The Nigeria Sovereign Investment Authority has launched a $255,000 innovation prize for startups, innovators and technopreneurs.
The authority said the prize is to incentivise startups to develop solutions that address real-world challenges with global applications. It stated that the application portal for the prize is now open and will be closed at 12 noon on April 8th, 2023.
According to it, the NSIA Prize for Innovation programme prize of $255,000 will be awarded as a combination of cash and equity investment to the winners.
The NSIA Managing Director/Chief Executive Officer, Mr Aminu Umar-Sadiq, said, “The authority aims to serve not just as a catalyst for the fast-growing domestic technology and innovation industry but also as a deliberate enabler across the various tiers of the digital ecosystem.
“With this programme, we will be putting in place a system that will support and fast track the emergence of digital powerhouses in the country which over time, we expect will transform Nigeria into Africa’s hub for tech-enabled solutions.”
In a statement, the authority explained that the programme will have three phases, starting with the call for applications, followed by an accelerator boot camp phase, and a demo phase.
It added, “At the end of the call for applications phase, all the submissions will be reviewed, and only 25 of the solutions will be shortlisted for the accelerator boot camp where each participant’s idea will be amplified for market readiness.”
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