By Tochukwu Bliss, Abuja
The Nigeria Sovereign Investment Authority (NSIA) has announced winners of the third edition of its NSIA Prize for Innovation (NPI 3.0).
According to a statement by the Head, Corporate Communications, NSIA, Joyce Onyegbula, the winners emerged following an intense pitch session at the recent NPI 3.0 Demo Day in Abuja.
Ms. Onyegbula said the top three finalists would receive a combined prize value of $220,000, awarded through a combination of cash and equity investment.
Accordingly, D-Olivette Labs, developers of smart AI-powered bio-digesters that convert farm and food waste into clean energy and organic fertilisers, clinched the first position with a combined prize value of $100,000.
They also received a Cascador Impact prize of $15,000, bringing their total 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 second.
They received a prize value of $70,000 and the Cascador Impact Prize of $15,000, making a total combined prize value of $85,000.
The third place went to GeroCare, a pioneering health tech platform focused on restoring dignity and improving care outcomes by positively transforming elderly care in Nigeria.
They received a combined prize of $50,000 and a PVAC Healthcare Innovation Prize of $5,000, bringing their total winnings to $55,000.
Concerning other winners, Ms. Onyegbula explained that the 10 finalists, chosen from over 5,000 applicants in the fields of healthcare, agriculture, and education, presented their transformative solutions to a panel of expert judges from business and technology ecosystems.
She described the NPI as an initiative designed to support early-stage Nigerian innovators who are developing transformative solutions to address some of the country’s most pressing challenges.
She said: “The NPI reflects the authority’s ongoing commitment to boost Nigeria’s technology ecosystem by identifying and rewarding innovators, providing tools for scaling, connecting start-ups with investors and fostering a strong community of technology entrepreneurs.”
She further said the NSIA partnered with the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC) and Cascador to expand the rewards for participating startups.
“Three start-ups from the top 10 will be awarded the Cascador Impact Prize of $15,000 each and a $5,000 PVAC Healthcare Innovation Prize also for three start-ups within the top 10.
“The top 10 finalists will also participate in a five-week, all-expenses-paid training programme in Draper University, Silicon Valley, USA, gaining world-class mentorship and networking opportunities,” she said.
Other finalists like Mediverse won the $5,000 PVAC Healthcare innovation prize.
Mediverse is 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 a pioneer Level 2 lab automation software.
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 the $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.
The NPI reflects the authority’s ongoing commitment to boost Nigeria’s technology ecosystem by identifying and rewarding innovators, providing tools for scaling, connecting start-ups with investors and fostering a strong community of technology entrepreneurs.
Homegrown solutions
Managing Director/CEO, NSIA, Aminu Umar-Sadiq, who spoke during the event, was quoted as saying that the NPI exemplified the 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 start-ups and further propel innovation, youth entrepreneurship and meaningful solutions that drive positive socio-economic outcomes,” he said.
National Coordinator, Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC), Abdu Mukhtar, said the partnering with the NSIA was aimed at mobilising the private sector.
Dr Mukhtar said it would also highlight opportunities for identifying innovative solutions in healthcare.
“We will bring them to the forefront and secure financing to scale up their businesses to benefit citizens,” he said.
Programme Director, Cascador, Amanda Etuk, said the organisation was giving $45,000 in prize money to the most impactful startups from the three highlighted sectors.
Ms. Etuk said that Cascador’s partnership with NSIA was borne out of the desire to support and empower entrepreneurs because of the role they played in developing the economy through job creation.
“We want to provide them with mentorship and support their industries with these impact funds that will propel them in the ecosystem,” he said.
Deputy Head of Missions, Embassy of Japan, Kozaki Hitoshi, said that the Japanese Government is investing in Nigeria’s startup ecosystem.
“We are co-funding a project with the Nigerian government, managed by NSIA, with $10 million for infrastructure, with the Nigerian government investing the same amount.
“The unique aspect is joint funding and ownership, allowing Nigerian and Japanese businesses to collaborate and create ventures together,” he said.
Also, Economic Counsellor, U.S. Embassy, Joseph Giblin, said the U.S Government will continue to support the innovative space in Nigeria.
He said: “Programmes like this demonstrate the incredible potential of collaboration and the importance of investing in the ideas and talents of the next generation.
“Seeing all these young innovators trying to solve some of the challenges in the world, especially in agriculture in Nigeria, is inspiring, and we will continue to support that.”
