6 Startups Win $280,000 Of NSIA Fund For Innovation

The Nigeria Sovereign Investment Authority has announced three startup companies as winners of the third edition of the NSIA Prize for Innovation (NPI 3.0) — an initiative designed to support early-stage Nigerian innovators developing transformative solutions to address some of the country’s most pressing challenges.

This announcement came after an intense pitch session at the recently concluded NPI 3.0 Demo Day, where ten finalists selected from over 5,000 applicants in healthcare, agriculture and education, presented their transformative solutions to an expert panel of judges from business and technology ecosystems.

This year, in addition to the combined prize pool of $220,000 and a five-week fully funded training programme at Draper University, Silicon Valley, USA, NSIA partnered with the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC) and Cascador to expand the rewards for participating startups with the Cascador Impact Prize of $15,000 each for three startups and the $5,000 PVAC

The Healthcare Innovation Prize is also for three start-ups within the top ten

D-Olivette Labs, developers of smart AI-powered biodigesters that convert farm and food waste into clean energy and organic fertilisers, clinched the top spot with a combined prize value of $100,000 from NSIA and a Cascador Impact prize of $15,000, bringing its total combined prize value to $115,000.

Promise Point, a woman-led cassava processing solution with a fully automated facility on over 1,500 hectares of owned farmland and a network of over 2,000 smallholder farmers within its value chain, came second with a prize value of $70,000 and the Cascador Impact Prize of $15,000, bringing its total combined prize value to $85,000.

GeroCare, a pioneering health tech platform focused on restoring dignity and improving care outcomes by positively transforming elderly care in Nigeria, came in third place with a combined prize of $50,000 and a PVAC Healthcare Innovation Prize of $5,000, bringing total winnings to $55,000.

Additionally, Mediverse – a Nigerian-built laboratory automation platform that combines a cloud Laboratory Information Management System, an electronic Lab Notebook and a small on-prem IoT application to provide a pioneer Level 2 lab automation software won the $5,000 PVAC Healthcare innovation prize.

Sosocare, a low-cost health insurance platform that aims to further unlock access to optimal healthcare for Nigerians through access to health insurance, also won $5,000 PVAC Healthcare Innovation Prize each.

FriendsnPal, Africa’s first predictive AI-powered mental health platform that delivers 24-hour anonymous emotional support, also won the $15,000 Cascador Impact Prize.

Earlier at the event, Minister of Finance and Coordinating Minister of the Economy Wale Edun said the government is on the ground to encourage startups financially to acquire ideas and skills, connect with the global workforce, and do well in their mission to provide solutions, create wealth, and jobs. “And I want to say to you, we are all in the same boat. You have your ideas, and you have your product, and you have to stick with it. But the key is implementation.

“It’s very important that we focus on healthcare, focus on education, and indeed agriculture. Particularly agriculture, we need it. We need your new products, new methodologies, because we have productivity, it’s very, very important, and it is really one metric of that,” the minister stated.

MD & CEO of the NSIA, Aminu Umar-Sadiq, said, “The NSIA Prize for Innovation exemplifies our commitment to nurturing homegrown solutions with the potential for transformative impact. This year, we have partnered with PVAC and Cascador to expand the opportunities for participating start-ups and further propel innovation, youth entrepreneurship and meaningful solutions that drive positive socio-economic outcomes.

He congratulated the finalists and winners and reaffirmed his dedication to driving innovation, creating jobs, and repositioning Nigerian entrepreneurs for global relevance.

Deputy head of mission/counsellor at the Embassy of Japan in Nigeria, Hitoshi Kozaki

said Japan is heavily investing in the social start-up in Nigeria, which is an investment in infrastructure, as well as an investment in funding, adding that the financing is co-funded by the Nigerian and Japanese governments and managed by the NSIA. Kozaki said the scheme is designed “to open up the opportunity for the Nigerian entrepreneurs to work with the Japanese business. Innovation is key to Nigerian development. And Japan is waiting to see what is happening in Nigeria.”

Japan is providing a $10 million grant for start-up hubs in Abuja, which are infrastructure investments where entrepreneurs can produce some sort of product. Apart from that, Kazoki said his country is putting in another $20 million to be managed by NSIA.

The NSIA Prize for Innovation (NPI) aligns with the Authority’s ongoing commitment to catalyse the technology ecosystem by identifying and rewarding Nigerian innovators, equipping them with the right tools to scale product–market fit, connecting start-ups with potential investors, and delivering a robust community of technology innovators and entrepreneurs.