The Nigeria Sovereign Investment Authority (NSIA) has opened the application portal for the maiden edition of its prize for innovation programme.
In a statement, the Authority said the application portal provides a breakdown of the total prize value of US$255,000. According to NSIA, the newly-opened portal is the only means for submitting applications for the programme with each applicant allowed only one entry.
In December 10th, 2022, the Authority launched the NSIA Prize for Innovation (NPI) programme with a total prize value of $255,000 to be awarded as a combination of cash and equity investment to the underlying businesses of the winners.
‘‘Consistent with its mandate to serve as an enabler for Nigeria’s economic diversification and ascendance, NSIA introduced the NPI as a measure to stimulate the ingenuity of Nigerian startups, innovators and technopreneurs to develop solutions that address real-world challenges with global application. The programme consists of 3 phases starting with the Call for Applications. This will be followed by the Accelerator bootcamp phase and the Demo phase. At the end of the Call for Applications phase, all the submissions will be reviewed, and only 25 of the solutions will be shortlisted for the accelerator bootcamp where each participant’s idea will be amplified for market readiness.
‘‘From the 25 accelerator-phase participants, NSIA’s expert panel of independent judges will select the top 10 entries who will have the opportunity to pitch their solutions at a demo event which is the final phase. Subject to terms and conditions, the top 3 finalists from the 10 finalists will be rewarded with a mix of equity investment in the underlying business and cash contribution while the last 7 finalists will receive only cash consolation prizes,’’ said NSIA.
According to the agency, it is convinced that the innovative prowess of budding entrepreneurs is an essential element for the discovery of the next generation of tech-enabled solutions that can stimulate economic growth.
It states that, ‘‘The NPI priority sectors are technology-enabled businesses in key sectors including Financial Services, Agriculture, Health, Education, Manufacturing, Logistics & E-mobility, E-commerce & Marketplaces, and Climate. These are catalytic sectors with significant potential to scale sustainably. However, applicants that operate outside these sectors are strongly encouraged to apply.’’
