The Nigeria Sovereign Investment Authority (NSIA) sponsors the NSIA Prize for Innovation (NPI) to promote innovation in Nigeria’s digital ecosystem and support locally developed solutions that can promote socioeconomic growth.
NPI’s mission is to foster innovation within the digital ecosystem and fund early-stage, growth-driven solutions in order to promote transformational economic growth, increase the country’s productive capacity, and generate employment.
Eligibility Criteria
- 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 businesses/startups
- The business should have operated for not less than six months and operating in or with a presence in Nigeria
- The business should be looking to raise a seed round
- The business should have developed a minimum viable product (MVP)
- Applicants must be willing and able to commit to a 4-week fast-track accelerator program
- Only one application is permitted per applicant irrespective of the sector. Subsequent applications will be disqualified
Benefits of NSIA Prize for Innovation
Aim:
- To recognize 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.
Prize:
- First prize: $100,000
- Second prize: $70,000
- Third prize: $50,000
- 4TH to 10TH: $5,000 each
- Pre-selection Stage: At this stage, innovators submit their applications through an application portal. Applicants are expected to provide details regarding their digital products/services and business models.
- Accelerator Stage: Shortlisted innovators will participate in an accelerator programme designed to train, mentor and equip them with the tools required to succeed. Participants at this stage will be judged by an independent panel of expert judges and ten (10) finalists will move on to the final stage (demo day).
- Final Stage (Demo Day): Each of the ten (10) finalists will be allotted a time slot to present their pitch to the judges. The judging panel will review the submission and rank the winners from 1st to 10th.
How to Apply
Go to Nigeria Sovereign Investment Authority(NSIA) on nsia-ip.com to apply