The Nigerian Sovereign Investment Authority (NSIA) has launched a $255,000 innovation prize that will benefit startups, technopreneurs, and innovators’ businesses in the form of cash and equity investments.
Nairametrics understands that NSIA specifically created this to support early-stage Nigerian innovators. Â
Details of the Innovation Prize: The Innovation Prize program is designed as a business development initiative to help early-stage, scalable solutions by providing education, mentorship, and funding. Â
The program’s goal is to foster and fund innovation in the digital ecosystem, as well as to provide funding for early-stage tech-enabled solutions with the potential to have a significant, positive, and long-term economic impact. Â
The application period for the competition will begin in March 2023, and the program will run until the end of the second quarter of 2023. Â
Programme details: This edition of the programme will have three stages at the end of which ten (10) finalists will emerge. Â
The top three (3) of these will win various prizes comprising equity investment into the underlying business as well as cash prizes. The last 7 finalists will get consolation prizes. Â
Candidates who have been shortlisted will participate in an acceleration program to improve their capabilities and digital solutions. On demo day, the top ten entries will compete in a pitch session, from which a winner will be chosen. The program will last 16 weeks. Â
The innovation prize is expected to:Â Â
- Identify, build, and finance early-stage innovative solutions to catalyze economic growth, improve the nation’s productive capacity, and create jobs. Â
- Provide an enabling platform to showcase early-stage innovative solutions with transformative potential. Â
- Create an avenue for Nigerian innovators to raise capital and network with a universe of investors and established technology expertsÂ
- Strengthen the capital formation process for viable digital solutions originating in Nigeria.Â
- Inspire ingenuity, creativity, innovation, and breakthrough ideas in the digital ecosystem in Nigeria through cycles of prize competitions.Â
How to Apply: To find out more and make an application, visit here.
About NSIA: The Nigerian Sovereign Investment Authority, which manages the sovereign wealth fund, launched the NSIA Prize for Innovation in December 2022. The innovation prize is a capacity-building initiative aimed at boosting innovation within Nigeria’s digital ecosystem. Â
The NSIA has a multi-year commitment to empower, encourage and support early-stage innovators within the digital ecosystem. The commitment is also to fund early-stage tech-enabled solutions that could result in cost-effective, scalable, and transformative economic impact, which is reflected in the innovation prize.Â
Pls how are we going to apply?