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.
NSIA Prize for Innovation (NPI) Programme Details
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:
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