Lagos Allocates ₦1bn Seed Fund to Boost Startups: A Game-Changer for Innovation

The Lagos State government has taken a significant step towards fostering innovation and supporting startups by allocating a ₦1 billion seed fund to the Lagos State Science, Research, and Innovation Council (LASRIC). This initiative, announced by Governor Babajide Sanwo-Olu, marks a crucial milestone in promoting technological advancement and entrepreneurial growth in Lagos.

Governor Sanwo-Olu has emphasized the state’s dedication to becoming a hub for scientific innovation, highlighting Lagos as a burgeoning center for early-stage and unicorn startups. The seed fund aims to catalyze development and increase success metrics in the startup ecosystem, which already outpaces many other African cities and countries in terms of foreign direct investment and the number of innovative solutions and patents.

Over the past four years, LASRIC has supported startups in sectors such as AgriTech, the circular economy, and climate change. The council’s efforts have led to notable achievements, including securing the government’s first patent. Through a multidisciplinary team from the University of Lagos, which developed the Ambu Bag Ventilator. Many other patent-pending projects are currently underway, reinforcing the administration’s focus on value creation.

Olatunbosun Alake, the Commissioner for Innovation, Science, and Technology, believes in a structured assessment system. POEM for startups and tech companies applying for seed funding. POEM stands for Proposition, Organization, Economics, and Milestone. This system ensures that only the most viable and impactful projects receive support, furthering the state’s goal of solving local challenges and promoting a culture of innovation.

In his acceptance speech, Prof. Olumuyiwa Odusanya, the newly appointed Chairman of LASRIC. Also, the Vice-Chancellor of Lagos State University of Science & Technology expressed his gratitude and outlined his vision for the council’s future. Besides he emphasized the importance of collaboration and partnership, increased funding and support. And a renewed commitment to enhancing the state’s innovation capacity.

The allocation of ₦1 billion to LASRIC is a testament to Lagos State’s commitment to fostering innovation and supporting startups. This initiative is expected to drive significant growth in the tech ecosystem, creating jobs, attracting foreign investment, and positioning Lagos as a leading hub for technological advancement in Africa. At Biz Afric, we are excited to see the positive impact this fund will have on the startup community and look forward to supporting innovative ventures that contribute to the economic development of Lagos and beyond.