LAGOS, May 22 – SBP Ventures has opened applications for the inaugural Small Business Innovation Challenge, a televised entrepreneurship competition designed to connect Nigerian small businesses with investors, mentorship and national visibility.
The initiative, known as SBIC, will award a ₦20 million grand prize to the winning business as part of broader efforts to strengthen Nigeria’s fragmented small business ecosystem and improve access to growth capital.
Unlike traditional startup pitch competitions, SBIC combines a structured founder bootcamp with a live television competition format focused on investment readiness, operational development and market validation.
According to SBP Ventures, internal research across its business community showed that more than 82% of surveyed small and medium-sized enterprises struggle with visibility, marketing and customer acquisition despite having viable products and services.
The challenge aims to address those bottlenecks through media exposure, structured training and investor engagement.
Nwanne Nwonwu, managing partner at SBP Ventures, said the initiative is designed to help African businesses strengthen commercial execution and long-term scalability.
“Our research tells a story that the market has long ignored. Founders are building strong products but losing ground where it matters most: sales and client acquisition,” Nwonwu said.
“Through SBIC, we are not just creating a pipeline of businesses; we are building the infrastructure that ensures those businesses have every tool they need to grow, compete and sustain.”
Applications are open to early-stage and growth-stage businesses across multiple sectors.
Selected entrepreneurs will progress through a multi-stage screening process before entering a founder bootcamp focused on operational strengthening, investor preparedness and business scaling.
Following the bootcamp, finalists will compete across 10 episodes of a live television series featuring several rounds including Fire Pitch, Peer Battle, Market Proof and Scale Master.
The final Scale Master segment is designed to simulate institutional investment and boardroom due diligence processes.
The competition will conclude with a live grand finale in October 2026, where finalists will compete before a live audience and investor deal room for the ₦20 million prize.
Tanho Attah, co-convener of the challenge, said the initiative is intended to create more structure and investment discipline within Nigeria’s SME ecosystem.
“Entrepreneurs stepping into the Scale Master round will face the same questions asked in real boardrooms,” Attah said.
SBP Ventures said the platform also creates opportunities for institutional participation through sponsorships, investment partnerships and direct access to vetted businesses seeking capital.
The initiative comes as Nigeria’s startup and SME ecosystem continues attracting growing investor attention despite ongoing challenges around funding access, customer acquisition and business formalization.
Applications for the challenge close on July 31, 2026, while bootcamp activities and filming are scheduled for August and September ahead of the October broadcast and finale.
SBP Ventures describes itself as a venture-building and ecosystem infrastructure company focused on connecting African entrepreneurs with capital, mentorship and strategic networks.
