NSIA announces $220,000 innovation price for start-ups

The Nigeria Sovereign Investment Authority (NSIA) has announced the second edition of the NSIA Prize for Innovation (NPI 2.0), with a combined prize value of $220,000, for Nigerian start-ups. The prize is accompanied by an all-expense paid, five-week training at Draper University, Silicon Valley, USA, for young Nigerian winners, according to a statement by the […]

The Nigeria Sovereign Investment Authority (NSIA) has announced the second edition of the NSIA Prize for Innovation (NPI 2.0), with a combined prize value of $220,000, for Nigerian start-ups.

The prize is accompanied by an all-expense paid, five-week training at Draper University, Silicon Valley, USA, for young Nigerian winners, according to a statement by the organisation in Abuja yesterday.  

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.    The first three start-ups and seven runners-up clinched a combined prize value of $255,000.

Recalling the success recorded in the first edition of the innovative programme, the NSIA said it has expanded the value proposition 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 Managing Director, Aminu Umar-Sadiq, described the NSIA Prize for Innovation as 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,” he said.