The Lion Science Park at the University of Nigeria has launched the Venture Cup startup competition that will offer equity-free cash prizes to student-run businesses.
The competition, for which applications are open until May 15, will see startups win seed funding of various amounts at two stages – the geopolitical zonal level and the national level.
The winner at the grand final will secure equity-free funding of NGN1 million (US$2,800), with second and third place taking home NGN500,000 (US$1,400) and NGN300,000 (US$830) respectively.
Chairman of the Lion Science Park board Professor Benjamin Ozumba said the goal of the competition was to stimulate university students to begin to think about innovation and entrepreneurship.
The competition is open to innovative, tech-enabled ideas from all sectors.