beyond the Accelerator: Direct Investments for Growth
While Itanna’s four-month accelerator is the heart of the program, the ambition doesn’t stop there. Honeywell Group has structured Itanna to also serve as a growth capital investor for more developed tech startups seeking to scale their operations. Through this direct investment model, companies can tap into Honeywell’s broad industry network and operational expertise—not just to survive, but to thrive.
This two-tiered structure—early-stage acceleration and later-stage investment—creates a full pipeline for startup development. Itanna doesn’t just get companies off the ground; it stays with them as they scale.
Leveraging Honeywell’s Legacy to Fuel the Future
Itanna is deeply tied to Honeywell’s mission to connect traditional enterprise experience with cutting-edge innovation. Obafemi Otudeko highlighted that this initiative reflects the company’s desire to bring “dynamism” to its sector focus. By backing scalable tech ventures, Honeywell aims to remain at the forefront of economic development in Nigeria—and by extension, across Africa.
Their involvement goes beyond writing checks. Startups benefit from world-class mentorship, strategic business development support, and exposure to local and international investors. With a half-century legacy in building Nigerian businesses, Honeywell isn’t experimenting—it’s evolving.
Creating a Launchpad for African Innovation
Itanna’s positioning is clear: it’s a launchpad for African founders with real products and real visions. According to Director Tomi Otudeko, the goal is to foster a generation of companies that can reshape the continent’s economic landscape.
“We are thrilled to be joining an already busy and vibrant tech ecosystem,” she said, emphasizing the program’s commitment to adding real value and business know-how. Her message is simple: ideas alone aren’t enough—execution, mentorship, and funding are critical.
Why Location Matters: Iganmu as a Symbolic Hub
Choosing Iganmu, Lagos, for the Enterprise Factory isn’t accidental. Known as a center of industry and commerce, the location reinforces the program’s identity as a builder of real businesses. It’s a symbolic shift: tech no longer belongs only in glitzy towers or foreign VC firms—it’s moving into the heart of Nigeria’s commercial machine.
By embedding the startup ecosystem in a place long known for physical production and industry, Itanna links past to future. This is innovation rooted in reality.
Looking Ahead: What Comes After Demo Day?
Each startup from the pilot cohort will culminate their journey at Itanna’s Demo Day—a showcase of progress, potential, and pitch power. Set for late 2018, the event will bring together investors, corporate partners, and ecosystem leaders, offering founders a high-stakes opportunity to secure follow-on funding and strategic support.
But for Itanna, Demo Day is just the beginning. As the accelerator expands its cohorts and deepens its capital deployment, its role as an ecosystem builder will only grow.
A Glimpse at What’s Next
Here’s what to expect from Itanna’s future roadmap:
- New cohorts every cycle, refining the accelerator model based on pilot results
- Increased direct investments into startups at Series A and beyond
- Sector-focused support, especially in fintech, renewable energy, agritech, and SaaS
- Expanded mentorship programs involving global experts and Honeywell alumni
Table: Itanna’s Support System at a Glance
| Resource | Details |
|---|---|
| Investment Per Startup | $25,000 (initial accelerator stage) |
| Accelerator Duration | 4 months |
| Location | Enterprise Factory, Iganmu, Lagos (627 sqm) |
| Direct Investment Option | Available post-accelerator for growth-stage companies |
| Mentorship Access | Honeywell Group executives, industry experts, and global advisors |
| Demo Day | End of accelerator program, pitches to investors |
Final Thoughts: Not Just an Accelerator—A Movement
Itanna isn’t just another tech program—it’s a signal. A sign that legacy corporates in Africa are stepping forward to shape the continent’s future through deliberate, sustainable innovation. It’s a call for founders to bring their vision, build boldly, and scale with support.
And with Honeywell’s reach and resources behind it, Itanna is poised to become one of the most impactful startup initiatives in West Africa.
