NSIA unveils $255,000 innovation prize for startups

The Sovereign Investment Authority of Nigeria has launched a $255,000 innovation prize for startups, innovators and technopreneurs.

The authority said the award is to incentivize startups to develop solutions that address real-world challenges with global applications. It stated that the application portal for the award is now open and will close at 12:00 on April 8, 2023.

According to him, the NSIA Innovation Program Award worth $255,000 will be awarded to the winners as a combination of cash and equity investments.

Director General/Chief Executive Officer of NSIA, Mr. Aminu Umar-Sadiq, said: “The Authority aims to serve not only as a catalyst for the rapidly growing indigenous technology and innovation industry, but also as a deliberate enabler in the various levels of digital ecosystem.

“Through this programme, we will put in place a system that will support and accelerate the emergence of digital powers in the country, which over time we expect to transform Nigeria into Africa’s hub for technology-based solutions.”

In a statement, the authority explained that the program will have three phases, starting with the call for applications, followed by a boot camp accelerator phase and a demo phase.

It added: “At the end of the call for applications phase, all submissions will be reviewed and only 25 of the solutions will be shortlisted for the accelerator’s boot camp, where each participant’s idea will be scaled up for market readiness.”

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