By Uche Usim
Ten start-ups have been recognised as top innovators and selected to advance to the Demo Day of the NPI 2.0 prize, the Nigeria Sovereign Investment Authority (NSIA) announced on Wednesday.
The chosen innovators are Yalo Technologies, BetaLife Health, Magic Carpet Studios, MaterialsPro, Doktorconnect, PaveHQ, VPay Africa, TribaPay, Kunda Kids, and Sycamore.
The NSIA stated that these innovators were shortlisted after participating in a week-long accelerator programme, which included a physical bootcamp and culminated in a mini-demo day event. During the event, 25 innovators presented their solutions to a panel of business and technology experts.
The successful start-ups were selected from various sectors of the Nigerian economy based on criteria such as scalability, product-to-market fit, financial projections, unique value proposition, competitor analysis, and market size.
The selected companies will participate in a five-week, all-expenses-paid training program at Draper University in Silicon Valley, USA. On Demo Day, they will compete for a combined prize of $220,000.
Aminu Umar-Sadiq, the Managing Director/Chief Executive Officer of NSIA, expressed his excitement about the growing acceptance of the NPI program within the Nigerian technology ecosystem. “The Authority recognizes the pivotal role that technology plays in driving positive socio-economic outcomes, and we are committed to expanding the development of this sector,” Umar-Sadiq said. “Through the NPI, we are focused on advancing innovative solutions to domestic challenges, capacity building for early-stage businesses, and economic empowerment through job creation.”
The NPI is a strategic initiative by NSIA to identify, nurture, and support early-stage businesses for transformative impact. Now in its second year, the prize has quickly gained traction within the technology and start-up ecosystem, attracting a significant number of credible and eligible Nigerian innovators.
Organisers reported that over 7,000 applications were submitted by prospective contestants in the first quarter of the year. This pool was narrowed down to 100 businesses for a virtual accelerator stage and then further reduced to 26 for the physical bootcamp.
Ultimately, 25 businesses participated in the mini-demo day, from which the top ten innovators were selected.