Akure’s brightest business ideas start small; The Hive incubator is betting on them

“Apply to join our next cohort. That idea you’re holding onto is more realistic than you think.”

The invitation is earnest, a lifeline thrown to the dreamers of Akure, the capital of Ondo, Nigeria’s Sunshine State. 

It comes from Samuel Solomon Utoh, an Investor and advisor at The Hive Incubator, which is rapidly carving out a unique niche in Nigeria’s burgeoning entrepreneurial ecosystem. 

For years, the narrative around African “startups” has often felt like a singular tune played on repeat: tech, tech, and more tech. Fintech unicorns and eCommerce giants have, rightly, captured headlines and investor attention. But what about the businesses that form the intricate, resilient fabric of local economies? 

“If you’re paying attention to the economy, to what’s happening around us,  the fintech companies like Paystack and Flutterwave aren’t the ones who sell food items or dresses,” Utoh says.

It’s a simple insight but it’s the core belief driving everything The Hive Incubator stands for. Founded by Folajomi Adegbulugbe, a serial entrepreneur, The Hive is consciously steering away from the well-trodden path. While many hubs nationwide are “fully focused on majorly tech startups,” Adegbulugbe envisioned a space where innovation in all its forms – agri-business, clean energy, food processing, or even a reimagined local service – could find fertile ground. 

People who need business support or backing shouldn’t have to wear the ‘startup’ label,” he explains. “We want to back SMEs too, because there are even individuals doing something innovative in different sectors.

So, what does this look like in practice? For aspiring entrepreneurs in Akure, it means access to something increasingly rare: belief in the idea stage. The Hive backs companies across different stages, including the pre-revenue stage.

This directly contrasts with the venture capital world, where a certain level of traction is often needed.

However, this doesn’t mean The Hive just backs any idea. The selection and nurturing process is structured and rigorous. It runs a six-month incubation program, broken into two distinct phases. For the first three months, it’s all about instilling core knowledge needed to run and scale a business. 

“You have to give people foundational knowledge of how to run the business,” Utoh says. “There are people who are excellent at providing innovative services. But when they don’t understand the numbers and how to structure a business.”

Following this intensive learning period, the entrepreneurs move into a three-month implementation phase. This isn’t just theory; it’s hands-on mentorship. Every week, the startups share updates on what’s happening with their businesses, the challenges they are facing, and the support they need.

In return, The Hive takes a 10% equity stake in the businesses it support, aligning their success with that of their cohort members. In return for this equity, successful applicants receive a seed fund of around ₦3 million ($2,100). While the team acknowledges “it’s small,” it’s a significant injection of capital for an idea-stage venture, with the potential for larger follow-on investments of up to ₦10 million for particularly promising enterprises. Apply here to join the next cohort.

Although The Hive launched with a hackathon in July 2024, offering non-equity funding, it officially began their equity-based cohort model in October 2024. Two cohorts of over 10 businesses have already completed the programme, with a third about to launch. 

It’s a rolling system, efficiently designed. “When we are rounding up to three months of course training program for a cohort, we start a new course because the implementation stage does not necessarily need training. It’s more mentorship and guidance.” 

But does this inclusive, ground-up approach actually work? The Hive points to early wins like NativeBowl, which began as a simple idea to serve native Nigerian meals and is now firmly on the path to profitability.

“For any new business, breaking even within three months of launch is a significant milestone. For now the business doesn’t need additional capital to sustain the business.”

Gamified savings and investment app, Stashwish is also a portfolio company. Other portfolio companies including tech-enabled solutions like a mobile app for salons, showcasing The Hive’s commitment to innovation across sectors. The key isn’t the sector, but the ingenuity. 

For applicants interested in joining the next cohort, Atoh’s advice is simple: “You’ve got to be innovative with your approach, but that doesn’t mean it has to be rocket science,” he says. “You could say, ‘I’ve noticed people have to stop bikes before getting on. What if I build a system where the bike comes to your door and you just hop on?’” 

It’s about spotting a gap, even in the everyday, and offering a smarter, more efficient way to solve it.

Right now, The Hive’s energy is focused squarely on Akure to manage its resources, but it’s looking to expand outside soon.

“Once we’ve made a real impact here, we’ll be in a stronger position to expand into other regions.” 

The Hive is entirely self-funded, a quiet but powerful testament to the team’s belief in what they’re building. “We’re doing all of this by ourselves,” Atoh says. Still, they’re open to collaboration. “The goal is to show how much impact is possible. In the future, we’ll be looking for partners.”

The Hive’s vision is to support a million businesses within the next five years.

It’s a bold ambition grounded in a simple, powerful idea: that within every community, right there in the market stalls, street corners, and side hustles, are ideas with the potential to transform lives and economies. For the entrepreneur in Akure with a plan for a better food stand, a neighbourhood cleaning service, or a hyper-local delivery app, The Hive isn’t just offering funding or office space. It’s offering visibility and support.