Bank Of Industry Business Innovation Accelerator Program

The EIC has been renamed to  Business Innovation Accelerator (BIA) with the aim of providing high-quality entrepreneurship training and empowerment to young Nigerians across the six geopolitical zones of the country. Unemployment has reached unacceptable levels for the Nigerian economy to remain safe. Over the years youth unemployment has been rising and this has led to rising insecurity, social vices, slow economic growth, inflation and other attendant hardships.

The BOI-LBS Business Innovation Accelerator is therefore intended to boost job creation, significantly improve SME business success and reduce loan default rates due to business failure. The Centre will also provide an ecosystem to support and enhance the technical, managerial, financial, and leadership skills of entrepreneurs across Nigeria.

The BOI-LBS Business Innovation Accelerator has been set up to develop impact-driven entrepreneurs who use for-profit business models to solve problems and transform society positively. The programme aims to produce a new breed of innovative and problem-solving entrepreneurs who will transform society and revamp the national economy through job-creation and the commercialization of their solutions globally.

About Bank of Industry

The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2 million (GBP). The International Finance Corporation which produced its pioneer Chief Executive held 75% of its equity along with a number of domestic and foreign private investors. Although the bank’s authorized share capital was initially set at N50 billion.

Benefits of Business Innovation Accelerator Program

The Accelerator programme comprises
of four (4) modules

• Entrepreneurship Orientation & Business Management Training
• Apprenticeship/Technical Mentoring
• Access to market
• Access to funding

Requirements for Business Innovation Accelerator Program Qualification

The target audience include for-profit entrepreneurs whose businesses are solving problems or transforming society positively. They may include

• NYSC members,
• University/polytechnic graduates,
• Prospective BOI customers (minimum qualification: SSCE)

Interview date, Process and Venue for Business Innovation Accelerator Program

Selection Criteria for participants

The following key criteria will be used in evaluating potential participants:

• Should have some entrepreneurial experience. Most importantly, the business should be solving a problem or meeting a need and should be scalable.
• Be a citizen or legal resident of Nigeria.
• Be available to commit to the training schedule
• Special focus shall be given to youth and women.
• Two letters of recommendation

How To Apply

Interested and qualified? Go to Bank of Industry on www.bia.lbs.edu.ng to apply

Step-by-Step Process

1. Online Application:
   Interested entrepreneurs are invited to complete an online application form, providing information about their existing business.
2. Initial Screening:
   Upon submission, the BIA team carefully reviews the applications, assessing their suitability for the program. This includes evaluating the business concept, the entrepreneur’s background and experience, and their potential for growth and impact.
3. Selection Process:
   Shortlisted applicants progress to the next stage, where they undergo further assessment. This may involve interviews, presentations, or additional documentation. The selection process aims to identify the most promising entrepreneurs who align with the BIA’s mission and demonstrate the potential for significant growth and impact.
4. Acceptance and Onboarding:
   Successful applicants receive an acceptance letter, warmly welcoming them into the Entrepreneurship Development Program. They receive detailed information about the program, including the timeline, expectations, and any pre-program preparations required. Additionally, they are introduced to the BIA support network and valuable resources available to them.
5. Programme Commencement:
   The Entrepreneurship Accelerator Program officially begins on a specified date. Selected entrepreneurs participate in a comprehensive range of training sessions, workshops, mentorship programs, networking events, and other activities meticulously designed to enhance their entrepreneurial skills, deepen their business knowledge, and provide access to essential resources.
6. Ongoing Support:
   Throughout the program, the BIA team ensures continuous support and guidance for entrepreneurs. This includes regular check-ins, one-on-one coaching, access to industry experts and mentors, and opportunities for collaboration with other program participants. Furthermore, entrepreneurs gain access to relevant resources, tools, and networks, empowering them to navigate challenges and maximize their business potential.

For more details, visit BIA website on https://bia.lbs.edu.ng/