The Nigeria Sovereign Investment Authority (NSIA) has demonstrated its commitment to fostering innovation and entrepreneurship in Nigeria by awarding a total of $220,000 to three promising Nigerian startups through the second edition of its NSIA Prize for Innovation. The winners were announced during the final Demo Day, where 10 selected startups pitched their innovative solutions.
Sycamore, a peer-to-peer lending fintech platform, emerged as the grand prize winner, securing $100,000. The platform, founded in 2019 by Babatunde Akin-Moses, aims to bridge the credit gap for African businesses using technology.
Following closely, Kunda Kids, an edtech media company focused on providing engaging African-inspired digital content to children, parents, and libraries globally, secured the second position with a combined prize value of $70,000. PaveHQ, a learning and career ecosystem supporting students to achieve successful careers, claimed the third position with a total combined prize value of $50,000.
The emergence of the winners followed a rigorous assessment of pitches from ten innovators by an expert panel of judges drawn from the business and technology ecosystem. The evaluation was based on key metrics including market potential, team composition, traction, and the competitiveness of the proposed solutions.
Aminu Umar-Sadiq, the Managing Director and Chief Executive of NSIA, emphasized the Authority’s commitment to leveraging the NSIA Prize for Innovation to propel socio-economic development, encourage youth entrepreneurship, and advance innovative solutions to everyday challenges.
The NSIA Prize for Innovation represents the Authority’s multi-year commitment to identifying and nurturing early-stage innovative businesses within the tech ecosystem to create a sustainable positive impact.
In addition to the financial rewards, the program has been expanded to include a five-week all-expense-paid training at Draper University, Silicon Valley, USA, to enable the top ten innovators to expand their horizons and potentially deliver solutions on global platforms.
This expansion underscores the NSIA’s dedication to supporting entrepreneurship and positioning young Nigerians within the technology ecosystem for global relevance.
The Nigeria Sovereign Investment Authority, established by the Nigeria Sovereign Wealth Act (2011), manages and invests in a diversified portfolio of medium and long-term funds. The NSIA Prize for Innovation aligns with the Authority’s mission to drive sustained economic development for the benefit of all Nigerians by building a savings base, enhancing infrastructure development, and providing stabilization support in times of economic stress.
The success of the NSIA Prize for Innovation reflects the growing momentum of innovation and entrepreneurship in Nigeria’s digital ecosystem. By providing a platform for early-stage startups to showcase their solutions and receive support, the NSIA is contributing to the growth and development of the technology sector in Nigeria.
The recognition and financial support provided by the NSIA Prize for Innovation serve as a catalyst for the continued advancement of innovative solutions that can drive socio-economic development and position Nigerian tech talents for global relevance.
The NSIA’s commitment to nurturing and empowering startups underscores the pivotal role of innovation in driving economic growth and creating sustainable positive impact in Nigeria.
