The Nigeria Sovereign Investment Authority (NSIA) has announced Sycamore as the winner of the second edition of the NSIA Prize for Innovation (NPI 2.0).
The announcement came after a rigorous assessment of pitches from ten innovative startups by an expert panel of judges drawn from the business and technology ecosystem.
The evaluation criteria included market potential, team composition, traction, and the competitiveness of the proposed solutions.
Sycamore, led by Babatunde Akin-Moses, is a peer-to-peer lending fintech platform that leverages technology to connect lenders and borrowers.
Founded in 2019, Sycamore aims to empower African businesses and drive economic growth by bridging the credit gap with innovative technology. The startup was awarded a combined prize value of US$100,000.
Coming in second was Kunda Kids, an edtech media company that focuses on providing engaging African-inspired digital content for children, parents, and libraries globally. Kunda Kids received a combined prize value of US$70,000.
Third place went to PaveHQ, a learning and career ecosystem designed to support students in achieving successful careers, which won a total combined prize value of US$50,000. Altogether, the total combined prize value amounted to US$220,000.
During the recently concluded NPI Demo Day, Aminu Umar-Sadiq, Managing Director & Chief Executive of NSIA, highlighted the significance of the NSIA Prize for Innovation. He emphasised that the prize was conceptualised to recognise the pivotal role of technology in shaping positive socio-economic outcomes, strengthening various sectors, expanding opportunities, and positioning homegrown talent for global relevance.
“The NSIA Prize for Innovation is our commitment to fostering innovation, supporting entrepreneurship, and positioning young Nigerians within the technology ecosystem for global relevance,” said Umar-Sadiq. “This year, we have seen a remarkable increase in the registration of credible startups, growing from 2,000 to over 7,000 entries within the current year.”
Now in its second year, the NPI programme has garnered significant attention from the tech ecosystem. This year, it was expanded to include a five-week all-expense-paid training at Draper University in Silicon Valley, USA, to enable the top ten innovators to broaden their horizons and potentially deliver solutions on global platforms.
The NSIA Prize for Innovation represents the Authority’s multi-year commitment to identifying and nurturing early-stage innovative businesses within the tech ecosystem to create sustainable positive impacts. The competition adopts a four-stage process designed to catalyse investments in early-stage businesses.
The success of the NPI 2.0 edition underscores NSIA’s dedication to propelling innovation and supporting the next generation of Nigerian entrepreneurs. As the programme continues to grow, it promises to unlock even greater opportunities for startups to make a significant impact both locally and globally.
