Entries are now open for the 2013 Innovation Prize for Africa (IPA), this was announced on Wednesday by the organizers – United Nations Economic Commission for Africa (ECA) and the African Innovation Foundation (AIF) on Wednesday.

According to the organizers, the prize is meant to support Africans’ efforts to develop new products, increase efficiency and drive cost-savings.

This year, researchers, entrepreneurs and innovators will be invited to an event that will be organized by the organizers of the prize. At the event, participants will propose projects that will unlock new African potential under one of five categories.

The categories are agriculture and agribusiness; ICT applications; health and wellbeing; environment, energy and water; and manufacturing and services industries.

“The IPA team believes that [the] best way to build Africa’s capacity is to invest in local innovation and entrepreneurship. This prize encourages Africans to develop creative ways to overcome everyday challenges,” said AIF Chairman Walter Fust.

The prize will only consider innovations by Africans and for Africans for the award. In addition, entries could also be submitted by Africans in the Diaspora as long as their innovations are of significance to Africa.

The winning proposal will be awarded a cash prize of $100,000, while two runners-up will receive $25,000. The registration deadline for the 2013 prize has been set for 31 October 2012 with no possibility for extensions.