The Nigeria Sovereign Investment Authority (NSIA) provided $220,000 to three Nigerian businesses as part of the second NSIA prize for innovation.
The prize winners emerged on Saturday during the final Demo Day, where 10 selected startups pitched their innovations.
The $100,000 main prize went to Sycamore, a peer-to-peer lending fintech platform that links borrowers and lenders via technology. In 2019, Babatunde Akin-Moses started Sycamore to use technology to close the credit gap, empower African entrepreneurs and foster economic progress.
Kunda Kids, an edtech media company focused on providing well-illustrated, engaging African African-inspired digital content to children, parents, and libraries globally – followed closely at the second position with a combined prize value of US$70,000.
Third place went to PaveHQ, a learning and career ecosystem that helps students launch successful careers. With US$50,000 in total prize money, PaveHQ’s prize money now stands at US$220,000.
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Evaluation Process and NSIA Prize for Innovation
The NSIA released a statement stating that the winners were determined by evaluating the pitches made by 10 entrepreneurs to a panel of judges who were experts in the business and technology sector.
The evaluation was a comprehensive assessment that considered several crucial factors, including the market potential of the proposed solution, the composition and strength of the team behind it, the traction and progress made so far, and the competitiveness of the solution to others in the market.
By analysing these key metrics, the evaluation provided a thorough and well-rounded assessment of the solution’s overall viability, potential for success, and ability to stand out in a crowded market.
“The NSIA Prize for Innovation was conceived in recognition of the essential function that technology plays to shape positive socio-economic outcomes, strengthen multiple sectors, significantly expand opportunities across multiple sectors, and reposition local talent for global relevance,” said Aminu Umar-Sadiq, Managing Director and Chief Executive of NSIA, in a speech following the Demo Day.
Umar-Sadiq added that this year, the program has been expanded to include a five-week all-expense-paid training at Draper University, Silicon Valley, USA, to enable all top ten innovators to expand their horizons and potentially deliver solutions on global platforms.
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The Establishment, Mission Objective of NSIA
The Nigeria Sovereign Wealth Act of 2011 created the Nigeria Sovereign Investment Authority, a government investment organisation in Nigeria tasked with managing and making investments in a diversified portfolio of medium- and long-term funds.
The Authority’s multi-year effort to find and support innovative, early-stage companies in the ICT sector to make a long-lasting positive influence is embodied in the NSIA Prize for Innovation.
Its mission is to lead in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people, enhancing the development of Nigeria’s infrastructure, and providing stabilisation support in times of economic stress.
The Nigeria Infrastructure Fund, the Future Generations Fund, and the Stabilisation Fund are the three separate funds managed by the NSIA.