Fired by the vision to consistently build a pipeline of tech talents in Nigeria’s tertiary institutions, harness talents and make them globally competitive to become the next generation of tech entrepreneurs, FSI held its 10th Innovation Showcase Contest at the University of Lagos featuring over 30 teams of young Innovators and prospective tech-preneurs from five tertiary Institutions.
Leading the pack of outstanding young innovators at the 10th edition of the FSI Innovation contest is Team Farmceries in the First position, Team Goalgetter came second while SMEpay emerged third in the contest with innovative tech solutions addressing some of the prevalent social-economic challenges. Each of the winners was presented prize money of N800,000, N500,000 and N300000 respectively.
For this contest, young Innovators were challenged to create solutions or products that could solve some of the challenges faced by women, SMEs, the agricultural sector, and the health sector, as well as the financial services sector explained Dr. Aituaz Kola-Oladejo, Executive Director, FSI.
Establishing the rationale for the briefs, Dr. Kola-Oladejo explained the FSI believes that in identifying the challenges people like you and I face across all these sectors, concrete solutions, products, and services could be developed through innovation because there are needs to satisfy.
“Knowing that there are several problems that trigger these sectors, is significant to our commitment to identify some of these challenges. We talk to operators within the respective value chains. This leads the young innovators to the critical stage of ideation or product development. 14 teams had the best ideas in this exercise. That’s why they’re here today for the final contest and pitch their innovation.
Delivering the keynote address, Mr. Bimbo Abioye, Founder/CEO, Fintrak Software and President, Institute of Software Practitioners of Nigeria (ISPON), noted that every human being has a lot of potential within but unfortunately, most of that potentials are wasted because they are not exploited, engaged, properly harnessed and directed.
Submitting that positively impacting the younger generation is critical for development, the ISPON president told the young students and contestants, “Be determined to bring out the best in you. You have no excuses”
Relying on his career development trajectory to encourage young innovators, he said, “I qualified as a chartered accountant at 24, the famous Y2K got me interested in technology and without any technology background but with raw determination and discipline. I am where I am today”.
Today, his company, Fintrak Software with the vision to be “the No. 1 Enterprise Solution provider”, has over 200 people working together and winning big-ticket jobs and clients against multinational tech companies.
Against this background, he charged the contestants and youth population in general “Unleash the power that you have within you as youth and explode positively and bring the best in you. A lot of you have better opportunities as digital natives. Technology is the driving force behind this transformation and development, leverage technology”.
The Fintrak CEO warned his audience to shun the prevalent “get rich quick” syndrome, being easily satisfied with the status quo and other social vices as these take them off of their destiny track.
In her goodwill message, Prof. Folashade Ogunsola, Vice–Chancellor, University of Lagos, who was represented by Dr. Victor Odumuyiwa, Director, NitHub, University of Lagos, Senior Lecturer, Computer Science Department, University of Lagos, disclosed that FSI is trying to bring up good products and support them to grow and keep them in the tech ecosystem. This can make more students excel not only as scholars but also as entrepreneurs.
Dr. Odumuyiwa who disclosed that the FSI vision aligns closely with the University’s many platforms for tech innovation and research development, said the FSI Innovation Contest is a national call to harness human resources for the nation. “Innovation bridges solutions that can solve our problems as a nation and grow our digital economy”, he declared.
Aside from the winners, other finalists include SafeMom, Skinoo Apere, Techsonic, Bit Lords, Handy, Coolex, Challengers, Fincare and 404 Team Not Found.
Three industry experts and serial entrepreneurs made up the panel of judges. These are Olaoluwa Awojoolu, Idowu Akinde and Salami Abolore judged the contestants’ elevated pitches and advised them on how to smoothen the rough edges, cross the T’s and dot the I’s. Some of the outstanding innovations got immediate offers of buy-in. In all, 14 teams qualified for the final of the 2024 but only 13 presented their innovation.
Encouraged that FSI has attained its fifth edition of the contest and 4th year of operation, Dr. Kola-Oladejo said the platform will continue to develop talents and hone their skills for the tech space.
She disclosed that as it’s tradition, FSI will have an incubation programme for the contestants (winners), and provide mentorship and guidance while they will also be introduced to partners.
According to the ED, FSI, “The contestants own their rights to their apps, FSI does not build or own the rights to apps. They set up their companies, we just support them on their journeys and connect them to our network of partners to provide the requisites supports” adding that FSI believes, “Nigeria can become a household name when it comes to technology”.