Call For Applications: SIA Startup Foundry Incubator program ($10,000 seed capital)

November 14, 2023 BusinessTrumpet

With the help of the SIA Startup Foundry Incubator program, entrepreneurs may develop their concepts, hone their business plans, and realize their dreams in a supportive atmosphere.

There’s no denying Nigerians’ entrepreneurial spirit. There is an obvious enthusiasm and drive for advancement and expansion in the face of a thriving economy and an infusion of creative businesses. However, these brilliant concepts and endeavors frequently run into difficulties, ranging from budgetary limitations to skill gaps and infrastructure issues.

We are happy to announce that we will be launching our prototype Startup Foundry in conjunction with the Metropolitan School of Business UK. Together, with our elite bootcamp training, we hope to mold the next generation of industry leaders.

But that’s not all; as part of our dedication to making dreams come true, we are also establishing a seed fund. A share of a $10,000 seed grant will be available to five exceptional startups, giving them the much-needed boost to launch or grow their businesses.

This is your chance if you think your idea has what it takes to completely change the market! Let us be the wind beneath your wings as you dive in.

Nigeria tops Africa in the 2023 Global Entrepreneurship Monitor report with an astounding 41.5% rate of entrepreneurship. In just two years, the number of startups increased by 35%; in 2022, startup registrations in Lagos alone increased by 45%.

With more than 400 active startups and over $1 billion in funding last year, the IT industry is particularly vibrant. However, a lot of businesses struggle with infrastructure, legal barriers, mentorship, financial access, and management abilities.

In just six months, the SIA Foundation’s Startup Foundry is expected to revolutionize 40 enterprises. We provide funding, networking opportunities, co-working locations, skill development, coaching, and financing to support companies and boost Nigeria’s entrepreneurial vibrancy.

Offerings Objectives and The outcome for the 40 businesses

Seed Fund – Five startups will receive a total of $10,000 seed capital broken down as follows: First Prize: $5,000, Second Prize: $2,000, while three additional awards will get $1,000 each
40 entrepreneurs will take part in a World-class training offered by the UK Metropolitan School of Business
Mentorship – get the mastery of your startup journey with support from industry leaders.
Connect & Conquer – You will network, learn, and have the opportunity to grow with the best in the business.
Legal & Admin Toolkit- All the Participants will have access to both quality legal and administrative support to enable them navigate the regulatory landscape and gain product development support.
Community- As a participant you can join a team of entrepreneurs with whom you can share and collaborate
Showcase & Shine – You will the opportunity of pitching your venture and solution to potential investors during our Demo Day.

Eligibility criteria

1. Scalability and growth potential.

Business is to have high growth potential evidenced by the following documents:
a. Snapshot of customer testimonials and reviews
b. Submission of a Business and financial Plans
c. A 3-month bank statement for the business account /founders account

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 – Evaluated through Resumes, Reference Letters, 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 must be between 20- 35 years

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