The Sola and Ibukun Adeyinka (SIA) Foundation has awarded six early-stage businesses a combined $10,000 in equity-free grants following the completion of Cohort 3 of the SIA Startup Foundry. The selection process was rigorous, beginning with over 1,108 applicants. From this pool, 56 businesses were shortlisted based on their potential for scale, commercial viability, and alignment with critical development sectors.
Bootcamp and Evaluation Process
Shortlisted founders participated in an intensive one-month virtual bootcamp. The curriculum, delivered by experienced facilitators, covered essential business disciplines such as financial management, digital marketing, operational systems, and investment readiness. Following the bootcamp, participants underwent a Pre-Demo evaluation, narrowing the cohort to the top 10 ventures. These finalists were invited to the SIA Foundation's Lagos office for the Final Demo Day, where they pitched before a panel of judges from Nigeria's investment, entrepreneurship, and development sectors.
Judging Panel
The judging panel included notable figures: Omolola Apampa, Director at Kuramo Capital Management; Deji Adebusoye, Partner at Sahel Capital; Ayodeji Kurunmi, Partner at Enzo Krypton & Company; Dr. Odiri Oginni, CEO of United Capital Asset Management Ltd; and Damilola Obidairo, CEO of 8thGear Hub & Ventures. They evaluated finalists on unit economics, scalable social impact, and operational discipline, ensuring selected ventures had compelling business models and financial rigor.
Deji Adebusoye commented on the judging process: "What struck us most was the timeliness of these innovations in addressing real African challenges. The founder's emotional connection to their problems coupled with their business acumen adds credibility and authenticity that inspires confidence in execution."
Grant Recipients
The six grant recipients are Torien Farm, Stix and Codes, Garko Rice & Cattle Farm, Solayo Africa, Nuyae Concepts, and LegendVille Energy. These ventures span agritech, edtech, maternal health, clean energy, sustainable manufacturing, and beauty and wellness. Each demonstrated operational discipline and strategic clarity, addressing structural gaps in agriculture, energy access, maternal healthcare, and consumer brands.
Foundation's Vision
Mr. Sola Adeyinka stated: "Over one thousand entrepreneurs applied to this programme. That number alone speaks to the depth of ambition across this continent. Our responsibility was not simply to find the best six, but to ensure every founder left better equipped to build." The SIA Foundation continues to advance its vision of building investment-ready African enterprises through open-access opportunity, expert-led capacity building, and patient, equity-free capital.
