Call For Applications: SIA Startup Foundry Cohort 2 For Entrepreneurs in Nigeria (Up to $10,000 in 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.
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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.
Eligibility criteria
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
6. 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.
Offerings
Objectives
Outcome for the 50 businesses
- 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.
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Application Process
- 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
Program Modalities
- 4 weeks online training
- Mandatory attendance at Demo day in Lagos
Deadline: February 28, 2025