NSIA Prize for Innovation (NPI) is sponsored by the Nigeria Sovereign Investment Authority (NSIA) to bolster innovation in Nigeria’s digital ecosystem, and support home-grown solutions that can drive socio-economic development.
NPI is designed to encourage and support ingenuity within the digital ecosystem and fund early-stage, growth driven solutions, with the aim of driving transformative economic growth, enhancing the nation’s productive capacity, and creating jobs
What Are The Goals of NSIA Prize for Innovation (NPI) ?
To recognize and reward Nigerian innovators and start-up founders in the tech ecosystem.
To act as an early-stage investment catalyst for innovators.
To mentor and equip founders with the tools required for scaling and product-market fit.
To connect startup founders to potential investors.
To create a community of connected individuals to ensure partnership across the ecosystem.
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NSIA Prize for Innovation (NPI) Programme Details
Programme Stages
At the stage, innovators submit their applications through an application portal. Applicants are expected to provide details regarding their digital products/services and business models.
Shortlisted innovators will participate in an accelerator programme designed to train, mentor and equip them with the tools required to succeed. Participants at this stage will be judged by an independent panel of expert judges and ten (10) finalists will move on to the final stage (demo day).
Each of the ten (10) finalists will be allotted timeslot to present their pitch to the judges. The judging panel will review the submission and rank the winners from 1st to 10th.
NSIA Prize for Innovation (NPI) Application Requirements
One of the founders must be a Nigerian Citizen
Applicants must be 18 years or older
Applicants must be running Innovative tech-focused or tech-enabled businesses/startups
The business should have operated for not less than six months and operating in or with a presence in Nigeria
The business should be looking to raise a seed round
The business should have developed a minimum viable product (MVP)
Applicants must be willing and able to commit to a 4-week fast-track accelerator program
Only one application is permitted per applicant irrespective of the sector. Subsequent applications will be disqualified.
NSIA Prize for Innovation (NPI) Targeted Sectors:
The programme will focus on technology-enabled businesses in the following sectors:
- Financial Services
- Agriculture
- Health
- Education
- Manufacturing
- Logistics & E-mobility
- E-commerce & Marketplaces
- Climate
Note: These priority sectors were selected based on the impact innovation in these sectors can have on the Nigerian economy. Whilst the above sectors are termed “priority”, applicants that operate outside these sectors are strongly encouraged to apply.
NSIA Prize for Innovation (NPI) Evaluation Criteria
Entries will be judged by a committee of five (5), which will include industry experts and an NSIA representative. The submission and review process will be audited by an independent auditor.
The Novelty of Approach
- What is unique, unprecedented, or progressive about your innovation?
Impact
- How does this innovation solve real world challenges – not just for Nigerians, but communities across the world, and what sectors are covered by the solution? (Qualities may include revenue enhancement, cost reduction, time to payback of any required investment, operational enhancement, membership and growth retention, digital engagement, and security enhancements. Metrics are advantageous).
Product Design
- Engineering, functionality, aesthetics, and general design.
Scalability
- Prospects of growth, expansion, and product-market fit, ability to attract capital, ability to attract talent, ability to create/attract market share.
Proposed Methodology, Approach, and Implementation Plan
- Proposes an innovative approach.
- Understands the problem being addressed.
- Proposes a solution that is cutting edge.
- Will advance new solutions to the selected sector.
Sustainability, Environmental Impact And Risk Plan
- Sustainability Plan
- Demonstrated business continuity beyond the challenge prize.
- The Innovator has shown how the challenge prize will be used as seed money to grow the business.
- Strategy
- The innovation goals/objectives are clear.
- Clear connection of issues to the proposed methods
- Proposed implementation plan is SMART – Specific. Measurable. Achievable. Realistic. Timeframe
Activity Calendar
| S/N | Activity | Timeline |
|---|---|---|
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Call for application (online platforms)
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March 8th, 2023
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Call for application end date
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April 8th, 2023
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Accelerator programme commences
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Coming Soon
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Announcement of the top ten finalists
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Coming Soon
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Demo Day
|
Coming Soon
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Announcement of Winner
|
Coming Soon
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Benefits For Finalists
Nation-wide recognition and media attention through NSIA.
Promotion through various social media channels.
Recognition on the NSIA/NPI website.
Strategic advertisement in NSIA publications, including the annual report and sustainability reports, with global circulation.
A 2023 NPI Recognition Plaque as the winner/runner up of the NSIA Prize for Innovation Award.
The Innovation Award logo for use on your product packaging and advertising materials for a one-year period.
Be a Contributor to Nigeria’s Economic Greatness
NPI is poised to identify, build, and channel the country’s latent potential in innovation and technology to catalyze economic growth, enhance the nation’s productive capacity, create jobs, and optimize resource sustainability.
Through the NSIA Prize for Innovation (NPI), NSIA will encourage and support ingenuity within the digital sector and fund innovations that could result in cost-effective, scalable, and transformative positive impact.
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