NSIA Unveils Winners of $220,000 Innovation Prize Award

James Emejo in Abuja

Nigeria Sovereign Investment Authority has announced Sycamore the winner of the second edition of the NSIA Prize for Innovation (NPI 2.0), walking away with a combined prize value of $100,000.

Led by Babatunde Akin-Moses,

Sycamore is a peer-to-peer lending fintech platform which leverages technology to connect lenders and borrowers.

Also, Kunda Kids – an edtech media company focused on providing well illustrated engaging African inspired digital content to children, parents and libraries globally came second with $70,000. 

PaveHQ, a learning and career ecosystem that support students to achieve a successful career came third with combined prize money of $50,000, bringing total combined prize value to $220,000.

This followed an assessment of pitches from 10 innovators to an expert panel of judges drawn from the business and technology eco-system.

The evaluation was based on key metrics including market potential, team composition, traction and competitiveness of the solution proposed.

Speaking at the recently concluded NPI Demo Day,  Managing Director/Chief Executive, NSIA, Aminu Umar-Sadiq, said the competition was conceptualised in recognition of the pivotal role that technology plays to shape positive socio-economic outcomes, strengthen multiple sectors, significantly expand opportunities across multiple sectors and re-position home-grown talent for global relevance.

Now in its second year, NPI has  so far received commendable attention from the tech eco-system as the registration of credible start-ups across Nigeria to join the programme has grown from 2,000 to over 7,000 entries within the current year.

The programme validates the authority’s commitment to propel innovation, support entrepreneurship and position young Nigerians within the technology eco-system for global relevance.

This year, the programme was expanded to include a five-week all-expense paid training at Draper University, Silicon Valley USA, to enable all top ten innovators expand their horizon and potentially deliver solutions on global platforms.

The NPI is the authority’s multi-year commitment to identify and nurture early-stage innovative businesses within the tech ecosystem to create sustainable positive impact.

It adopts a four-stage competition process to catalyse investments for early-stage businesses.