A new Federal Government backed funding initiative is set to inject about ₦330 million into 50 Nigerian innovation ventures, as selected founders under the iDICE Startup Bridge programme move into the final stage of the initiative. The funding, which is non dilutive, is designed to help promising idea stage entrepreneurs move beyond developing concepts to executing and building sustainable technology driven businesses.
The beneficiaries were selected from the Founders Lab Cohort 1 programme, which is implemented by the Bank of Industry under the Federal Government’s Investment in Digital and Creative Enterprises programme. The 50 high performing innovators, drawn from Nigeria’s six geopolitical zones, will receive ₦5.7 million each to support the continued development and execution of their ventures.
The programme said the beneficiaries were selected following a series of structured learning activities, assessments, expert masterclasses, advisory sessions, peer engagements and hub based activities. From the group, 15 founders with particularly strong potential were further selected to pitch their businesses during a virtual Demo Day, after which 10 received an additional ₦4.275 million each, bringing their individual funding to approximately ₦10 million.
Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the progress recorded by participants demonstrated the potential of targeted support to help Nigerian innovators strengthen their ventures. The iDICE programme, which is co financed by the African Development Bank, Agence Française de Développement and the Islamic Development Bank, is aimed at promoting innovation, entrepreneurship and job creation across Nigeria’s digital and creative sectors.
A new Federal Government backed funding initiative is set to inject about ₦330 million into 50 Nigerian innovation ventures, as selected founders under the iDICE Startup Bridge programme move into the final stage of the initiative. The funding, which is non dilutive, is designed to help promising idea stage entrepreneurs move beyond developing concepts to executing and building sustainable technology driven businesses.
The beneficiaries were selected from the Founders Lab Cohort 1 programme, which is implemented by the Bank of Industry under the Federal Government’s Investment in Digital and Creative Enterprises programme. The 50 high performing innovators, drawn from Nigeria’s six geopolitical zones, will receive ₦5.7 million each to support the continued development and execution of their ventures.
The programme said the beneficiaries were selected following a series of structured learning activities, assessments, expert masterclasses, advisory sessions, peer engagements and hub based activities. From the group, 15 founders with particularly strong potential were further selected to pitch their businesses during a virtual Demo Day, after which 10 received an additional ₦4.275 million each, bringing their individual funding to approximately ₦10 million.
Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the progress recorded by participants demonstrated the potential of targeted support to help Nigerian innovators strengthen their ventures. The iDICE programme, which is co financed by the African Development Bank, Agence Française de Développement and the Islamic Development Bank, is aimed at promoting innovation, entrepreneurship and job creation across Nigeria’s digital and creative sectors.