'Learn Korean Startup Know-How': 3,800 Nigerian Youths Apply for 120 Spots in 32-to-1 Competition

[Financial News] A Korean-style startup development model is drawing an enthusiastic response from young people in Nigeria, Africa’s largest emerging market.
Soongsil University said on the 26th that the first-stage program, Founder Training, of the ACE Startup Academy 2026, a startup capacity-building project in Nigeria involving its Startup Support Center, has officially begun in Abuja, the Nigerian capital.
A total of 3,856 people applied from across Nigeria for the program, resulting in a highly competitive ratio of about 32.1 to 1. The final selection included more than 50 teams, or 120 participants.
Professor Hwang Ki-hyun, who is serving as project manager for the initiative, said, "The fact that more than 3,800 applicants came forward shows the strong interest of Nigerian youth in startups and digital technology," adding, "We will actively support the selected participants so their ideas can develop into concrete and viable business models."
The four-week Founder Training, which began on the 24th, focuses on refining business models and applying artificial intelligence in practice. It adopts a project-based learning approach that combines team projects, hands-on training and mentoring. Soongsil University has redesigned its proven startup education methodology for local conditions.
The program also offers a full-cycle support system that goes beyond simple training and leads to actual investment and scale-up. Teams that complete the course will take part in a pitching competition in October, and the top 10 teams will receive a total of $15,000 in prize money along with six months of business incubation. They will then receive IR mentoring and participate in a demo day, with an opportunity to join a global IR program in Korea. If they attract outside investment, they can also receive matching funds of up to $20,000.
The project is an international development cooperation initiative jointly promoted by the Korea International Cooperation Agency (KOICA) and SMEDAN. Soongsil University’s Startup Support Center, together with Edunity Lab and Main Content, forms a consortium that oversees the entire process, from curriculum design to incubation and investment linkage. Daily Trust, a leading local newspaper, also gave prominent coverage to the academy’s launch, underscoring strong interest from Nigeria’s business community.
Gwak Won-joon, head of Soongsil University’s Startup Support Center, said, "The fact that more than 32 times the number of available spots applied is evidence of global trust in the startup support system of Korean universities," adding, "Using this project as a springboard, we will continue expanding our startup education cooperation model into emerging markets across Africa, Asia and beyond."  

[email protected] Kim Man-ki Reporter