Call For 2023 Applications by SIA Startup Foundry Incubator program ($10,000 seed funding)

Hey there! We’ve got some exciting news to share with you. SIA teamed up with the Metropolitan School of Business UK to launch the SIA Startup Foundry Incubator program. This program is designed to help budding entrepreneurs like yourself turn their ideas into reality. We’ll provide you with top-notch training through our bootcamp, and if that’s not enough, we’re also setting up a seed fund.

Five exceptional startups will have the chance to secure a portion of a $10,000 seed fund to give their operations a boost. Nigeria is a hotbed of entrepreneurial spirit, and we want to be a part of that. We know that startups face various challenges, from financial constraints to skill gaps and infrastructure issues. But we’re here to help you overcome those roadblocks.

Our goal is to nurture the future leaders of industry and create an environment where your ideas can thrive. In the 2023 Global Entrepreneurship Monitor report, Nigeria was leading the way in Africa with an impressive 41.5% entrepreneurial activity rate. Startups have been on the rise, with a 35% increase in just two years. Lagos, in particular, saw a whopping 45% spike in startup registrations in 2022.

The tech ecosystem is shining bright, with over 400 active startups and more than $1 billion in funding last year. However, many startups still struggle with management skills, financial access, mentorship, infrastructure, and regulatory hurdles. That’s where we come in.

The SIA Foundation’s Startup Foundry is ready to transform 40 businesses in just 6 months. We’ll provide you with financing, mentorship, co-working spaces, skill training, and networking opportunities. Our aim is to tackle the challenges faced by startups and amplify Nigeria’s entrepreneurial vibrancy.

So, if you believe your idea has the potential to revolutionize the market, now is the time to take the plunge. Let us be the wind beneath your wings and help you soar to new heights. We can’t wait to see what you’ll achieve!

Offerings  Objectives and The outcome for the 40 businesses

1. 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
2. 40 entrepreneurs will take part in a World-class training offered by the UK Metropolitan School of Business
3. Mentorship – get the mastery of your startup journey with support from industry leaders.
4. Connect & Conquer – You will network, learn, and have the opportunity to grow with the best in the business.
5. 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.
6. Community- As a participant you can join a team of entrepreneurs with whom you can share and collaborate
7. 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.

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

• 3 weeks online training
• 1 week in-person training in Lagos
• Mandatory attendance at Demo day in Lagos
• Program to commence Q1 2024.
• Click HERE to Apply