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NSIA unveils $220,000 NPI 2.0 for innovators

The Nigeria Sovereign Investment Authority (NSIA) has launched its US$220,000 (N330,000,000) NSIA Prize for Innovation (NPI 2.0).

The second edition of the programme is aimed at supporting entrepreneurship and empowering innovators in Nigeria.

A statement from NSIA signed by Joyce A. Onyegbula noted that "With a combined prize value of $220,000 (N330,000,000), the programme also offers a free global exposure of an all-expense paid, five-week training at Draper University in Silicon Valley, USA.

Onyegbula stated that the inaugural edition of the NPI programme received over 2,000 applications, from which 25 start-ups were selected to proceed to the accelerator phase.

"Following a rigorous process, 10 finalists advanced to the demo day, where they pitched their refined solutions to a panel of experienced entrepreneurs and technology leaders. The top three start-ups and seven runners-up were awarded a total prize value of $255,000" she said.

Building on the success of the first edition, the NSIA she said has "expanded the value proposition for NPI 2.0. In addition to the cash prizes, the programme now includes an all-expense paid training programme at a top-rated university in Silicon Valley where successful applicants can learn from tech giants; secure additional investment; and gain global exposure for the top 10 finalists.

An interesting feature of the second edition of the NPI 2.0 programme is that the 10 finalists will have the opportunity to pitch to angel investors. Angel investors are individuals who provide financial support to startups or early-stage companies in exchange for ownership equity or convertible debt.

They are typically high-net-worth individuals who invest their own money into promising ventures. Angel investors not only provide capital but also offer mentorship, industry connections, and expertise to help the startups succeed. Their involvement can be crucial in helping businesses grow and attract further funding.

Applications for the programme Onyegbula said are open to any eligible Nigerian with a groundbreaking idea in sectors like healthcare, education, agriculture, and they have been advised to get additional information and registration at the NSIA website www.nsaiafrica.ng.

Aminu Umar-Sadiq, the Managing Director of NSIA, highlighted that the NPI programme signifies the Authority's commitment to supporting the Nigerian tech ecosystem. He emphasized the unique opportunity it presents to foster innovation and enhance socio-economic indicators. With the second edition of the program, the Authority aims to position home-grown talents for global relevance.

The NPI programme is part of a long-term strategy by the Authority to drive entrepreneurship, create jobs, and nurture the Nigerian tech ecosystem. It aims to encourage and support ingenuity within the digital sector by funding transformative and scalable solutions.

The programme aligns with the Authority's focus on advancing early-stage indigenous solutions in priority sectors such as financial services, agriculture, power, healthcare, education, and manufacturing.

The NPI programme consists of four stages: the pre-selection stage, where innovators submit their applications through the online portal; the accelerator stage, where the top finalists participate in a virtual and in-person training bootcamp; the demo day, where the top 10 finalists pitch their solutions to a panel of tech experts and judges; and the post demo day stage, where the top finalists undergo an all-expenses paid training program in Silicon Valley.