Innovation Prize: NSIA Set Aside $220,000
Smarting from the successes recorded in the NPI first edition of its Prize for Innovation (NPI) programme, the Nigeria Sovereign Investment Authority (NSIA) has announced a combined prize value of US$220,000 (about N290,000,000) and other juicy packages to launch the programme’s second edition.
The NSIA Prize for Innovation (NPI 2.0) package will also cover an all-expense paid five-week training at Draper University, Silicon Valley in the United States of America (USA).
The NSIA while telling the success story of the programme’s maiden edition, explained that over 2,000 applications were involved and went through a rigorous selection process, from which 25 start-ups proceeded to the accelerator phase.
It explained that 25 start-ups, 10 finalists advanced to the Demo Day where their refined solutions were presented to a panel of seasoned entrepreneurs, innovators, and technology business leaders. As a result, the first three start-ups and seven runners-ups emerged to clinch a total combined prize value of $255,000 US dollars for their efforts.
It said that going by the first edition’s success, the value proposition for NPI 2.0 includes an all-expense paid training programme at a top-rated university in Silicon Valley, USA; the opportunity to pitch to angel investors, secure additional investment and gain global exposure for the top 10 finalists.
The highly elated Managing Director of the Authority, Aminu Umar-Sadiq said of the programme; “The NSIA Prize for Innovation is a clear demonstration of the Authority’s support for the Nigerian tech eco-system and the unique opportunity it presents to enable innovation and ultimately improve socio-economic indicators”
“With the second edition of the programme, the Authority is set to reposition home-grown talents for global relevance.”
As a multi-year commitment of the Authority to support entrepreneurship, empower innovators, create jobs, and enable the Nigerian tech ecosystem, the NPI programme is designed to encourage and support ingenuity within the digital sector while also funding new solutions that could result in transformative and scalable positive impact.
According to a statement by the Authority’s Spokesperson, Joyce A. Onyegbula, the programme further validates NSIA’s focus on advancing early-stage homegrown solutions within key priority sectors including financial services, agriculture, power, healthcare, education, and manufacturing among others.
