NSIA launches $220,000 second edition prize for innovation

2024-02-13 11:58:14

Tribune Online

The Nigeria Sovereign Investment Authority (NSIA) has announced the launch of the second edition of the NSIA Prize for Innovation (NPI 2.0), with a combined prize value of US$220,000 and an all-expense paid five-week training at Draper University, Silicon Valley, USA.

The maiden edition of the NPI Programme commenced with over 2,000 applications and a rigorous selection process, from which 25 start-ups proceeded to the accelerator phase.

Following this, 10 finalists advanced to the demo day to pitch their refined solutions to a panel of seasoned entrepreneurs, innovators, and technology business leaders.

The first three start-ups and seven runners-up top clinched a total combined prize value of US$255,000.

Deriving from the success recorded in the first edition of the NPI programme, the Authority has expanded the value proposition for NPI 2.0 to include 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.

Speaking on the second edition of the NPI programme, the Managing Director, Aminu Umar-Sadiq noted that '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."

The NPI programme is a multi-year commitment of the Authority to support entrepreneurship, empower innovators, create jobs, and enable the Nigerian tech ecosystem.

It is designed to encourage and support ingenuity within the digital sector and to fund new solutions that could result in transformative and scalable positive impact.

It is a business enhancement initiative to support early-stage, growth-driven solutions through education, mentorship, and financing before positioning these startups for global relevance.

The programme further validates the Authority's focus on advancing early-stage homegrown solutions within key priority sectors including financial services, agriculture, power, healthcare, education, and manufacturing among others.

The NSIA highlighted that the NPI programme is a phased competition broken into 4 stages: Pre-selection stage: where innovators submit their application through the application portal.

Accelerator stage: where the top finalists participate in a virtual and in-person training bootcamp. Demo day: where the top 10 finalists pitch their solutions to a panel of tech experts and judges.

Post demo day stage: where the top 10 finalists participate in an all expense paid training programme in Silicon Valley, USA.

The NSIA said applications are welcome from all eligible Nigerians.

2024-02-13 News