Vinsighte, Ina Lite and Farmally have emerged in the Union Bank Campus Innovation Challenge, following a pitch event, which held recently in Lagos.
The Innovation Challenge according to a statement from the lender, provided a platform for students of tertiary institutions to present innovative, technology-driven ideas that address social and business challenges, for a chance to attract financial and mentorship support from Union Bank- one of the leading social innovation hubs, Co-Creation Hub (CcHub).
During the 1 month entry period,!which spanned from July 4 to August 5, over 800 entries according to the statement, were received from students across the country with innovative ideas that sought to solve various challenges in the society.
Following the entry period, 9 semi-finalists were shortlisted from the vast pool of entries and invited to present their ideas, which were judged based on criteria including business model, innovation, capacity to execute, market opportunity and level of social impact.
The panel of judges included Union Bank’s Chief Digital and Innovation Officer, Lola Cardoso and Head, Transaction Banking, Chidi Ileka; Director of People at CcHub, Toun Tunde-Anjous; South-West Executive Director at Bank of Agriculture, Bode Abikoye and Executive Director, LEAP Africa, Femi Taiwo.
Kolawole Tomisin and Erioluwa Morenikeji, from the University of Ibadan, emerged 1st prize winners of 1.5 Million Naira for their initiative – Vinsighte, a health technology project that makes use of technology to help blind and visually impaired persons live a happier, more comfortable life.
Congratulations to team #Vinsighte for emerging champions @UNIONBANK_NG#UBNInnovationChallenge#FinalPitchDay pic.twitter.com/myQJWCUtgb
— Co-Creation Hub (@Cc_HUB) August 31, 2018
First runners-up, Obasogie Okpamen, Hermans Joshua and Usifoh Benedict all from Landmark University, received N1 million for their sustainable power project, Ina Lite while the second runners-up from the Federal University of Technology Akure, Alabi Oladimeji and Solomon Fabusuyi got 500,000 Naira for Farmally, an agricultural funding initiative.
Congratulations to team #Ina Lite for emerging first runner-up. @UNIONBANK_NG#UBNInnovationChallenge#FinalPitchDay pic.twitter.com/8Bp8uufdO9
— Co-Creation Hub (@Cc_HUB) August 31, 2018
In addition to the cash prizes, all 3 winning ideas will access a 6-month incubation programme with CcHub where they will receive the necessary support for their innovative ideas,” the statement added.
Speaking at the event, Lola Cardoso reiterated Union Bank’s focus on encouraging innovation among the youth of Nigeria having identified its importance to the future of Nigeria. She said: “Union Bank remains focused on supporting youth development and innovation; two elements we have identified as being vital to national growth and sustainability.”
Congratulations to team #Farmally for emerging second runner-up @UNIONBANK_NG#UBNInnovationChallenge#FinalPitchDay pic.twitter.com/teltn8VJpa
— Co-Creation Hub (@Cc_HUB) August 31, 2018
She added: “We applaud the finalists and winners for their impressive ideas and hope the Campus Innovation Challenge will continue to inspire young Nigerians to think innovatively about creating solutions that will ensure Nigeria’s long-term development.”
While expressing their gratitude to Union Bank and CcHub, the first prize winners of the Challenge said: “We are excited at this opportunity to bring our dreams to life and we thank Union Bank and CcHub for providing this platform to showcase our idea and win this amazing prize.”
