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NSIA launches portal for tech competition

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NSIA launches portal for tech competition

The Nigeria Sovereign Investment Authority has opened an application portal for the maiden edition of its prize for innovation programme.

It said in a statement that the newly opened portal was the only means for submitting applications for the programme with each applicant allowed only one entry.

In a statement, it said the agency had in December 2022 launched the NSIA Prize for Innovation programme with a total prize value of $255,000 to be awarded as a combination of cash and equity investment to the underlying businesses of the winners.

Consistent with its mandate to serve as an enabler for Nigeria’s economic diversification and ascendance, NSIA introduced the NPI as a measure to stimulate the ingenuity of Nigerian startups, innovators and technopreneurs to develop solutions that address real-world challengeswith global application.

It stated, “The programme consists of three phases starting with the call for applications. This will be followed by the accelerator bootcamp phase and the demo phase. At the end of the call for applications phase, all the submissions will be reviewed, and only 25 of the solutions will be shortlisted for the accelerator bootcamp where each participant’s idea will be amplified for market readiness.”

From the 25 accelerator-phase participants, NSIA’s expert panel of independent judges would select the top 10 entries who would have the opportunity to pitch their solutions at ademo event which is the final phase.

Subject to terms and conditions, it added, the top three finalists from the 10 finalists would be rewarded with a mix of equity investment in the underlying business and cash contribution, while the last seven finalists would receive only cash consolation prizes.

Speaking on the portal opening, the Managing Director/Chief Executive Officer, NSIA, Mr Aminu Umar-Sadiq, said the Authority “aims to serve not just as a catalyst for the fast-growing domestic technology and innovation industry but also as a deliberate enabler across the various tiers of the digital ecosystem.

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