Huge potential at the Start-up Week in Lagos

October 2018, Frankfurt School of Finance & Management students sit in the campus garden while enjoying good weather. A day that feels more like summer than fall. Kai Schmidt, Bachelor of Science graduate in Business Administration at the business school and Co-founder of Crypto Development Fund, is used to warm temperatures. Only a few days ago, together with his partners Philipp Lesche and Simon Schulz, both graduates from TU München, he came back to Germany from the tropics. The founders of Crypto Development Fund visited the Lagos Start-up Week in Nigeria’s biggest city. It has been warm and stuffy, even chaotic, they say. The spicy food was challenging. However, being there was a great success for the founders.

“Obviously there are still a lot of problems in Africa. Nevertheless, when solving them it becomes clear that there is massive potential. We want to enable investors from Europe to finance this potential”, says Kai Schmidt, who talks passionately about Impact Investing in Nigeria.

Through their trip to Nigeria, where one employee is permanently located, they have met first partners such as Passion Incubator. The accelerator support start-ups, pursuing sustainable goals. This includes start-ups aiming to improve local healthcare.

“We want to make a difference. Therefore, start-ups providing people with better access to hospitals are particularly attractive for us”, emphasises Philipp Lesche.

What will happen next with the start-up? More to come on the FS website and blog.

More about the beginning of Crypto Development Fund you can read here.