NSIA’s NIPP To Identify Potentials In Innovation, Tech For The Nation’s Economic Growth-Umar-Sadiq
The NSIA Prize for Invocation Programme was launched at the weekend and was structured as a business enhancement programme to support early-stage, growth-driven ideas through education, mentorship, and financing.
Speaking to newsmen on the sidelines of the launch of the NIPP in Lagos, the new MD/CEO of the agency, Umar-Sadiq explained that the Programme is a strategy-based initiative of the NSIA Board which will run for at least three years.
According to the NSIA boss, the programme which was designed to encourage and support creativity and ingenuity within the technology space and to fund new ideas that could result in cost-effectiveness, would enhance the nation’s productive capacity, create jobs, and optimize resource sustainability.
He pointed out that the NPIP priority sectors are technology-enabled businesses in key seven priority sectors of the Nigerian economy including; Financial Services, Agriculture, Health, Education, Manufacturing, Renewables and Power.
“This programme is supposed to catalyse domestic capital for domestic ideas. This is an initiative of the NSIA that does two things for the NSIA. Firstly, it is to put us in front and at the centre of the tech ecosystem of Nigeria. Secondly and importantly, it is to ensure that those great ideas that Nigerians have found local capital in order to take them from success to significance. I think this is a very important initiative, not just for the NSIA, but also for the country in general.
“The NSIA is a conservative capital manager. We manage capital for future generations of Nigerians. So, on one hand, we would support the tech ecosystem at the pre-seed stage, but on the other hand, we have to ensure that there is real protection to ensure that capital is adequately managed for future generations of Nigerians. So, it is a very careful balancing act, but this is an important sector for the country, particularly the youth and NSIA must be at the centre of supporting it.”
Responding to a question on how the NSIA would select or shortlist start-ups, he said: “There are three different service providers that we have brought on board. The first is a technical service provider that is going to be in charge of the process and ensure that there is a website that is going to receive the ideas. “They are going to be in charge of seeding the ideas and leading the accelerator stage and more importantly, they are going to ensure that the 10 ideas that are going to get to the demo day stage are going to essentially have the requisite basis to present to a fantastic panel of judges.
“Secondly, we have a venture partner because the price that these ideas would in part be cash, but would also be equity by NSIA in those businesses. So, we would have a venture partner that would help NSIA manage those businesses to have value creation.
Speaking at the event, a Non-Executive Director of the NSIA and Chairman of the NIPP launch, Mr Ikemefuna Isiekwena said: “Like all great ideas, the Innovation prize itself is not the end we hope to attain but a means to an end. The outcome we seek is an “idea” economy for Nigeria. In this age, success in any discerning economy is defined by the ability to turn ideas into value faster than the competition.
“We’re hopeful that this programme will inspire ingenuity, creativity, and inventiveness amongst our teeming youths which will result in ideas that become scalable businesses and in so doing, cause positive economic shifts in our country as we diversify away from traditional”, he said.
About The Author
