The Nigeria Sovereign Investment Authority (NSIA) has announced the flagging off of the second edition of the NSIA Prize for Innovation (NPI 2.0), with a prize value of US$220,000 and an all-expense paid, five-week training at Draper University, Silicon Valley, USA.
The maiden edition of the NPI Programme commenced with over 2,000 applications and a rigorous selection process, from which 25 start-ups proceeded to the accelerator phase.
Consequently, 10 finalists advanced to the demo day to pitch their refined solutions to a panel of seasoned entrepreneurs, innovators, and technology business leaders. The first three start-ups and seven runners-up top clinched a total combined prize value of US$255,000.
Deriving from the success recorded in the first edition of the NPI programme, the Authority has expanded the value proposition for NPI 2.0 to include an all-expense paid training programme at a top-rated university in Silicon Valley, USA, the opportunity to pitch to angel investors, secure additional investment and gain global exposure for the top 10 finalists.
Speaking on the second edition of the NPI programme, the NSIA Managing Director, Aminu Umar-Sadiq, said: “The NSIA Prize for Innovation is a clear demonstration of the Authority’s support for the Nigerian tech eco-system and the unique opportunity it presents to enable innovation and ultimately improve socio-economic indicators. With the second edition of the programme, the Authority is set to reposition home-grown talents for global relevance.”
The NPI programme is a multi-year commitment of the Authority to support entrepreneurship, empower innovators, create jobs, and enable the Nigerian tech ecosystem is introduced to encourage and support ingenuity within the digital sector and to fund new solutions that could result in transformative and scalable positive impact.
It is a business enhancement initiative to support early-stage, growth-driven solutions through education, mentorship, and financing before positioning these startups for global relevance.
According to the Authority, the programme further validates the Authority’s focus on advancing early-stage homegrown solutions within key priority sectors including financial services, agriculture, power, healthcare, education, and manufacturing among others.
The NPI programme is a phased competition broken into 4 stages, namely Pre-selection stage: where innovators submit their application through the application portal; Accelerator stage: where the top finalists participate in a virtual and in-person training bootcamp; Demo day: where the top ten finalists pitch their solutions to a pane of tech expert and judges; and Post demo day stage: where the top ten finalists participate in an all-expense paid training programme in Silicon Valley, USA.
A press statement issued by the NSIA on Tuesday indicated that “applications are welcome from all eligible Nigerians. For more information and registration, please visit www.nsia-ip.com“
