ECA, AIF set up $150,000 African Innovation Prize

The United Nations Economic Commission for Africa (ECA) and the African Innovation Foundation (AIF) have established an African Innovation Prize worth $150,000.

Winner of the prize will take home a $100,000 while the runner-up grabs $50,000.

The prize will be presented for the first time on March 26, 2012 on the sidelines of the upcoming Conference of African Finance Ministers in the Ethiopian capital, Addis Ababa, the ECA said in statement March 12, 2012.

The Panel of Judges has already shortlisted seven nominees out of the 458 submissions from 38 countries, according to the UN agency.

The annual award is designed to promote the pursuit of science, technology and engineering careers among young African men and women and especially to develop innovative solutions with a great potential for commercialisation.

By Ekow Quandzie