Lagos State Allocates ₦1 Billion In Seed Funding To Propel Startup Innovation

Lagos State has committed ₦1 billion in seed funding to fuel startup innovation, a move orchestrated by the Lagos State Science, Research, and Innovation Council (LASRIC). This announcement, made during the inauguration of the newly reconstituted LASRIC members, underscores Governor Babajide Sanwo-Olu‘s dedication to cementing Lagos’s status as a premier startup hub in Africa.

Governor Sanwo-Olu highlighted Lagos’s rapid ascension in the global startup ecosystem, outpacing many African cities in key success metrics, foreign direct investment, and the number of innovative solutions and patents. He reiterated the pivotal role of innovation in his administration’s THEMES Agenda, emphasizing that LASRIC’s creation is a strategic move to propel science and tech initiatives forward. The council, composed of experts from industry, academia, and the public sector, aims to catalyze innovation across Lagos.

In the past four years, LASRIC has significantly contributed to job creation and innovation in Lagos. It has generated over 500 jobs by supporting startups in diverse sectors such as AgriTech, the circular economy, climate change, and construction technology. Additionally, it has funded over 70 research and development initiatives, leading to a 250% boost in innovation in the state.

Olatunbosun Alake, the Commissioner for Innovation, Science, and Technology, introduced a new evaluation system named “POEM” to streamline the assessment of tech companies applying for seed funding. This system is poised to enhance the transparency and effectiveness of funding allocation, ensuring that the most promising startups receive the necessary support to thrive.