Two Nigerian startups that took part in the second edition of the LEAP Technology Exhibition in Riyadh, Saudi Arabia, have won the Rocket Fuel Pitch Competition in different categories, taking home a total prize of $300,000.
According to a statement issued by the Federal Ministry of Communications and Digital Economy on Friday, over 10,000 Startups from various countries submitted applications.
Following a thorough review, the applicants were reduced to 220, and only 90 startups were chosen to pitch their business ideas in the semi-final.
According to the statement, eight Nigerian startups competed in the semi-finals, with three making it to the finals.
RiceAfrika Technologies is a tech-driven agric optimization startup that provides an IoT-enabled harvester and its FARMEasy mobile app to African smallholder farming communities.
RiceAfrika believes that Africa can feed itself as well as the rest of the world. It was named the global winner of ‘The Tech for Humanity Award’ and will receive $150,000 in prize money.
While Wicrypt – an innovative technology startup that is decentralizing the internet globally. The startup has a custom operating system and hardware that allows users to share data with people nearby and charge an affordable rate. He also won $150,000 after being named the global best in the ‘The Into New World Award’ category.
Professor Isa Pantami, Minister of Communications and Digital Economy and leader of the Nigerian delegation, expressed his delight while stating that Nigerian startups have what it takes to compete on the global stage.
I am so proud of our Startups who emerged as the global best in these categories.
It is quite a long journey that followed rigorous process until the end; from over 10,000 applications to the final 12, in which three Nigerians took part and two emerged winners.
We are delighted that our startups are not only amazing but went through a lot of nurturing and mentorship to be the best in the world, he said.
The Minister stated that Nigeria is on the right track in implementing its National Digital Economy Policy and Strategies to ensure that Nigerian Startups add value to the global tech ecosystem.
We are building the ecosystem and making it more conducive for nurturing innovation-driven enterprises. Our startups are creating solutions for the local market that can easily scale to the global market.
The journey started in 2019 shortly after President Muhammadu Buhari unveiled the National Digital Economy Policy and Strategy (NDEPS) for Digital Nigeria.
He said:
Now we are reaping the positive benefits of our commitment. In the space of five months, we have Nigerians that are making us proud on the global stage.
The eight entries from Nigeria competed with over 90 Startups in the semi-finals, showcasing their innovative ideas that will transform economies and solve pertinent issues around the world.
Therefore, they emerged global best. They did not only pitch to win grants but also attended various knowledge-sharing sessions, conferences and investor meetings that have exposed them to numerous ways to accelerate their products for the best market fit.
The startups intracted with the world’s best mentors, angel investors and venture capitalists.”
It is also noteworthy that eight Startups we brought to this year’s LEAP, three made it the Grand Finale, two won, and are going back home to add value to our Digital Economy.
On behalf of the Nigerian government, we sincerely appreciate the Digital Cooperation Organization (DCO) Headquarters, Riyadh, for sponsoring our innovative startups to participate and showcase their innovations to the world.
Pantami also stated that the successes of Nigerian startups at GITEX, Dubai, United Arab Emirates, in October last year, and in Riyadh, Saudi Arabia, demonstrate that the country’s innovators have accepted the Federal Government’s challenge to not only be African leaders, but to compute globally.
The recent successes are the fruit of policies we put in place to ensure our Startups walk shoulder to shoulder with their counterparts in Europe, Asia and other parts of the world.
Under President Muhammadu Buhari, the federal government appreciates the outstanding exploits of startups in the country, which are helping to create jobs, fast-track economic development, and also winning awards and grants amounting to millions of naira, he concluded.
This year’s LEAP brought together ground-breaking innovative ideas and emerging technological developments under one roof.
A watershed moment in technology galvanized public and private organizations in the Kingdom of Saudi Arabia.
Five startups were named category winners, and the sixth, Plastus Biotech, won the LEAP 2023 Award for the best overall startup.
All of this occurred in front of seasoned judges, angel investors, technology experts, and government stakeholders from all over the world!
The startup entrants were divided into six categories: size, scale, societal impact, amount of funding, years in business, and a number of employees.
Ghazal Alagh, Co-founder of Mamaearth and Judge on Shark Tank India, Baroness Karren Brady CBE, Vice Chairman of West Ham United Football Club, James Caan CBE, entrepreneur, businessman, investor, and former Dragon on BBC’s Dragons’ Den, and Steven Bartlett, entrepreneur, investor, podcaster, and current Dragon on BBC’s Dragons’ Den, are among the competition’s judges.
The Nigerian delegation was led by Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami), and included NITDA Director General Kashifu Inuwa, Nigerian Communication Commission Executive Vice Chairman, Prof. Umar Garba Danbatta, and Nigerian Communication Satellite Managing Director, Engr. Tukur Muhammad Funtua.
