Nigeria Sovereign Investment Authority has launched a $255,000 innovation prize for startups, innovators and technopreneurs.
The newly opened portal is the only means for submitting
applications for the programme with each applicant allowed only one entry.
According to a statement yesterday, the application portal
could be accessed using the url https://nsia-ip.com/ and closes at 12noon on
April 8th, 2023.
On December 10th, 2022, the Authority had 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 three 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 three finalists from the 10
finalists will be rewarded with a mix of equity investment in the underlying
business and cash contribution while the last seven finalists will receive only
cash consolation prizes,” the statement added.
It pointed out that the NSIA was convinced that the
innovative prowess of budding entrepreneurs was an essential element for the
discovery of the next generation of tech-enabled solutions that can stimulate
economic growth.
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.
The NSIA noted that the multi-year capacity-building
initiative aims to empower early-stage Nigerian innovators, encourage ingenuity
and support the emergence of a thriving digital ecosystem.
The rationale for seeking to provide an impetus for
home-grown digital solutions was based on the belief that the future growth of
the domestic economy would be defined by the ability to turn ideas into value.
The NSIA Managing Director/Chief Executive Officer, Mr Aminu
Umar-Sadiq, said, “The authority aims to serve not just as a catalyst for the
fast-growing domestic technology and innovation industry but also as a
deliberate enabler across the various tiers of the digital ecosystem.
“With this programme, we will be putting in place a system
that will support and fast track the emergence of digital powerhouses in the
country which over time, we expect will transform Nigeria into Africa’s hub for
tech-enabled solutions.”
In a statement, the authority explained that the programme
will have three phases, starting with the call for applications, followed by an
accelerator boot camp phase, and a demo phase.
It added, “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 boot camp where each participant’s idea will be
amplified for market readiness.”
.jpeg)
.jpeg)
.jpeg)
0 comments:
Post a Comment