The winners of the prestigious Innovation Prize for Africa (IPA) 2014 will be announced at an awards ceremony on 5 May in Abuja, Nigeria, where keynote speaker, Nigeria’s Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala will highlight the importance of innovation to unlock Africa’s potential for sustainable development and economic growth.
The African Innovation Foundation (AIF) had announced the finalists of the prestigious IPA which has 10 African innovators that have created practical solutions to some of the continent’s most intractable problems, from a domestic waste biogas system to a wafer matrix for paediatric antiretroviral (ARV) drug treatment.
They are chosen from almost 700 applications from 42 countries, the finalists for the IPA 2014 represent Africans’ potential to address the challenges that are unique to the continent.
According to African Press Organisation (APO) the winner will receive $100, 000 for the best innovation based on marketability, originality, scalability, social impact and clear business potential. A runner up will receive $25 000 for the best commercial potential and another winner will receive $25 000 as a special prize for innovation with the highest social impact.
APO said at the weekend that prior to the awards ceremony, a roundtable featuring innovation experts will take place, to address the theme “A Path to Building Industrial Nation Skillsets in Africa”.
“As global leaders gather for the 2014 World Economic Forum on Africa to discuss approaches to inclusive growth and job creation, the IPA 2014 innovators demonstrate that the best way to achieve equitable economic growth for all Africans is to invest in local innovation and entrepreneurship,” said founder of the African Innovation Foundation and the IPA, Jean-Claude Bastos de Morais.