The IPA is an initiative of the African Innovation Foundation (AIF) started in 2011. IPA honours and encourages innovative achievements that contribute toward developing new products, increasing efficiency or saving cost in Africa. Specifically, the award targets technological breakthroughs in such main concern areas as manufacturing and service industry, health and well-being,agriculture and agribusiness, environment, energy and water and ICTs. To date, there have been two rounds of competition.
The IPA is focused on:
- Mobilizing leaders from all sectors to fuel African innovation
- Promoting innovation across Africa in key sectors through the competition
- Promoting science, technology and engineering as a rewarding,career path among African youth.
- Encouraging entrepreneurs, innovators, funding bodies and business development service providers to exchange ideas and explore innovative business opportunities.
By providing USD 150,000 to winners who deliver market-oriented solutions for African-led development, the IPA acknowledges and encourages the endeavor of innovators and entrepreneurs and works to raise their profiles on the development agenda.
IPA 2014 consists of three prizes:
USD 100,000 for the winner with the best innovation based on marketability, originality, scalability, social impact, utility/technical aspect and clear business potentials
USD 25,000 for the runner-up with the best commercial/business potential and
USD 25,000 for the Special Prize for Social Innovation with the highest social impact in the community/country.