NSIA launched an innovation award with a total prize value of US$255,000, which is awarded as a combination of cash and equity investments to the winners’ underlying companies.
The primary goal of the NSIA Prize for Innovation (NPI) is to identify, build and fund early stage innovative solutions that have the potential to catalyze economic growth, increase the country’s productive capacity and create jobs. The NPI is designed to encourage and support ingenuity within the digital sector and fund new solutions that can result in cost-effective, scalable and transformative positive impact.
The NPI priority sectors are technology-enabled companies in financial services, agriculture, health, education, manufacturing, logistics and e-mobility, e-commerce and marketplaces, renewables and energy, and climate. The priority sectors mentioned have been selected because of the significant impact that innovations in these sectors can have on the Nigerian economy. Applications from innovative technology-oriented or technology-based companies from the above sectors will be assessed by an expert jury.
The program is a multi-year commitment by the NSIA to empower budding Nigerian innovators, in an effort to catalyze the rise of the digital economy. The program will adopt a three-stage competition, at the end of which ten (10) finalists will emerge and win varied prizes.
Budding technopreneurs who intend to participate in the program will be evaluated and shortlisted in accordance with established eligibility criteria. The shortlisted candidates will participate in an acceleration program to enhance their capabilities and digital solutions. The top 10 entries will participate in a pitching session on the demo day from which a winner will emerge. The program lasts 16 weeks.
The innovation award is expected to:
Identify, build and finance innovative solutions at an early stage to catalyze economic growth, increase the country’s productive capacity and create jobs. Provide a facilitating platform to showcase early-stage innovative solutions with transformative potential. Create an avenue for Nigerian innovators to raise capital and network with a universe of investors and established technology experts. Strengthen the capital formation process for viable digital solutions from Nigeria. Inspire ingenuity, creativity, innovation and breakthrough ideas in Nigeria’s digital ecosystem through cycles of award competitions.
Visit www.nsia-ip.com to register now.