NSIA launches Prize For Innovation

The Nigerian Sovereign Investment Authority (NSIA) has launched the  NSIA Prize for Innovation (NPI) geared toward catalyzing growth in Nigeria’s tech ecosystem.

Mr Aminu Umar-Sadiq, Managing Director/Chief Executive Officer of the NSIA,  performed the official launch of the innovation prize on Saturday in Lagos.

SOLACEBASE reports that NSIA Prize for Invocation Program is structured as a business enhancement program to support early-stage, growth-driven ideas through education, mentorship, and financing.

The Program is a strategy-based initiative of the NSIA Board which will run for at least three years.

Uma-Sadiq, while speaking to newsmen on the sidelines of the event, said that the NPI was to catalyse domestic capital for domestic ideas.

“This is an initiative of the NSIA that does two things for the NSIA. First, it is to put us front and center in the tech ecosystem of Nigeria.”

“And secondly, to ensure that those great ideas that Nigerians have, find local capital in order to take them from success to significance.”

“So, I think this is a very, very important initiative not only for the NSIA, but also for the country in general,” Umar- Sadiq said.

The CEO said that the authority would also consider the idea stage, but had to balance it very carefully taking into consideration the kind of capital that the NSIA manages.

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According to him, the NSIA is a conservative capital manager, managing capital for future generations of Nigerians.

“We will support the tech ecosystem at the pre-seed stage.”

“But on the other hand, we have to ensure that there is real downside protection to ensure that capital is adequately managed for future generations of Nigerians and so it needs  very careful balancing,” Umar-Sadiq said.

He noted that the tech ecosystem was an important sector for the country, particularly for the youth.

He expressed the commitment of the NSIA to be at the centre of supporting it.

On the objectivity and transparency of the innovation program, the CEO said that the NSIA would be onboarding three different service providers.

“The first is a technical service provider that is going to be in charge of the entire process of ensuring there is a website that is going to receive the ideas,”

“They are going to be in charge of saving the ideas, leading the accelerator stage.

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“And more importantly, they are also going to ensure that the 10 ideas that are going to get to the demo day stage going to essentially have the requisite basis to present their pitch before the panel of judges.”

“Secondly, we have a venture partner because the price that these ideas will earn will impact the cash but will also be equity by the NSIA in those businesses.”

“So we have a venture partner that will help the NSIA manage those businesses to offer value creation.”

“And importantly, the last part is  an auditor that would hold the entire competition to account to make sure that the transparency and accountability that the NSIA is known for continues to abide,” Umar- Sadiq said.

On the value of the prizes to be won by the applicants, the CEO said that the prize was not just going to be the usual monetary terms where a particular prize is announced.

He said that the prize was going to be NSIA engaging actively and as broadly as possible with the tech ecosystem.

“As I mentioned earlier, it starts off with a portal where people apply.”

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“There is going to be a shortlisting process for 30 ideas. Those 30 ideas are going to go through an accelerator stage with our technical service provider where each of those ideas will engage.”

“Each of those ideas will be taken to a service provider who will offer substantial value creation, and then it will be ceded to 10 that will then participate in a Demo day.”

“The offering of NSIA is as much cash as it is value addition; it is as much cash as it is in kind.”

“More importantly, is that the NSIA will also be taking an equity stake in the top three ideas. So it is as much an investment for us as it is a catalytic intervention,” Umar Sadiq said.

The CEO said that the portal would be opened in the next one month, adding that the event is just a launch, a pre- Christmas launch to allow people to know and get prepared.

He said that it was important for people to have an understanding of what the initiative is

“The value creation that we offer these startups is indeed mentorship and it is going to be an accelerator program.”

It is  not only mentorship review of their business plan, but enhancing their business plans introduction, utilising the convening power of both the ventures partner, as well as the technical service provider.

According to him, the goal is to essentially enhance these ideas, introducing them to other capital provider.

The CEO said that the initiative was fundamentally inclusive of everyone irrespective of gender and state of origin.

“NSIA  is a federation owned entity. Therefore, every single state is a participant in the shareholding of the NSIA.”

“Therefore,  in the application process, we are going to encourage everyone, everywhere within the country to apply: our youths, our elders, every single person north south west, of course our women and men.”

“But it is going to be as inclusive as possible,” Umar-Sadiq said.

At the event, panelists such as Mrs. Abimbola Olufore of UNIDO; Mr. Obi Emetarom of Zone; Dr. Chibuzo Opara of Drugstoc; Mrs. Serah Makka Ugbabge of One.org; Mr. Abayomi Awobokun of Orbit54; Mrs. Temi Awogboro of New Lion Capital & Magic Innovators among other technopreneurs, and providers of capital diagnosed opportunities, challenges and way forward in start-ups.

On his part, Lagos State Governor , Babajide Sanwo-Olu described the NSIA as representing the value of a catalytic system.

The governor represented by his Special Adviser on Innovation and Technology, Mr. Tunbosun Alake lauded the NSIA for coming up with the initiative as it aligns with the global philosophy where innovation and technology are being used to change the global community.

Sanwo-Olu said, “I’m glad that the launch of the NSIA Prize for Innovation is an indicator of the NSIA’s subscription to this philosophy and its commitment to drive value creation through innovation.”

“This philosophy is something we in Lagos State share with the NSIA. Not just because the governor signed into law the Lagos State Sovereign Wealth Fund, but it has to do with our realization that the Central call of the nation’s economic security is tied to innovation and science research.”

“I congratulate the NSIA once again on the launch of this whole initiative. An initiative whose time has come and one that will move the innovation pendulum forward.”

“However the need that we achieve this nation’s potentials, we must do away with shallow implementations across the myriads of government institutions. We must collaborate. We invite you to collaborate with us as we build a Nigeria that we truly will be proud of.”