10 Start-ups Jostle For NSIA’s $220,000 Prize For Innovation

The Nigeria Sovereign Investment Authority has presented the top 10 start-ups to proceed to the Demo Day of the NSIA Price for Innovation (NPI 2.0).

The top ten innovators were shortlisted after a week-long accelerator programme (physical bootcamp) that culminated in the recently concluded mini demo day, where 25 innovators pitched their solutions before an expert panel of business and technology leaders, NSIA said in a statement yesterday.

The top 10 businesses drawn from multiple sectors of the economy emerged from evaluations based on key parameters like scalability, product-to-market fit, financial projections, unique value proposition, competitor analysis and targeted market size among others.

The innovators shortlisted include: Yalo Technologies, BetaLife Health, Magic Carpet Studios, MaterialsPro, Doktorconnect, PaveHQ, VPay Africa, TribaPay, Kunda Kids and Sycamore.

The innovators will vie for a combined prize value of $220,000 on Demo Day and participate in a five-week, all-expense paid training at Draper University, Silicon Valley, USA.

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While commenting on this development, the managing director and chief executive officer of NSIA, Aminu Umar-Sadiq expressed delight at the growing acceptance of the NPI programme in the Nigerian technology eco-system.

He said ‘the Authority recognises the pivotal role that technology plays to propel positive socio-economic outcomes, hence our commitment to expand the development of this sector. Through the NPI, we remain focused on advancing innovative solutions to domestic challenges, capacity building for early-stage businesses and economic empowerment through job creation’.

The NPI is the Authority’s strategic initiative to identify, nurture and build early-stage businesses for transformative impact. Now in its second year, it has rapidly gained acceptance within the technology and start-up eco-system as more credible and eligible Nigerian innovators shown significant interest in it.

The call for application stage in the first quarter of the year, had over 7,000 applications. This was pruned down to 100 businesses at virtual accelerator stage and further reduced to 26 businesses for the physical bootcamp.

25 businesses progressed to the mini demo day out of which the top ten innovators have emerged

The four-stage competition is focused on enhancing the Nigerian technology eco-system and aligns with the Authority’s mandate to catalyse economic development in Nigeria.