Evaluation Criteria
Programme Details
PRIZE POOL (US$275,000)
NSIA Prize for Innovation valued at $220,000
Cascador Prize for Impact valued at $45,000
Wema Bank Enterprise Prize valued at $10,000
Alongside a fully sponsored training at a partner institution
Evaluation Criteria
Entries will be judged by a committee of five (5), which will include industry experts and an NSIA representative. The submission and review process will be audited by an independent auditor. The evaluation will be done based on the following criteria.
The Novelty of Approach
What is unique, unprecedented, or progressive about your innovation?
Impact
How does this innovation solve real world challenges—not just for Nigerians, but for communities across the world—and what sectors are covered by the solution? Qualities may include revenue enhancement, cost reduction, time to payback, operational enhancement, membership and growth retention, digital engagement, and security enhancements. Metrics are advantageous.
Product Design
Engineering, functionality, aesthetics, and general design.
Scalability
Prospects of growth, expansion, and product-market fit, ability to attract capital, ability to attract talent, and ability to create or attract market share.
Proposed Methodology, Approach, and Implementation Plan
Proposes an innovative approach.
Understands the problem being addressed.
Proposes a solution that is cutting edge.
Will advance new solutions to the selected sector.
Sustainability, Environmental Impact and Risk Plan
Sustainability Plan:
Ability to show startup continuity beyond winning the prize. Ability to demonstrate how the prize money will be used as seed funding to grow the startup.
Strategy:
The innovation goals and objectives are clear. There is a clear connection between the identified issues and the proposed methods. The implementation plan is SMART—Specific, Measurable, Achievable, Realistic, and Time-bound.
