The Lagos State government, led by Governor Babajide Sanwo-Olu, has set aside N1 billion to support startups through the Lagos State Science, Research, and Innovation Council (LASRIC).
This funding announcement was made at the inauguration of the new LASRIC members in Lagos. Governor Sanwo-Olu stressed the importance of scientific innovation and positioned Lagos as a leading center for new and growing startups. He pointed out that Lagos’s startup ecosystem is ahead of many other African cities in terms of success, investment, and innovative solutions.
“We are determined to enhance our success with this N1 billion fund for LASRIC. We believe this will drive development in our state. I expect the new LASRIC Board to work hard to achieve our common goals,” said Governor Sanwo-Olu.
Innovation is key to the governor’s THEMES Agenda, which led to the creation of LASRIC to promote science and technology. The council includes experts from various fields dedicated to expanding innovation in Lagos.
In the past four years, LASRIC has created over 500 jobs and supported startups in areas like AgriTech, climate change, and construction tech. It has also backed more than 70 research projects, boosting innovation in Lagos by over 250%.
Governor Sanwo-Olu highlighted a significant achievement of LASRIC: securing the state’s first patent with a team from the University of Lagos for the Ambubag Ventilator. Many other projects are in progress, further emphasizing the administration’s focus on creating value.
Olatunbosun Alake, the Commissioner for Innovation, Science, and Technology, introduced a new evaluation system for startups seeking funding, called “POEM.” This system assesses startups based on their Proposition (the problem they solve), Organisation (the skills assembled to solve it), Economics (business viability), and Milestones (growth stages).
Startups that pass this assessment will receive funding to solve problems in Lagos and beyond, according to Alake.
Prof. Olumuyiwa Odusanya, the new Chairman of LASRIC and Vice-Chancellor of Lagos State University of Science & Technology, described the initiative as a significant responsibility.
Previously, it was reported that Governor Sanwo-Olu’s administration had already disbursed over N500 million to more than 40 tech startups by January 2024. Lagos is recognized as a major hub for startups in Africa, with the state government actively working to produce more successful ventures through its Startup Lagos Initiative.
Victoria Ibiama
