The third batch of winners of the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation (NPI 3.0) as participating startups are smiling to the bank with upgraded prize money and well-packaged global exposure.
NSIA unveiled the winners following an intense pitch session at the recently concluded NPI 3.0 Demo Day, where ten 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.
The initiative, now in its third edition, is designed to support early-stage Nigerian innovators developing transformative solutions to address some of Nigeria’s most pressing challenges.
Besides the combined prize pool of $220,000 and a five-week fully funded training programme at Draper University, Silicon Valley, USA, this year had NSIA partnering with the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC) and Cascador to expand the rewards for participating startups.
The NPI’s expanded perks include the Cascador Impact Prize of $15,000 each for three startups and the $5,000 PVAC Healthcare Innovation Prize, also for three startups within the top ten participants.
Clinching the top spot, D-Olivette Labs, developers of smart AI-powered bio-digesters that convert farm and food waste into clean energy and organic fertilisers, went home 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.
In second place, 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, received a prize value of US$70,000 and the Cascador Impact Prize of $15,000, bringing its total combined prize value to $85,000.
The third position went to GeroCare, a pioneering health tech platform focused on restoring dignity and improving care outcomes by positively transforming elderly care in Nigeria. For its efforts, GeroCame got a combined prize of US$50,000 and a PVAC Healthcare Innovation Prize of $5,000, bringing total winnings to $55,000.
Others on the prize-winning list are 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. They 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 the $5,000 PVAC Healthcare Innovation Prize.
FriendsnPal, Africa’s first predictive AI-powered mental health platform that delivers 24-hour anonymous emotional support, got the $15,000 Cascador Impact Prize.
Speaking at the event, the Managing Director and Chief Executive Officer of NSIA, Aminu Umar-Sadiq, said, “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 start-ups and further propel innovation, youth entrepreneurship and meaningful solutions that drive positive socio-economic outcomes.”
While saluting all finalists and winners, NSIA reaffirmed its dedication to driving innovation, creating jobs, and repositioning Nigerian entrepreneurs for global relevance.
According to a statement by the management, the NPI aligns with NSIA’s resolve 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 statement further explained that NPI is a phased competition broken into:
Pre-selection Stage: Where innovators submit their application through the application portal;
Accelerator Stage: Where the top finalists participate in a virtual and in-person training bootcamp and mini demo day;
Demo Day: Where the top ten finalists pitch their solutions to a panel of technology and business leaders; and Post Demo Day Stage: Where the top ten finalists participate in an all-expense-paid training programme at Draper University, Silicon Valley, USA.
