Prizes totaling up to US$220,000 and an all-expenses-paid training program in Silicon Valley, USA, await successful applicants.
The NSIA Prize for Innovation (NPI), sponsored by the Nigeria Sovereign Investment Authority (NSIA), aims to foster innovation within Nigeria’s digital ecosystem and promote indigenous solutions that drive socio-economic development. The NPI initiative is crafted to stimulate and support ingenuity within the digital landscape, providing funding for early-stage, growth-oriented solutions with the goal of catalyzing transformative economic growth, enhancing the nation’s productive capacity, and generating employment opportunities.
Application Requirements:
- At least one founder must be a Nigerian citizen.
- Applicants need to be at least eighteen years old.
- Innovative tech-focused or tech-enabled startups are preferred.
- Startups should have operated for a minimum of six months within Nigeria.
- Startups should be seeking seed funding.
- A minimum viable product (MVP) must have been developed by the startup.
- Applicants must be willing and able to commit to a 10-week fast-track accelerator program.
- Each applicant is permitted only one application, regardless of the sector. Subsequent applications will be disqualified.
Prizes:
The top three winners will receive predetermined valuations for their startups as follows:
- 1st Place Winner: Up to $3 million
- 2nd Place Winner: Up to $2 million
- 3rd Place Winner: Up to $1 million
Target Sectors:
The program will prioritize technology-enabled startups operating in the following sectors:
- Financial Services
- Agriculture
- Health
- Education
- Manufacturing
- Logistics & E-mobility
- E-commerce & Marketplaces
- Climate
Note:
These priority sectors were chosen based on the potential impact of innovation in these areas on the Nigerian economy. While these sectors are considered “priority,” startups outside these sectors are still encouraged to apply.
Advantages:
- The top 10 finalists will engage in a fully funded, 5-week training program at a distinguished US university in Silicon Valley, with the added opportunity to pitch to angel investors and gain global exposure.
- Nationwide acknowledgment and media coverage through NSIA.
- Promotion across various social media platforms.
- Acknowledgment on the NSIA/NPI website.
- Strategic advertising in NSIA publications, including the annual and sustainability reports, with worldwide circulation.
- Receipt of a 2024 NPI Recognition Plaque as the recipient or runner-up of the NSIA Prize for Innovation Award.
- Permission to use the Innovation Award logo on product packaging and advertising materials for a one-year period.
For Further Details:
Application Deadline: March 3rd, 2024
