The Nigeria Sovereign Investment Authority (NSIA) has announced Sycamore as the winner of the second edition of its Prize for Innovation (NPI 2.0) following the assessment of pitches from 10 innovators by panel of judges drawn from the business and technology eco-system.
The Authority stated that the evaluation was based on key metrics, including market potential, team composition, traction and competitiveness of the solution proposed.
According to the announced results of the competition, Sycamore, led by Babatunde Akin-Moses, is a peer-to-peer lending fintech platform which leverages technology to connect lenders and borrowers. Founded in 2019, Sycamore primarily exists to empower African businesses and propel economic growth by bridging the credit gap with technology. Sycamore won a combined prize value of US$100,000.
Kunda Kids, an edtech media company focused on providing well illustrated engaging African inspired digital content to children, parents and libraries globally, came second with a combined prize value of US$70,000 while PaveHQ, a learning and career ecosystem that support students to achieve a successful career, came third with a total combined prize value of US$50,000, bringing total combined prize value to US$220,000.
Speaking at the recently concluded NPI Demo Day, the Managing Director/CEO of the NSIA, Aminu Umar-Sadiq, clarified that “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.”
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. This year, the programme has been 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 NSIA Prize for Innovation is the Authority’s multi-year commitment to identify and nurture early-stage innovative businesses within the tech ecosystem to create sustainable positive impact.
The Authority adopts a four-stage competition process to catalyse investments for early-stage businesses.
Photo Caption
L – R : Kolawole Owodunni, Executive Director & Chief Investment Officer, NSIA; Aminu Umar-Sadiq, MD & CEO, NSIA (3rd Left); Olatubosun Alake, Commissioner, Innovation, Science & Technology, Lagos State (3rd Right); and Danladi Verheijen, Managing Partner, Verod Capital Management (1st right); with winners of the recently concluded NSIA Prize for Innovation 2.0
