FirstBank Group has inked a partnership with the Ekiti State Government to debut the Innovation Enterprise Support Fund. This collaborative vehicle is specifically engineered to act as a catalyst for grass-roots innovation, providing a financial and mentorship “runway” for 60 high-potential startups within the state.
A Three-Phase Incubation Blueprint Unlike traditional one-off grants, this fund is structured as a developmental pipeline designed to move entrepreneurs from concepts to commercialization:
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Ideation: Refining raw concepts into viable business models.
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Pre-Acceleration: Preparing early-stage teams for market entry.
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Acceleration: Scaling market-ready products for revenue generation.
Enterprises within this cohort will access financial tranches ranging from ₦150,000 to ₦1,200,000, paired with direct mentorship to ensure the capital translates into tangible job creation and sustainable growth.
The Diversity Dividend: Prioritizing Female Founders A standout feature of the fund is its aggressive stance on gender inclusion. While women represent roughly 35% of Nigeria’s startup ecosystem, the Innovation Enterprise Support Fund has reserved at least 40% of its resources for female-led enterprises. This move aims to bridge the funding gap that often hinders women-led tech businesses in Southwestern Nigeria.
Institutional Backing: From Vision to Value FirstBank CEO Olusegun Alebiosu emphasized that this initiative is an extension of the bank’s 132-year legacy of supporting Nigerian commerce. The partnership leverages FirstBank’s existing SMEConnect infrastructure—a digital ecosystem where entrepreneurs access business diagnostics and capacity-building tools.
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The “Next Big Partner” Strategy: Alebiosu noted that FirstBank views these startups not just as beneficiaries, but as the “future industry leaders” and institutional partners of tomorrow.
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Financial Inclusion Rail: The project aligns with the bank’s broader goal of reaching underserved communities, ensuring that innovation-driven economic growth isn’t restricted to urban hubs.
By partnering with the Ekiti State Government, FirstBank is signaling that the next wave of Nigerian “unicorns” might emerge from regional innovation hubs rather than just the capital. For Ekiti, it’s an attempt to build a resilient, tech-enabled economy; for FirstBank, it’s a strategic investment in the MSME pipeline that has historically been the backbone of its retail dominance.
