NPI’s 2nd Edition: NSIA Lines Up $220,000, Other Juicy Prizes
BY EDMOND ODOK – Banking on successes recorded in the first edition of its Prize for Innovation (NPI) programme, the Nigeria Sovereign Investment Authority (NSIA) has announced a combined prize value of US$220,000 (about N290,000,000) and other juicy packages to launch the programme’s second edition.
Code named NSIA Prize for Innovation (NPI 2.0), the package will also cover an all-expense paid five-week training at Draper University, Silicon Valley in the United States of America (USA).
The Authority, while recapping the success story of the NPI Programme’s maiden edition, explained that over 2,000 applications were involved and went through a rigorous selection process, from which 25 start-ups proceeded to the accelerator phase.
It further said from the 25 start-ups, 10 finalists advanced to the Demo Day where their refined solutions were presented to a panel of seasoned entrepreneurs, innovators, and technology business leaders. As a result, the first three start-ups and seven runners-ups emerged to clinch a total combined prize value of $255,000 US dollars for their efforts.
The Authority said that encouraged by the first edition’s success, the value proposition for NPI 2.0 includes 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.
An excited Managing Director of the Authority, Aminu Umar-Sadiq said of the programme; “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”
He further said; “With the second edition of the programme, the Authority is set to reposition home-grown talents for global relevance.”
As a multi-year commitment of the Authority to support entrepreneurship, empower innovators, create jobs, and enable the Nigerian tech ecosystem, the NPI programme is designed to encourage and support ingenuity within the digital sector while also funding new solutions that could result in transformative and scalable positive impact.
This is besides being a “business enhancement initiative to support early-stage, growth-driven solutions through education, mentorship, and financing before positioning these startups for global relevance.”
According to a statement by the Authority’s Spokesperson, Joyce A. Onyegbula, the programme further validates NSIA’s focus on advancing early-stage homegrown solutions within key priority sectors including financial services, agriculture, power, healthcare, education, and manufacturing among others.
The statement said to achieve its set objectives, the NPI programme is a phased competition broken into 4 stages of Pre-selection stage – where innovators submit their application through the application portal; the Accelerator stage – where the top finalists participate in a virtual and in-person training boot camp; the Demo day – where the top ten finalists pitch their solutions to a pane of tech expert and judges; and the Post demo day stage – where the top ten finalists participate in an all-expense paid training programme in Silicon Valley, USA.
Importantly too, the statement, which explained that applications are welcome from all eligible Nigerians, urged interested applicants to visit www.nsia-ip.com for more information and registration.
