The NSIA Prize for Innovation’s (NPI) primary objective is to identify, build, and finance early-stage innovative solutions that have the potential to catalyze economic growth, enhance the nation’s productive capacity, and create jobs. The NPI is designed to encourage and support ingenuity within the business ecosystem and to fund new solutions that could result in cost-effective, scalable, and transformative positive impact.

The programme is a multi-year commitment by the NSIA to empower budding Nigerian innovators, in a bid to catalyse the rise of the digital economy. The Programme will adopt a four-staged competition at the end of which ten (10) finalists will emerge and win varied prizes.

NSIA has launched the third edition of its Innovation Prize (NPI 3.0) and will focus on healthcare, education and   agriculture. Applications from innovative startups in the aforementioned sectors will be considered by an expert panel of judges.

For NPI 3.0, the top three finalists will receive a combined prize value of $220,000, awarded through a combination of cash and equity investment to help scale their businesses. In addition, three of the top 10 finalists will have the chance to win a share of the $45,000 Cascador Impact Prize.

The 10 finalists will also embark on a five-week, all-expenses-paid training programme in Silicon Valley, USA, gaining world-class mentorship, networking opportunities, and the tools to elevate their startups for global success.

The programme will run for sixteen (16) weeks covering the following stages:

1. Pre-selection Stage: At this stage, innovators complete applications through an application portal. Applicants are expected to provide details regarding their digital product/service, business model, and minimum viable product.
2. Accelerator Stage: Shortlisted innovators will participate in a technical partner-led, accelerator programme designed to mentor and equip them with the tools required to succeed. The ten (10) successful and committed innovators will be adjudged by an independent panel of expert judges.
3. Final Stage (Demo Day): The ten (10) Programme finalists will each be allotted a timeslot to present their pitch to the panel of judges. The judging panel will comprise the technical, and venture partners and a combination of local and foreign technology industry experts and investors.

For NPI 3.0, the  top three (3) finalists will win varied prizes comprising equity investment into the underlying business as well as cash prizes, three finalists will also the Cascador Prize for Impact. The 10 finalists will proceed for an all expenses training in Silicon Valley, USA .

• Identify, build, and finance early-stage innovative solutions to catalyse economic growth, enhance the nation’s productive capacity, and create jobs.
• Provide an enabling platform to showcase early-stage innovative solutions with transformative potential.
• Create an avenue for Nigerian innovators to raise capital and network with a universe of investors and established industry experts.
• Strengthen the capital formation process for viable digital solutions originating in Nigeria.
• Inspire ingenuity, creativity, innovation, and breakthrough ideas in the business ecosystem in Nigeria through cycles of prize competitions.