Zenith Bank gave the 10 finalists of its inaugural hackathon up to $77,000 (₦28 million) grant funding, making it the highest prize-money of any bank-organized hackathon in Nigeria.
The hackathon, which was nicknamed Zenathon, ran for two days. Out of the many startups that participated, 10 startups were selected to pitch at the maiden edition of the Zenith Tech Fair for the grand prize of ₦10 million. Data analytics company, Octave Analytics won the grand prize. Logistics firm, Neohaul Technologies and Agro-investment marketplace, reQuid Technologies received ₦6 million and ₦5 million, respectively, as the first and second runners-up.
In addition to the ₦21 million grant funding, the top three finalists would also be participating in Seedstars' six-month Investment Readiness Programme that will hold next year.
But the benevolent Jim Ovia, Founder of Zenith Bank Plc, and his team didn't stop there. The remaining seven finalists were given ₦1 million each. Experts or mentors—those who are not part of any of the startups but worked with them during the two-day Zenathon as a growth expert, business expert or engineer—were also compensated. Each startup had at least one expert assigned to it during the two-day Zenathon. Octave's experts received ₦70,000; Neohaul's experts, ₦50,000; and reQuid's experts received ₦30,000.
If you add the funfair and innovative exhibitions, Zenith Tech Fair is easily the most glamorous tech event in 2019.