The Nigerian Content Development and Monitoring Board (NCDMB) on Wednesday said 15 teams would contest the final stage of its three-day Nigerian Oil and Gas Technology (NOGTECH) hackathon for the opportunity to win $10,000 grants on offer.
The board in a statement said top five teams will win the grant.
Upon emergence, the top five teams will undergo a 3-month incubation program, where each group will get a US$10,000 equity-free grant, a work-space, expert mentors, global partners and unprecedented market access to the nation’s oil and gas industry over three-months, ensuring they become commercial and investor-ready.
NOGTECH is the first ever technology hackathon in the Nigerian Oil and Gas industry and it is being organized by the NCDMB in partnership with Learners Support Consultancy Company.
The Executive Secretary of NCDMB, Engr. Simbi Wabote explained at the unveiling in June that the Board decided to sponsor the contest with the aim of fostering innovations in the oil and gas and ancillary industries as well as creating a platform for the proliferation of Local Content and digital technologies.
The 3-day hackathon will connect 15 selected teams to industry experts, mentors and entrepreneurs who will provide close guidance to teams throughout the duration of the hackathon. The objective of the bootcamp is to help build and refine the prototypes by providing further insights on the challenges, develop implementation plan for scaling the venture, and to select the most feasible ventures that will receive the seed funding.