Sycamore Wins NSIA Prize For Innovation 2nd Edition
- Beats others to pockets $100,000
BY COBHAM NSA – Sycamore, a peer-to-peer lending fintech platform, has emerged winners of the second edition of the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation (NPI 2.0).
In carting home the top prize, Sycamore, founded in 2019, became US$100,000 richer being the value placed placed by the organisers for winning the competition.
This followed an assessment of pitches from ten innovators to an expert panel of judges drawn from the business and technology eco-system.
A statement by NSIA in Abuja explained that the evaluation was based on key metrics, including market potential, team composition, traction and competitiveness of the solution proposed.
Signed by NSIA’s spokesperson, Joyce Onyegbula, the statement said Sycamore, led by Babatunde Akin-Moses, leverages technology to connect lenders and borrowers.
The statement further indicated that Sycamore primarily exists to empower African businesses and propel economic growth by bridging the credit gap with technology.
Closely in second place is Kunda Kids, an edtech media company focused on providing well illustrated engaging African inspired digital content to children, parents and libraries globally. For its efforts, the firm won a combined prize value of US$70,000.
In third position with a combined prize value of US$50,000 is PaveHQ, a learning and career ecosystem that support students to achieve a successful career.
The combined prize value for all the three winners for the NPI 2.0 programme came up to US$220,000 in total.
Speaking at the NPI Demo Day, Managing Director and Chief Executive of NSIA, Aminu Umar-Sadiq said; “The NSIA Prize for Innovation was conceptualised in recognition of the pivotal role that technology plays to shape positive socio-economic outcomes, strengthen multiple sectors, significantly expand opportunities across multiple sectors and re-position home-grown talent for global relevance.”
According to him; “Now in its second year, it has so far received commendable attention from the tech eco-system as the registration of credible start-ups across Nigeria to join the programme has grown from 2,000 to over 7,000 entries within the current year.
“The NPI programme validates the Authority’s commitment to propel innovation, support entrepreneurship and position young Nigerians within the technology eco-system for global relevance.”
Meanwhile, this year, the programme was expanded to include a five-week all-expense paid training at Draper University, Silicon Valley USA, to enable all top ten innovators expand their horizon and potentially deliver solutions on global platforms.
The programme is NSIA’s multi-year commitment to identify and nurture early-stage innovative businesses within the tech ecosystem to create sustainable positive impact.
It adopts a four-stage competition process to catalyse investments for early-stage businesses.
As an investment institution, established by the Nigeria Sovereign Wealth Act (2011), NSIA manages and invests in a diversified portfolio of medium and long-term funds.
It plays a leading role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people as well as enhancing the development of Nigeria’s infrastructure, and providing stabilization support in times of economic stress.
Importantly, NSIA operates three distinct funds, the Stabilization Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund.
