The Federal Government's Investment in Digital and Creative Enterprises (iDICE) Programme has selected 50 Nigerian founders to receive a combined N285 million in non-dilutive funding under the Founders Lab Cohort 1 initiative. The programme, delivered through the iDICE Startup Bridge and implemented by the Bank of Industry (BOI), aims to help idea-stage entrepreneurs transition from concepts to viable businesses.
Funding Breakdown and Beneficiaries
Each of the 50 selected founders will receive N5.7 million to support the development and execution of their ventures across Nigeria. The beneficiaries were chosen based on their performance and progress throughout the programme and represent participants from all six geopolitical zones.
Beyond the initial funding, 15 participants from the 50 selected founders were chosen to pitch their businesses during the programme's Virtual Demo Day. Following the pitches, 10 entrepreneurs received an additional N4.275 million each, bringing their individual funding to approximately N10 million.
Programme Structure and Learning Model
Founders Lab was established to give early-stage entrepreneurs access to practical training, ecosystem connections and funding opportunities. The programme uses a hybrid learning model through which participants learn to identify and validate problems, refine solutions, test business models and build capabilities for sustainable ventures.
At the start of the programme, participants received stipends to support their participation. As the cohort progressed, founders underwent structured learning sessions, assessments, expert-led masterclasses, advisory engagements, peer-to-peer activities and hub-based programmes.
BOI Managing Director and Chief Executive Officer, Dr Olasupo Olusi, said the programme had demonstrated what entrepreneurs could achieve when they applied their learning and tested their assumptions. He added that the additional funding would help top-performing founders build on their progress while creating opportunities for those with strong growth potential.
Impact and Broader Initiative
The 10 founders collectively received N42.75 million on top of the initial N5.7 million awarded to each of the 50 beneficiaries. Overall, the two funding rounds amount to approximately N327.75 million, or about N330 million, in direct support for the Founders Lab Cohort 1 participants.
Cindy Ezerioha, Head of Founders Lab, said building a business was a long-term journey and that the programme was designed to help innovators make meaningful progress at the early stages. According to her, the funding gives top-performing founders additional resources to strengthen their businesses, while the Demo Day experience prepares them to pursue opportunities beyond the programme.
The broader iDICE initiative seeks to promote innovation, entrepreneurship and job creation across Nigeria's digital and creative sectors. Through Founders Lab, entrepreneurs have gained access to experienced professionals, fellow innovators and ecosystem partners, while receiving practical tools to develop their business models.
iDICE Startup Bridge Overview
The iDICE Startup Bridge is part of the Federal Government's Investment in Digital and Creative Enterprises Programme, an intervention focused on strengthening Nigeria's digital and creative economy. The 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.
The Startup Bridge operates through two programmes: Founders Lab, an incubator for entrepreneurs at the ideation stage, and Growth Lab, an accelerator for post-MVP businesses seeking to scale and attract institutional capital. The latest funding represents a significant intervention for early-stage founders who often struggle to secure capital before their businesses reach the stage required by conventional investors.
