Ekiti launches innovation fund to support startups [APPLY]

The Ekiti state government says it has launched the Innovation Enterprise Support Fund (IESF), a programme designed to support startups, scale tech-enabled businesses, and drive innovation-led economic growth.

In a statement on Thursday, the Ekiti government said the initiative, introduced under Biodun Oyebanji, governor of the state, provide funding, mentorship, and market access to high-potential enterprises across the state.

The programme, which will run for five months, is structured into three phases, ideation and incubation, pre-acceleration, and acceleration, to guide startups from early-stage development to scale.

The state government said the fund is being implemented in partnership with First Bank of Nigeria Limited, describing the collaboration as a model for public-private sector support for enterprise development.

Speaking on the initiative, Oluwaseun Fakuade, commissioner for innovation, science and digital economy, said beyond funding, the IESF offers expert mentorship and advisory, market access and investor connections, capacity development in digital and business skills, technology-enabled selection and evaluation processes.

“This is not just a funding initiative, it is a deliberate strategy to build a pipeline of globally competitive entrepreneurs and tech-enabled businesses from Ekiti,” Fakuade said

“We are investing in ideas, but more importantly, in pele and capacity.”

According to the statement, beneficiaries will receive expert mentorship, advisory support, investor connections, and capacity development in digital and business skills, alongside access to a technology-driven selection process.

The government said the initiative is targeted at strengthening Ekiti’s innovation ecosystem, creating jobs, and supporting youth, women, and underserved communities, with at least 40 percent of the fund reserved for female-led enterprises.

It added that the programme is part of broader efforts to position the state as a leading subnational hub for innovation and enterprise.

“The initiative reflects the state’s commitment to building a resilient, innovation-driven economy by supporting scalable businesses and enhancing the capacity of young entrepreneurs,” the statement said.

The government also noted that the fund integrates digital tools into its application and evaluation processes to ensure transparency and measurable outcomes.

Applications for the programme are open via the official portal, with selected participants expected to benefit from structured support designed to improve business sustainability and competitiveness.