On February 5, 2025, the SIA Foundation announced the launch of the SIA Startup Foundry Cohort 2, an initiative to provide Nigerian startups with funding, mentorship, and the necessary tools for scaling their businesses.

The program is designed to address challenges faced by entrepreneurs in Nigeria, including limited financial resources, business development struggles, and access to new markets.

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Empowering startups with grants and mentorship

The SIA Startup Foundry Cohort 2 offers early-stage businesses the opportunity to gain a $10,000 grant. After intensive training and a final demo pitch day, six promising startups will be selected. 

Beyond funding, the initiative offers structured mentorship, training, and a platform for businesses to access growth opportunities. The program aims to transform 50 businesses in 6 months by providing financing, mentorship, skill training, and networking opportunities.

In partnership with TheNest Innovation Technology Park, the program is designed to empower 50 businesses with financing, mentorship, skill training, and networking opportunities.

According to the SIA Foundation, the program seeks to address the core challenges entrepreneurs face in Nigeria by combining capital with expert guidance to foster sustainable growth for startups.

Who should apply?

The SIA Startup Foundry Cohort 2 is ideal for innovative Nigerian startups looking for seed funding, businesses with a scalable business model, and founders seeking mentorship and market access. To qualify for the SIA Startup Foundry 2025, applicants must:

 Have a business operational for 1-2 years

 Be between 20-35 years old

 Have a scalable, high-growth startup

Operate a technology-enabled business in healthcare, education, agriculture, renewable energy, recycling, or light manufacturing.

Entrepreneurs eager to take their ventures to the next level are encouraged to apply before the February 28, 2025 deadline.

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Application process

To apply, startups must complete an online application and submit all required documents. Shortlisted applicants will then submit a pitch video and undergo a virtual interview. 

The program includes a four-week online training with expert-led courses. To compete for funding, all participants must attend the final pitch event in Lagos.

Required application documents include a regulatory ID card, business plan (including financial projections), and a 3-month bank statement (business or founder’s account). 

Optional documents recommended for better chances include a reference letter, media reports, awards or recognition, and customer feedback or testimonials.

The seed funding will be distributed as follows:

 First Prize: $3,000

 Second Prize: $2,000 (Two winners)

 Third Prize: $1,000 (Three winners)

The SIA Startup Foundry is a game-changer for startups that have struggled to find financial backing or the right growth opportunities. With a strong network of mentors and access to funding, this initiative shapes Nigerian entrepreneurship.