Nigeria’s wealth fund has called for applications for its maiden NSIA Prize for Innovation.
– Key points to note
The prize, with a total worth of US$255,000, was launched in December 2022 as a capacity building initiative with the focus of bolstering innovation within Nigeria’s digital ecosystem.
The prize will be awarded as a combination of cash and equity investment in their underlying businesses of the winners.
The application portal opened on March 3 and will last through the second quarter of 2023.
– Learn more
“The Innovation Prize programme is structured as a business enhancement initiative to support early-stage, scalable solutions through education, mentorship, and financing,” the NSIA said.
“NPI is a multi-year commitment by the NSIA to empower early-stage Nigerian innovators. The Programme is designed to encourage and support ingenuity within the digital ecosystem and to fund early-stage tech-enabled solutions that could result in cost-effective, scalable, and transformative economic impact.”
The top 10 finalists are to be awarded varied prizes including cash and a share investment into the venture after scaling a three-stage process.
“In this edition of the programme, NPI will adopt a three-staged competition at the end of which ten (10) finalists will emerge. The top 3 of these will win varied prizes comprising equity investment into the underlying business as well as cash prizes. The last 7 finalists will win consolation prizes,” the statement said.
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