The Lagos State government, led by Governor Babajide Sanwo-Olu, has allocated N1 billion as a seed fund for startups to the Lagos State Science, Research, and Innovation Council (LASRIC). This announcement was made during the inauguration of the newly reconstituted LASRIC members in Lagos, underscoring the state’s commitment to fostering scientific innovation.
Governor Sanwo-Olu highlighted Lagos as a burgeoning hub for early-stage and unicorn startups, noting that the city’s startup ecosystem has outpaced many other African cities in terms of success metrics, foreign direct investment, and the number of innovative solutions and patents. He emphasized the state’s dedication to enhancing these metrics with the LASRIC seed fund, which aims to catalyze further development.
“We are committed to increasing these success metrics with the provision of LASRIC seed fund to the tune of N1,000,000,000 (one billion Naira) in the first tranche funding to the council,” Sanwo-Olu stated. He expressed confidence that the fund would drive development in Lagos, urging the new LASRIC Board to work diligently towards achieving collective goals and aspirations.
Innovation is central to Governor Sanwo-Olu’s THEMES Agenda, necessitating the establishment of LASRIC to spearhead science and technology initiatives. The council comprises experts from industry, academia, and the public sector, all focused on expanding innovation in Lagos.
Over the past four years, LASRIC has created over 500 jobs by supporting startups in sectors such as AgriTech, the circular economy, climate change, and construction tech. Additionally, LASRIC has backed more than 70 research and development initiatives in areas including biomass, biodiesel, and artificial intelligence for medical imaging, significantly boosting innovation activity in Lagos by over 250%.
Sanwo-Olu also highlighted LASRIC’s notable achievement in securing the government’s first patent through a multidisciplinary team from the University of Lagos, which developed the Ambubag Ventilator. This success, along with several other patent-pending projects, reinforces the administration’s focus on value creation.
Olatunbosun Alake, the Commissioner for Innovation, Science, and Technology, introduced a structured assessment system for technology companies and startups applying for the seed funding. This system, called “POEM,” evaluates Proposition, Organisation, Economics, and Milestones to ensure robust and viable projects receive support.
The newly appointed Chairman of LASRIC and Vice-Chancellor of Lagos State University of Science & Technology, Prof. Olumuyiwa Odusanya, described the initiative as “a call to duty and to work.” The state’s efforts have already led to disbursing over N500 million to more than 40 tech startups, fostering a vibrant startup ecosystem in Lagos.