The Nigeria Sovereign Investment Authority (NSIA) and its partners have awarded $280,000 to 6 Nigerian startups through the third edition of its NSIA Prize for Innovation.
The winners were announced on Saturday during the final Demo Day, attended by Nairametrics, where 10 selected startups pitched their innovations out of over 5,000 initial applicants.
The top three innovators were awarded an NSIA prize of $220,000 in cash and equity to accelerate their businesses.
This year’s edition also featured two additional special prizes: the $45,000 Cascador Impact Prize and the $15,000 PVAC Healthcare Innovation Prize, further expanding NSIA’s support for innovative, high-impact solutions driving Nigeria’s development.
The Demo Day brought together innovators from all backgrounds and industries to enhance networking opportunities that foster creativity, innovation, and entrepreneurship.
Winners
- D-Olivette Labs, developers of smart AI-powered bio-digesters that convert farm and food waste into clean energy and organic fertilizers, clinched the top spot with a combined prize value of $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 with a prize value of $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, took third place with a combined prize of $50,000 and a PVAC Healthcare Innovation Prize of $5,000, bringing its total winnings to $55,000.
- Furthermore, Mediverse 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 pioneer Level 2 lab automation software won the $5,000 PVAC Healthcare Innovation Prize.
- Sosocare, a low-cost health insurance platform that aims to expand access to optimal healthcare through affordable insurance for Nigerians, also won a $5,000 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 Cascador Impact Prize.
- According to the NSIA, its awards will be disbursed in a 75:25 ratio consisting of equity and cash respectively, in exchange for a mutually determined stake in each respective company.
- The additional seven NSIA award finalists (all described as the fourth place) will join the top three at a five-week, all-expense-paid training at Draper University, Silicon Valley, USA.
How winners emerged
- At the event, each of the ten finalists pitched their solutions before a live audience and a panel of expert judges and had the opportunity to respond to questions from judges drawn from the business and technology ecosystems.
- Speaking at the event, the MD & CEO of the NSIA, Aminu Umar-Sadiq, stated: “The NSIA Prize for Innovation exemplifies our commitment to nurturing homegrown solutions with the potential for transformative impact.”
- He noted that this year, the NSIA 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.
- On behalf of the NSIA, he congratulated all finalists and winners, and reaffirmed the agency’s dedication to driving innovation, creating jobs, and repositioning Nigerian entrepreneurs for global relevance.
More Insights
- In his keynote address, the Federal Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the importance of financing innovation, adding that innovators play a vital role in the world.
- He said the nation needs the ideas, products, and methodologies of Nigerian startups, especially in agriculture, emphasizing the need to boost the country’s agricultural production.
- Edun described the NSIA Prize for Innovation as a fantastic idea on the right path, but stressed that the authority’s efforts must be sustained, as implementation is key to driving and maintaining innovation.
- He urged all young Nigerians to be bold and courageous, assuring that the help they require from the government and relevant stakeholders will be available.
- Speaking to the press, Ms. Amanda Etuk, Programme Director, Cascador Nigeria, said entrepreneurs such as the finalists are providing jobs to the teeming thousands within Nigeria, highlighting the need to support them not just through grants or aid, but by empowering the entrepreneurs who are powering the economy.
- On his part, the National Coordinator, Presidential Initiative for Unlocking the Healthcare Value Chain (PIVAC), Dr. Abdu Mukhtar, for the mobilization of private sector resources across board.
What You Should Know
The NSIA is a Nigerian government investment institution established by the Nigeria Sovereign Wealth Act (2011) to manage and invest in a diversified portfolio of medium and long-term funds.
The NSIA Prize for Innovation is the authority’s multi-year commitment to identify and nurture early-stage innovative businesses within the tech ecosystem, to create a sustainable positive impact.
Its mission is to drive sustained economic development for the benefit of all Nigerians by building a savings base, enhancing Nigeria’s infrastructure development, and providing stabilization support in times of economic stress.
The NSIA operates three distinct funds: the Stabilization Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund
