FATE Foundation has awarded a total of N1 million in grants to outstanding entrepreneurs at the pitch competition held during its 10th Business Conference in Lagos. The competition featured five MSMEs showcasing innovative solutions across different sectors.
The pitch competition, a key highlight of the annual conference, provided a platform for entrepreneurs to present their business ideas to a panel of judges and a diverse audience that included CEOs, entrepreneurs, SME owners, and other key stakeholders from Nigeria’s business community. The top three participants shared the N1 million grant, while two others received N100,000 each as support.
Theophilus Venn of Venn Biscuits emerged as the overall winner, securing the N500,000 top prize. Nsikeme Evans Etukidem of Lessing Frozen Foods came second with N300,000, while Sefunmi Kemisola Dada of Skye Foodies took third place, winning N200,000.
The remaining two participants, Promise Madu of Leomise Enterprise and Samuel Michael of Sazisky Fashion House, each received N100,000 in support. In addition to these prizes, Samuel Micheal received extra financial support from attendees, bringing his total winnings to over N1 million.
Speaking with MSME Africa, Theophilus Venn described his win as “incredibly fulfilling and encouraging.” According to him, the recognition is a strong motivation to keep building and scaling his vision.
Venn explained that Venn Biscuits was created to address the problem of poor nutrition and the increasing burden of diet-related illnesses in communities by offering healthy snacking options. “The idea was inspired by my passion to provide more healthy snack options,” he said. “I realized there was limited access to affordable, nutritious snacks and wanted to change that.”
Preparing for the pitch, Venn noted, involved refining his story and highlighting the traction the business had achieved so far. “We focused on refining our story and highlighting the progress we’ve made so far in making healthy snacking accessible to more people,” he explained
With the grant, Venn plans to upscale production, strengthen packaging, and expand distribution channels to reach more consumers.
To young entrepreneurs looking to leverage similar platforms, he shared a word of encouragement: “Focus on solving problems that genuinely impact people’s lives. When your business is built on purpose and impact, opportunities like this provide the right visibility, guidance, and support to help you grow. Stay consistent, keep learning, and never underestimate the value of platforms like FATE Foundation.”
The grant initiative reflects FATE Foundation’s continued commitment to supporting innovative MSMEs and enabling entrepreneurs to build sustainable businesses in Nigeria’s evolving economic landscape.
