SIA Startup Foundry Cohort 2 For Nigerian Entrepreneurs ($10,000 in Grants)

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Applications are open for SIA Startup Foundry Cohort 2 . 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 The Nest 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.

If you believe your idea has the potential to revolutionize the market, now is your chance! Dive in, and let us be the wind beneath your wings.

SIA Foundation’s Startup Foundry is poised to transform 50 businesses in 6 months. We offer financing, mentorship, skill training, and networking opportunities to drive business challenges and amplify Nigeria’s entrepreneurial vibrancy.

SIA Startup Foundry Cohort 2 Objectives

To provide mentorship and guidance to businesses in order to help them develop their ideas into viable business ventures.
To provide access to resources such as funding, advice, workspace, and networking opportunities to help businesses grow.
To help businesses improve their operations and scale up their business models.
To identify potential successful businesses and award them with seed funding to help them accelerate their growth

SIA Startup Foundry Cohort 2 Benefits

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
50 entrepreneurs to partake in a World-class training offered in partnership with the TheNest Innovation Technology Park.
Mentorship – Navigate your startup journey with insights from industry maestros.
Connect & Conquer – Network, learn, and grow with the best in the business.
Legal & Admin Toolkit- Participants will have access to legal and administrative support to navigate the complex regulatory landscape and access product development support.
Community- Join a tribe of entrepreneurs that you can share, collaborate, and evolve with.

Eligibility Criteria

Scalability and growth potential.

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

Snapshot of customer feedback/ testimonials and reviews (proof or links can be shared).
Submission of a Business Plan which includes detailed financial projections
A 3-month statement for the business account /founders account showing transactions related to the business

Market Potential

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

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.

Uniqueness of the business idea
Business Tenure

The business must be operational for 1-2 years

Founder’s Age

Founder’s age must be between 20- 35 years

Focus areas –Technology-enabled business in; healthcare, education , agriculture, light manufacturing, renewable energy, and recycling.

Programme Modalities

4 weeks online training
Mandatory attendance at Demo day in Lagos
Programme to commence Q1 2025

How To Apply for SIA Startup Foundry Cohort 2

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
Video Interviews:
Pitch Video submission

Click Here to Apply

Application Deadline: February 28, 2025