The Sola and Ibukun Adeyinka Foundation has concluded Cohort 3 of its Startup Foundry programme, awarding $10,000 in equity-free grants to six early-stage businesses after a selection process that drew more than 1,108 applications from across Africa.
The programme, designed to support founders building businesses in sectors linked to development and economic growth, ended with a Final Demo Day held at the Foundation’s office in Lagos. The event brought together entrepreneurs, investors, facilitators and business leaders involved in the initiative.
According to the Foundation, the volume of applications reflected growing interest in the Startup Foundry among founders seeking support, training and access to funding without giving up ownership in their businesses.
From the total applications received, 56 ventures were shortlisted based on their business models, potential for expansion and relevance to sectors linked to social and economic development. The selected founders then participated in a one-month virtual bootcamp focused on business operations, financial management, marketing, and investment readiness.
The training sessions were led by facilitators with experience across entrepreneurship and finance. Organisers said the programme aimed to prepare founders for long-term business sustainability and improve their ability to attract future investment.
After the bootcamp, participants advanced to a Pre-Demo evaluation stage where they pitched their businesses for further assessment. Ten ventures progressed to the final round and were invited to present before a panel of judges in Lagos.
The judging panel included Omolola Apampa, Deji Adebusoye, Ayodeji Kurunmi, Odiri Oginni and Damilola Obidairo.
The judges assessed the finalists using criteria that included operational systems, unit economics, scalability and social impact. Organisers said the process focused on identifying ventures capable of managing funding effectively while building solutions linked to real market needs.
Speaking during the programme, Deji Adebusoye said many of the businesses stood out because they were addressing existing challenges across African communities.
“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. These aren’t abstract business ideas; they’re solutions rooted in deep understanding of market gaps,” he said.
The six ventures selected for grant funding were Torien Farm, Stix and Codes, Garko Rice & Cattle Farm, Solayo Africa, Nuyae Concepts and LegendVille Energy. The businesses operate across sectors including agriculture, education technology, healthcare, manufacturing, energy, beauty and wellness.
The Foundation said the grants were intended to support founders tackling issues such as food production, maternal healthcare, energy access and sustainable consumer products.
Speaking at the close of the programme, Sola Adeyinka said the initiative was created to help entrepreneurs build businesses with long-term value.
“Over one thousand entrepreneurs applied to this programme. That number alone speaks to the depth of ambition that exists across this continent. Our responsibility was not simply to find the best six, it was to ensure that every founder who came through our doors left better equipped to build,” he said.
With Cohort 3 completed, the Foundation said it would continue supporting African entrepreneurs through training, mentorship and equity-free funding aimed at helping businesses grow beyond the early stages.
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