NSIA Picks 10 Start-Ups For $220,000 NPI 2.0

With top ten innovators shortlisted after a week-long accelerator programme (physical bootcamp), the Nigeria Sovereign Investment Authority (NSIA) says the stage is now set for the Demo Day at the second edition of its Prize for Innovation (NPI 2.0)

Having a combined prize value of US$220,000 at stake, the 10 Start-ups emerged from the recently concluded mini demo day, where 25 innovators pitched their solutions before an expert panel of business and technology leaders.

Drawn from multiple sectors of the economy, the shortlisted innovators came through evaluations based on key parameters like scalability, product-to-market fit, financial projections, unique value proposition, competitor analysis and targeted market size among others.

The list include: Yalo Technologies, BetaLife Health, Magic Carpet Studios, MaterialsPro, and Doktorconnect. Others are PaveHQ, VPay Africa, TribaPay, Kunda Kids and Sycamore.

According to the Authority, these innovators will be vying for a combined prize value of US$220,000 on Demo Day while also participating in a five-week, all-expense paid training at Draper University, Silicon Valley USA.

Commenting on the latest development, Managing Director and Chief Executive Officer of NSIA, Aminu Umar-Sadiq was upbeat about the growing acceptance of the NPI programme in the Nigerian technology eco-system.

He said; “The Authority recognises the pivotal role that technology plays to propel positive socio-economic outcomes, hence our commitment to expand the development of this sector.

“Through the NPI, we remain focused on advancing innovative solutions to domestic challenges, capacity building for early-stage businesses and economic empowerment through job creation”

The NPI is the Authority’s strategic initiative to identify, nurture and build early-stage businesses for transformative impact. Now in its second year, it has rapidly gained acceptance within the technology and start-up eco-system as more credible and eligible Nigerian innovators shown significant interest in it. The call for application stage in the first quarter of the year, had over 7,000 applications.

This was pruned down to 100 businesses at virtual accelerator stage and further reduced to 26 businesses for the physical bootcamp. Furthermore, 25 businesses progressed to the mini demo day out of which the top ten innovators have emerged

The four-stage competition is focused on enhancing the Nigerian technology eco-system and aligns with the Authority’s mandate to catalyse economic development in Nigeria.

As an investment institution of the Federal Republic of Nigeria, established by the Nigeria Sovereign Wealth Act (2011), to manage and invest in a diversified portfolio of medium and long-term funds, NSIA’s mission is to play a leading role in driving sustained economic development for the benefit of all Nigerians.

This process is carried out through building a savings base for the Nigerian people, enhancing the development of Nigeria’s infrastructure, and providing stabilization support in times of economic stress.

In its mandate portfolio, the Authority operates three distinct funds, the Stabilization Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund.