Innovation Boost: Lagos Commits $674 Million to Startup Fund

Innovation Boost: Lagos Commits $674 Million to Startup Fund

By Staff Writer, 18 June 2024

The Lagos State government has allocated ₦1 billion ($674 million) in seed funding for startups through the Lagos State Science, Research, and Innovation Council (LASRIC). This announcement was made during the inauguration of the newly reconstituted LASRIC members.

Governor Babajide Sanwo-Olu highlighted Lagos's emergence as a leading hub for early-stage and unicorn startups. He noted that Lagos’s startup ecosystem is surpassing other African cities in metrics such as success rates, foreign direct investment, and the development of innovative solutions and patents. Sanwo-Olu underscored the role of innovation in his administration’s THEMES Agenda, which led to the creation of LASRIC to drive science and technology initiatives. The council comprises experts from industry, academia, and the public sector, all working to expand innovation in Lagos.

In the past four years, LASRIC has generated over 500 jobs by supporting startups in sectors like AgriTech, the circular economy, climate change, and construction technology. It has also supported over 70 research and development projects, boosting innovation in Lagos by more than 250%.

Additionally, Olatunbosun Alake, the Commissioner for Innovation, Science, and Technology, introduced a new assessment system called “POEM” to evaluate tech companies applying for seed funding.

Source: Victoria Fakiya / TechPoint Africa

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