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.
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.
Terms and conditions apply.
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.
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.
Support documents required;
Optional but gives the candidate an advantage
We focus on empowering access to medications. With insights from the Startup Foundry, we secured a ₦2.5M grant and $15,000 from the Mastercard Foundation, enabling office expansion, new outlets, and streamlined operations. We've established a strong market presence, attracted angel investors for Abuja expansion, enhanced medication access, and created jobs in underserved areas.
At VerdsFood, we provide nutritious tiger nut-based food products. We launched a multi-purpose tiger nut bake mix for dietary needs and increased revenue by 30% with new product lines and targeted marketing. Secured NAFDAC approval for critical products, improving market trust and improved dietary options for health-conscious consumers while increasing market penetration.
Our services involve solutions integrating solar energy, internet, and security. Our growth due to the impact of the startup foundry includes securing $20,000 from the Bill and Melinda Gates Foundation, powered health centers with solar energy, showcased on national television. Introduced “pay-small-small” subscription models for bundled services and Improved energy access and connectivity for underserved communities.
We are an Indigenous gaming company showcasing African stories. We expanded our global user base to 76+ countries, including the USA, China, and Russia. Reached the UC Berkeley Launch Program finals, gained exposure from Microsoft and Google, won the Angels of New York Audience Choice Award, and secured funding for product expansion. Thanks to the financing and training accessed from the Startup Foundry.
Providing opportunities for Africans, with a special focus on women, children, and youths in Africa
