NSIA Announces Winners of $220,000 Prize for Innovation
The Nigeria Sovereign Investment Authority (NSIA) has announced the winners of the third edition of the NSIA Prize for Innovation (NPI 3.0).
The winners were announced in a statement by Joyce Onyegbula, Head Corporate Communications, NSIA, following an intense pitch session at the recent NPI 3.0 Demo Day in Abuja.
Onyegbula said that for this year, the top three finalists would receive a combined prize value of 220,000 dollars, awarded through a combination of cash and equity investment.
She said that 10 finalists, chosen from over 5,000 applicants in the fields of healthcare, agriculture, and education, presented their transformative solutions to a panel of expert judges from business and technology ecosystems.
She described the NPI as an initiative designed to support early-stage Nigerian innovators who are developing transformative solutions to address some of the country’s most pressing challenges.
“The NPI reflects the authority’s ongoing commitment to boost Nigeria’s technology ecosystem by identifying and rewarding innovators, providing tools for scaling, connecting start-ups with investors and fostering a strong community of technology entrepreneurs.”
She said that the NSIA partnered with the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC) and Cascador to expand the rewards for participating startups.
“Three start-ups from the top 10 will be awarded the Cascador Impact Prize of 15,000 dollars each and a 5,000-dollar PVAC Healthcare Innovation Prize also for three start-ups within the top 10.
“The top 10 finalists will also participate in a five-week, all-expenses-paid training programme in Draper University, Silicon Valley, USA, gaining world-class mentorship and networking opportunities,” she said.
Meanwhile, D-Olivette Labs, developers of smart AI-powered bio-digesters that convert farm and food waste into clean energy and organic fertilisers, clinched the first position with a combined prize value of 100,000 dollars from NSIA.
They also received a Cascador Impact prize of 15,000 dollars, bringing their total prize value to 115,000 dollars.
In second place was Promise Point, a woman-led cassava processing solution with a fully-automated facility on over 1,500 hectares of owned farmland and a network of over 2,000 smallholder farmers within its value chain.
They received a prize value of 70,000 dollars from NSIA and the Cascador Impact Prize of 15,000 dollars, bringing their total combined prize value to 85,000 dollars.
GeroCare, a pioneering health tech platform focused on restoring dignity and improving care outcomes by positively transforming elderly care in Nigeria came in third place.
They received a combined prize of 50,000 dollars from NSIA and a PVAC Healthcare Innovation Prize of 5,000 dollars, bringing their total winnings to 55,000 dollars.
Mediverse won the 5,000 dollars PVAC Healthcare innovation prize.
Mediverse is a Nigerian-built laboratory automation platform that combines a cloud Laboratory Information Management System, an electronic Lab Notebook and a small on-prem IoT application to provide a pioneer Level 2 lab automation software.
Sosocare, a low-cost health insurance platform that aims to further unlock access to optimal healthcare through access to health insurance for Nigerians, also won the 5,000-dollar PVAC Healthcare Innovation Prize.
FriendsnPal, Africa’s first predictive AI-powered mental health platform that delivers 24-hour anonymous emotional support, also won the 15,000-dollar Cascador Impact Prize.
Aminu Umar-Sadiq, Managing Director/CEO, NSIA, who spoke during the event, a
said that the NPI exemplified the commitment to nurturing homegrown solutions with the potential for transformative impact.
“This year, we have partnered with PVAC and Cascador to expand the opportunities for participating start-ups and further propel innovation, youth entrepreneurship and meaningful solutions that drive positive socio-economic outcomes,” he said.
Dr Abdu Mukhtar, National Coordinator, Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC), said that the partnering with the NSIA was aimed at to mobilising the private sector.
Mukhtar said that it would also highlight opportunities for identifying innovative solutions in healthcare.
“We will bring them to the forefront and secure financing to scale up their businesses to benefit citizens,” he said.
Ms Amanda Etuk, Programme Director, Cascador, said that the organisation was giving 45,000 dollars in prize money to the most impactful startups from the three highlighted sectors.
Etuk said that Cascador’s partnership with NSIA was borne out of the desire to support and empower entrepreneurs because of the role they played in developing the economy through job creation.
“We want to provide them with mentorship and support their industries with these impact funds that will propel them in the ecosystem,” he said.
Mr Kozaki Hitoshi, Deputy Head of Missions, Embassy of Japan, said that the Japanese Government was investing in Nigeria’s startup ecosystem, precisely in Abuja’s social startup hub, with a 10 million dollar investment in infrastructure development.
“We are co-funding a project with the Nigerian government, managed by NSIA, with 10 million dollars for infrastructure, with the Nigerian government investing the same amount.
“The unique aspect is joint funding and ownership, allowing Nigerian and Japanese businesses to collaborate and create ventures together,” he said.
Also, Mr Joseph Giblin, Economic Counsellor, U.S. Embassy, said that the U.S Government would continue to support the innovative space in Nigeria.
“Programmes like this demonstrate the incredible potential of collaboration and the importance of investing in the ideas and talents of the next generation.
“Seeing all these young innovators trying to solve some of the challenges in the world, especially in agriculture in Nigeria, is inspiring, and we will continue to support that,” he said.
