FATE Foundation, which will be marking its 20th anniversary has reiterated its commitment to supporting and growing businesses for wealth creation and economic growth.
The enterprise development organisation was founded by Fola Adeola (Founder & Pioneer Managing Director/Chief Executive Officer, GTBank) to harness the strong entrepreneurial culture of Nigerians by providing business incubation, growth enablement and accelerator support required to fully explore their innovative potential.
FATE Foundation has since inception, supported over 120,000 aspiring and emerging Nigerian entrepreneurs spread across Nigeria creating jobs and adding value to the local and national economies. A number of these entrepreneurs are very active in the organisation’s vibrant Alumni community.
Speaking on the Foundation’s work, Executive Director of FATE Foundation, Adenike Adeyemi noted that “the mission of our organization is to foster wealth creation by promoting business and entrepreneurial development among Nigerians”.
In 2000, FATE Foundation started the Aspiring Entrepreneurs Programme (AEP) for young entrepreneurs/startups. This was immediately followed by the launch of the Emerging Entrepreneurs Programme (EEP) for growing businesses and establishment of the FATE Consulting unit (now Growth support unit) to provide business support and advisory services for our entrepreneurs.
Two years later, the organisation won the World Bank Business Plan Competition and opened the Port Harcourt Branch to focus on enterprise creation in the Niger Delta. In 2010 an Impact
Assessment Study of FATE Alumni indicated that 65 per cent of entrepreneurs supported were still in business and they had created an average of four jobs.
Over the last decade, FATE Foundation has pioneered initiatives that continue to focus on enabling Nigerian entrepreneurs and the ecosystem. This include the Institute for Venture Design (IVD) Fellowship in Partnership with the Stanford Center for Design Research; the Annual Policy Dialogue Series on Entrepreneurship; the one-stop virtual resource center for Nigerian entrepreneurs, msmehub.org among others.
The organisation has also published seven research reports on the Nigerian ecosystem and MSMEs.
Following the impact of COVID-19, the Foundation has successfully pivoted to digital programming and developed resilience building programmes to support entrepreneurs, set up a FATE Philanthropy Coalition for COVID-19 Support Fund and also launched an 8-Part video and podcast series called Journeys in Entrepreneurship.