NSIA Prize for Innovation 2.0 – Nigeria

NSIA Prize for Innovation (NPI) is sponsored by the Nigeria Sovereign Investment Authority (NSIA) to bolster innovation in Nigeria’s digital ecosystem, and support homegrown solutions that can drive socio-economic development.

NPI is poised to identify, build, and channel the country’s latent potential in innovation and technology to catalyse economic growth, enhance the nation’s productive capacity, create jobs, and optimise resource sustainability.

Through the NSIA Prize for Innovation (NPI), NSIA seeks to promote and support ingenuity in the digital sector, providing funding for innovations that have the potential to deliver cost-effective, scalable, and transformative positive impacts.

What Are the Goals of NPI?

• To recognise and reward Nigerian innovators and start-up founders in the tech ecosystem.
• To act as an early-stage investment catalyst for innovators.
• To mentor and equip founders with the tools required for scaling and product-market fit.
• To connect startup founders to potential investors.
• To create a community of connected individuals to ensure partnership across the ecosystem.

Target Sectors

• The programme will focus on technology-enabled startups in the following sectors:
  • Financial Services
  • Agriculture
  • Health
  • Education
  • Manufacturing
  • Logistics & E-mobility
  • E-commerce & Marketplaces
  • Climate
• Note: These priority sectors were selected based on the impact innovation in these sectors can have on the Nigerian economy.

Prizes

• 1st Equity: $75000 Cash: $25000 Total: $100000
• 2nd Equity: $52500 Cash: $17500 Total: $70000
• 3rd Equity: $37500 Cash: $12500 Total: $50000
• The top ten (10) finalists will participate in an all-expense paid, 5-weeks training programme at a top-rated US university in Silicon Valley and also have an opportunity to pitch to angel investors and obtain global exposure.

Application Requirements

• One of the founders must be a Nigerian Citizen
• Applicants must be 18 years or older
• Applicants must be running Innovative tech-focused or tech-enabled startups
• The startup should have operated for not less than six months and operating in or within Nigeria
• The startup should be looking to raise a seed round
• The startup should have developed a minimum viable product (MVP)
• Applicants must be willing and able to commit to a 10-week fast-track accelerator programme
• Only one application is permitted per applicant irrespective of the sector. Subsequent applications will be disqualified
• Top 3 winners will have a pre-set valuation for their startups as indicated below
  • 1st Place Winner – up to $3m
  • 2nd Place Winner – up to $2m
  • 3rd Place Winner – up to $1m
• The startups of the top 10 finalists must be registered in Nigeria.

For more information, visit Nigeria Sovereign Investment Authority (NSIA).