The Lagos State government, under the leadership of Governor Babajide Sanwo-Olu, has allocated ₦1 billion as a seed fund for startups through the Lagos State Science, Research, and Innovation Council (LASRIC). This significant announcement was made during the inauguration of the newly reconstituted LASRIC members in Lagos.
Governor Sanwo-Olu reiterated the state’s commitment to fostering scientific innovation, highlighting Lagos as a burgeoning hub for early-stage and unicorn startups. He noted that Lagos’s startup ecosystem has outpaced many other African cities and countries in terms of success metrics, foreign direct investment, and the number of innovative solutions and patents.
“We are committed to increasing these success metrics with the provision of the LASRIC seed fund to the tune of ₦1,000,000,000 (one billion Naira) – in the first tranche of funding to the council. We believe this fund will continue to catalyse development in our dear state,” said Governor Sanwo-Olu. “It is my expectation that the new LASRIC Board being inaugurated today will work assiduously towards ensuring the realisation of our collective goals and aspirations.”
The governor emphasised the centrality of innovation to his administration’s THEMES Agenda, necessitating the establishment of LASRIC to drive science and technology initiatives. The council comprises experts from industry, academia, and the public sector, all dedicated to expanding innovation in Lagos.
According to Governor Sanwo-Olu, in 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. It has also backed over 70 research and development initiatives, boosting innovation in Lagos by over 250%.
Olatunbosun Alake, the Commissioner for Innovation, Science, and Technology, introduced a new assessment system called “POEM” to evaluate tech companies applying for seed funding. This system aims to ensure that the funds are allocated to the most promising and impactful startups, further driving the state’s innovation agenda.
Philips Babatunde