SIA Startup Foundry Incubator program For Startups ( up to $10,000 seed capital)
SIA Startup Foundry is an incubation program that provides a conducive atmosphere for businesses to develop their ideas, enhance their business models, and realize their goals.
Nigerians have an unmistakable entrepreneurial spirit. With a thriving economy and an infusion of creative businesses, there is a distinct sense of development and expansion. However, these great ideas and initiatives frequently encounter hurdles, ranging from financial limits to skill gaps and infrastructural challenges.
We are pleased to announce our collaboration with the Metropolitan School of Business UK in the launch of our pilot 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. Five outstanding startups 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.
In the 2023 Global Entrepreneurship Monitor report, Nigeria leads Africa with an impressive 41.5% entrepreneurial activity rate. Startups surged by 35% in two years, and Lagos alone saw a 45% spike in startup registrations in 2022. The tech ecosystem shines especially bright with 400+ active startups and over $1 billion funding last year. Yet, many startups grapple with management skills, financial access, mentorship, infrastructure, and regulatory hurdles.
SIA Foundation’s Startup Foundry is poised to transform 40 businesses in 6 months. We’re offering financing, mentorship, co-working spaces, skill training, and networking opportunities to drive startups challenges and amplify Nigeria’s entrepreneurial vibrancy.
Offerings Objectives The outcome for the 40 businesses
- Seed Fund – Five exceptional startups will benefit from our $10,000 seed capital. The allocation is as follows: First Prize: $5,000, Second Prize: $2,000 and three additional awards: $1,000 each
- 40 entrepreneurs to partake in a World-class training offered in partnership with the Metropolitan School of Business UK.
- 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.
- Showcase & Shine – Pitch to potential investors at our electrifying Demo Day.
Eligibility criteria
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
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.
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
- 3 weeks online training
- 1 week in-person training in Lagos
- Mandatory attendance at Demo day in Lagos