SIA Startup Foundry Program for Nigerian Entrepreneurs ($10k Grants)

SIA Startup Foundry is an incubator program that provides businesses with a conducive environment to develop their ideas, refine their business models, and bring their visions to life.

The entrepreneurial spirit of Nigerians is undeniable. With a booming economy and an influx of innovative startups, there’s a palpable energy and drive towards progress and growth. Yet, these bright ideas and ventures often face roadblocks – from financial constraints to skill deficits and infrastructural challenges.

We are excited to partner with TheNest Innovation Technology Park to launch the second cohort of the Startup Foundry. Together, we aim to sculpt the future leaders of industry through our top-tier bootcamp training. But that’s not all – in our commitment to turning dreams into reality, we are also setting up a seed fund. Six outstanding businesses will have the opportunity to secure a portion of a $10,000 seed fund, providing them with the much-needed boost to kickstart or scale their operations

Eligibility Criteria for SIA Startup Foundry

1. Scalability and growth potential.

Business should show high growth potential as evidenced by the submission of the following documents:

a. Snapshot of customer feedback/ testimonials and reviews (proof or links can be shared).

b. Submission of a Business Plan which includes detailed financial projections

c. A 3-month statement for the business account /founders account showing transactions related to the business

2. Market Potential

Validation will be derived from the business plan summary – market size, industry trends, target market and competitive analysis.

3. Founder’s Track Record

To be evaluated through Resumes, Reference Letters and if available, media reports, awards or other recognition, which will be submitted as part of support documents.

4. Uniqueness of the business idea 

5. Business Tenure

The business must be operational for 1-2 years

Key Benefits for Participating Startups

1. Seed Fund – Six exceptional businesses will benefit from our $10,000 seed capital. The allocation is as follows: First Prize: $3,000, Second Prize: two businesses $2,000 each and three additional awards: $1,000 each
2. 50 entrepreneurs to partake in a World-class training offered in partnership with the TheNest Innovation Technology Park.
3. Mentorship – Navigate your startup journey with insights from industry maestros.
4. Connect & Conquer – Network, learn, and grow with the best in the business.
5. Legal & Admin Toolkit- Participants will have access to legal and administrative support to navigate the complex regulatory landscape and access product development support.
6. Community- Join a tribe of entrepreneurs that you can share, collaborate, and evolve with.

Apply Now: Access our recently updated list of opportunities for startups in Africa

Application Process

1. Online Application

Support documents required;

• Regulatory ID Card
• Business Plan

• Bank Statement for the last 3 months.
• Resume

Optional but gives the candidate an advantage

• Reference Letter
• Media reports, recognition or awards
• Customer feedback or testimonials

2. Video Interviews:
3. Pitch Video submission

Program Modalities

• 4 weeks online training
• Mandatory attendance at Demo day in Lagos

The deadline for applications is February 28, 2025

You can visit SIA Startup Foundry to get started

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