APPLY: Ekiti Government launches innovation fund to support startups
The Ekiti State Government has launched the Innovation Enterprise Support Fund (IESF), an initiative designed to support startups, scale tech-enabled businesses, and promote innovation-driven economic growth.
In a statement released on Thursday, the government said the initiative, introduced under Governor Biodun Oyebanji, will provide funding, mentorship, and market access to high-potential enterprises across the state.
The programme is scheduled to run for five months and is structured into three phases: ideation and incubation, pre-acceleration, and acceleration. These stages are designed to support startups from early development through to scaling.
The state government also disclosed that the fund is being implemented in partnership with First Bank of Nigeria Limited, describing the collaboration as a model for effective public-private sector support for enterprise development.
Speaking on the initiative, the Commissioner for Innovation, Science and Digital Economy, Oluwaseun Fakuade, said the programme goes beyond funding, offering expert mentorship, advisory support, market access, investor linkages, and capacity development in digital and business skills.
“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 people and capacity.”
According to the statement, beneficiaries will benefit from structured mentorship, advisory services, investor connections, and skills development opportunities, alongside a technology-driven selection and evaluation process.
The government noted that the initiative is aimed at strengthening Ekiti’s innovation ecosystem, creating jobs, and supporting youth, women, and underserved communities. At least 40 percent of the fund has been reserved for female-led enterprises.
It added that the programme forms part of broader efforts to position Ekiti State as a leading subnational hub for innovation and enterprise development.
“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 added.
The government further explained that the fund integrates digital tools into its application and evaluation processes to ensure transparency and measurable outcomes.
Applications for the programme are currently open via the official portal, with selected participants expected to benefit from structured support aimed at improving business sustainability and competitiveness.