iDICE: 50 Innovators to Receive ₦330m Grant
Fifty Nigerian innovators have emerged as the top performers of the first cohort of the iDICE Startup Bridge Founders Lab, qualifying for approximately ₦330 million in non-dilutive funding to support the next stage of their ventures.
The programme is part of the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) initiative and is implemented by the Bank of Industry (BOI). It is designed to help early-stage entrepreneurs move from ideas and prototypes towards viable businesses.
The selected founders represent Nigeria’s six geopolitical zones, reflecting the programme’s nationwide approach to developing the country’s digital and innovation ecosystem.
₦5.7m for 50 Founders
Following weeks of training, assessments, mentorship, masterclasses and venture development activities, 50 high-performing participants were selected to receive ₦5.7 million each in non-dilutive funding.
The initial grants amount to about ₦285 million collectively and are intended to help founders continue developing, testing and launching their ventures without surrendering equity in their companies.
The funding comes after participants completed a structured 12-week programme focused on problem validation, solution development, business-model testing and early venture execution.
According to the official Founders Lab framework, funding is linked to participants’ demonstrated progress and successful completion of programme requirements.
Top 10 Founders Receive Extra Funding
The funding opportunity did not end with the initial grants.
Fifteen participants who demonstrated particularly strong progress were selected to pitch their ventures at the programme’s Virtual Demo Day.
Following the pitches, 10 founders received an additional ₦4.275 million each, taking their total funding to approximately ₦10 million per founder.
The 10 standout founders include entrepreneurs working across sectors such as logistics, health technology, fintech, food delivery, education and digital services.
From 13,000 Applicants to 185 Founders
The first cohort began with a highly competitive selection process. More than 13,000 applications were received, after which 500 applicants were shortlisted before 185 founders were ultimately admitted into Cohort 1.
The programme also worked with 49 innovation hubs to extend its reach and provide founders with spaces for learning, networking and venture development.
Participants received structured learning, expert-led sessions, advisory support, peer engagement and stipends during the programme.
The approach was designed to ensure that funding was tied to measurable progress rather than simply awarded on the strength of an initial business idea.
Supporting Nigeria’s Startup Ecosystem
The iDICE Startup Bridge is part of the Federal Government’s wider effort to strengthen Nigeria’s digital and creative economy by helping promising entrepreneurs access knowledge, funding and ecosystem support.
The broader iDICE programme is implemented by the Bank of Industry and co-financed by the African Development Bank, Agence Française de Développement and the Islamic Development Bank.
With the conclusion of Founders Lab Cohort 1, attention is now shifting towards the next group of entrepreneurs. Programme officials have indicated that 200 new builders are expected to enter Cohort 2, expanding the initiative’s reach to more early-stage innovators.
For the 50 beneficiaries of Cohort 1, however, the funding represents more than financial assistance. It provides an opportunity to turn ideas developed during the programme into products, businesses and solutions capable of creating jobs and addressing real-world challenges across Nigeria.
