NSIA awards $220,000 combined prize to top three innovation challenge winners

The Nigeria Sovereign Investment Authority (NSIA) has awarded a combined prize of $220,000 in cash to the top three innovators that emerged as winners of the third edition of the NSIA Prize for Innovation (NPI 3.0).

The NPI 3.0 is an initiative designed to support early-stage Nigerian innovators developing transformative solutions to address some of the country’s most pressing challenges.

The winners were announced over the weekend in Abuja after an intense pitch session at the recently concluded NPI 3.0 Demo Day, where 10 finalists selected from over 5,000 applicants in healthcare, agriculture and education, presented their transformative solutions to an expert panel of judges from business and technology ecosystems.

This year, in addition to the combined prize pool of $220,000 and a five-week fully funded training programme at Draper University, Silicon Valley, USA, the NSIA partnered with the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC), and Cascador to expand the rewards for participating startups with the Cascador Impact Prize of $15,000 each for three start ups, and the $5,000 PVAC Healthcare Innovation Prize also for three start ups within the top ten.

D-Olivette Labs, developers of smart AI-powered bio-digesters that convert farm and food waste into clean energy and organic fertilisers,  clinched the top spot with a combined prize value of US$100,000 from NSIA as well as a Cascador Impact prize of $15,000, bringing its total combined prize value to $115,000.

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, came in second position with a prize value of US$70,000 and the Cascador Impact Prize of $15,000, bringing its total combined prize value to $85,000.

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 with a combined prize of US$50,000 and a PVAC Healthcare Innovation Prize of $5,000, bringing total winnings to $55,000.

Additionally, Mediverse – a Nigerian-built laboratory automation platform that combines a cloud Laboratory Information Management System, an electronic Lab Notebook and a small onprem IoT application to provide a pioneer Level 2 lab automation software won the $5,000 PVAC Healthcare innovation prize.

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 $5,000 PVAC Healthcare Innovation Prize each.

FriendsnPal, Africa’s first predictive AI-powered mental health platform that delivers 24-hour anonymous emotional support, also won the $15,000 Cascador Impact Prize.

Speaking at the event, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, commended the NSIA for its efforts, and stressed the need for sustainability of the programme.

Edun pointed out that the government’s quest to grow productivity would be better enhanced through innovation, which aligns with the goals of the NPI 3.0 programme.

He used the opportunity to explain the various efforts of the Federal Government to grow the company, and projects implementation like automating the financial processes in the ministry, laying of fibre optic cables, among others.

Also, speaking at the event, Aminu Umar-Sadiq, MD & CEO of the NSIA, stated that “The NSIA Prize for Innovation exemplifies our 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 startups and further propel innovation, youth entrepreneurship and meaningful solutions that drive positive socio-economic outcomes.

“The NSIA congratulates all finalists and winners, and reaffirms its dedication to driving innovation, creating jobs, and repositioning Nigerian entrepreneurs for global relevance.

“The NSIA Prize for Innovation (NPI) aligns with the Authority’s ongoing commitment to catalyse the technology ecosystem by identifying and rewarding Nigerian innovators, equipping them with the right tools to scale product–market fit, connecting start-ups with potential investors and delivering a robust community of technology innovators and entrepreneurs”.

The NPI is a phased competition broken into a pre-selection stage where innovators submit their application through the application portal, while the accelerator stage is where the top finalists participate in a virtual and in-person training bootcamp and mini demo day.

Demo day is where the top ten finalists pitch their solutions to a panel of technology and business leaders, while the post demo day stage is where the top ten finalists participate in an all-expense paid training programme in Draper University, Silicon Valley, USA.

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