Rosula Foundation is committed to designing measures and creating opportunities where individuals and families can be economically independent and self-reliant to enable them provide the basic needs for themselves and others.
Idea Funding is an empowerment initiative by Rosula Foundation that seeks to empower young and Innovative entrepreneurs with funds to grow businesses and bring ideas to life.
About the Scheme
The scheme aimed at providing between N250,000 – N2Million seed funding for entrepreneurs across Nigeria. Every year, the programme selects more than 50 entrepreneurs across Nigeria from a pull of over 1000s of applicants.
Each application is carefully reviewed by business experts in the industry and winners are selected based on market feasibility, clear financial models and a capable team to run the business. Application process opened from 30th July until 30th August.
Selection Process, Criteria & Requirements
Idea Funding is highly competitive and only businesses/ideas that have market feasibility, clear financial models and a capable team to run the business are selected. A selection committee of business experts in the industry will be constituted to assess applications using the following criteria;
To be eligible:
- Applicants must be Nigerians and resident of Nigeria.
- Applicants must have relevant qualification/skill/experience in the chosen field of business.
- Applicants must be able to communicate effectively – speaking and writing – in English.
- Applicants must be within the ages of 25-45 and a legal citizen of Nigeria.
- Applicants must be willing to attend all training and mentoring exercises organized by the Foundation.
- Applicants MUST NOT BE an employee of the Nigerian Civil Service.
- PREVIOUS awardees of Grants are not eligible to apply
- Business must be based in Nigeria
- Business must be for profit
- Business must seek to expand and create employment for residence of host communities.
- Applications are done online on our Funding/Empowerment Management Portal
- Fill and complete the online application for and provide the following documents online;
- Passport photograph or in the case of a team, a passport photograph each of all team members.
- Qualification(s)/Evidence of skill/experience.
- Detailed Business Proposal.
- Local Government of Origin identification.
- Birth Certificate.
- National Identification Number (NIN).
- Must provide valid contact details. (Emails, Phone Numbers, Addresses etc.).
- Applicants are advised to scan copies of the above documents and upload to their online application.
- Applicants who successfully scale through the first round of screening shall contacted and invited for interview before selection committee and a later date, time and venue that will be communicated.
- The foundation WILL NEVER ask any candidate to pay any FEE to anyone whatsoever for any reason related to Idea Funding.
- Candidates who are beneficiaries of any other Grants need not apply;
PLEASE NOTE THAT THE CLOSING DATE FOR APPLICATIONS IS 30th August, 2020.