… Lagos State to Secure $3M For Startups
After six months of rigorous semi-final rounds held globally, nearly 200 startups, including those from Nigeria, have converged in Dubai for the Supernova Challenge 2.0, the world’s largest early-stage startup pitch competition. These startups are vying for a share of the $200,000 (over N300 million) equity-free cash prize.
Nigeria has increasingly positioned itself as a major player in the global startup ecosystem, particularly within the technology sector. Despite economic challenges, the country’s startup scene has continued to flourish, thanks to a large population with access to technology and the emergence of strong support systems designed to bolster innovation.
The selected startups are evaluated across several criteria, including the innovativeness of their ideas, market opportunity, scalability, business model, revenue generation, customer base, and the strength of their teams. The competition aims to highlight the most promising startups globally and provide them with a platform to showcase their potential.
The prize breakdown includes $100,000 for the first-place winner, $60,000 for second place, and $35,000 for third place. In addition, special awards such as the Women in Tech Award ($10,000) and the Youth Award ($9,000) offer further incentives.
The Supernova Challenge 2.0 Finals will take place on Day 4 of the event, with more than 20 startups pitching in person for a chance to claim the top prizes. As competition heats up, Nigerian startups will be keen to make their mark on this prestigious global platform, which presents an unparalleled opportunity for visibility and growth.
This year’s Supernova Challenge offers startup founders not only the chance to take home equity-free cash prizes but also the prospect of gaining international recognition and networking with key players in the global innovation landscape.
However, Lagos State Government is set to helping Nigerian startups attract between $2 to $3 million in investments, the Lagos State Commissioner for Innovation, Science, and Technology, Tunbosun Alake, outlines these goals, citing the success of startups supported by the government in last year’s event.
Alake highlights that Nigerian startups performed well at GITEX 2023, with some raising significant funds—one securing $100,000, another winning $50,000, and another in advanced talks to raise $1.5 million.
