The Founders Lab Cohort 1 programme under the iDICE Startup Bridge, an initiative of the Federal Government of Nigeria’s Investment in Digital and Creative Enterprises (iDICE) Programme and implemented by the Bank of Industry (BOI), has reached its final stage, with 50 selected high-performing idea-stage founders receiving approximately N330,000,000 in non-dilutive funding for continued venture development.
Founders Lab was created to provide idea-stage founders with the support, funding opportunities, and ecosystem connections needed to move from concept to execution. Through a hybrid learning model, participants are guided through the process of validating problems, refining solutions, testing business models, and developing the capabilities required to build sustainable ventures.
From the beginning of the programme, each participating innovator received stipend to support their learning activities. As the cohort progressed through structured learning, assessments, expert-led masterclasses, advisory sessions, peer-to-peer engagement and hub-based activities, participants were assessed on their progress and performance. Through this process, participants were able to refine their ideas and develop them into stronger early-stage concepts.
Based on the progress shown throughout the programme, 50 high-performing participants representing individuals from the country’s 6 geopolitical zones have been selected to receive a Federal Government support of N5,700,000 each, to continue development and execution of their ventures across Nigeria. This funding recognises the progress they have demonstrated throughout the programme and provides additional resources to move their ideas forward.
“Through Founders Lab, we have seen what’s possible when participants apply what they have learned, test their assumptions and demonstrate meaningful progress. We are confident that this funding support would help these high-performing innovators build on that progress, while creating further opportunities for those who demonstrate exceptional potential,” said Dr. Olasupo Olusi – MD/CEO, Bank Of Industry.
From within this group of 50, 15 participants demonstrating particularly strong potential were selected to pitch their businesses at the programme’s Virtual Demo Day. Following the pitches, 10 of the 15 entrepreneurs received an additional N4,275,000 each to further support the development of their ventures. This brought the total funding received by each of these 10 founders to approximately N10,000,000.
Together, this performance-based funding opportunity represents approximately N330,000,000 in direct funding support for the selected Founders Lab Cohort 1 participants, this is a clear statement that the Federal Government, through the Bank of Industry, is investing in the tech sector and taking a bet on Nigeria’s builders..
“Building a business is a journey, and Founders Lab is designed to help innovators make meaningful progress along that journey. Through the programme, idea-stage founders have the opportunity to apply their learning, strengthen their businesses and position themselves for future funding opportunities. The funding provides additional support to our top-performing innovators, while the demo day experience helps prepare them to pursue opportunities beyond the programme,” said Cindy Ezerioha, Head of Founders Lab.
The broader objective of iDICE is being achieved through practical pathways that enable Nigerian entrepreneurs to turn ideas and early-stage concepts into stronger, more sustainable startups. Through the Founders Lab, participants have learned from experienced experts, connected with fellow innovators and ecosystem partners, accessed funding opportunities, and applied practical tools to develop and strengthen their businesses.
About iDICE
The iDICE Startup Bridge is an initiative under the Investment in Digital and Creative Enterprises (iDICE) Programme, a Federal Government of Nigeria intervention designed to promote innovation, entrepreneurship, and job creation within the digital and creative sectors. The iDICE Programme is implemented by the Bank of Industry and co-financed by the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB).
The iDICE Startup Bridge operates through two distinct entrepreneurship programmes: Founders Lab, an Incubator for entrepreneurs at the ideation phase, and Growth Lab – an Accelerator for post-MVP ventures ready to scale and raise institutional capital.For additional information and interview requests, contact info@startupbridge.ng
