Lagos State Governor Babajide Sanwo-Olu gave the Lagos State Science, Research and Innovation Council (LASRIC) a check for ₦1 billion on Friday as a seed capital for new businesses.
The speech was given by Sanwo-Olu in Lagos at the induction of new members of the Lagos State Science Research and Innovation Council (LASRIC).
According to him, the purpose of the seed money was to support scientific advancements in Lagos State.
He emphasized the state’s dedication to fostering innovation and noted that many potential early-stage and unicorn firms are based in Lagos.
According to Sanwo-Olu, in recent years, Lagos State’s startup ecosystem has outperformed companies in several other African cities and nations in terms of success indicators.
He said that the amount of patents, startup solutions, and foreign direct investment had all seen incredible increases.
“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.
“We believe this fund will continue to catalyse development in our dear state.
‘’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,’’ he said.
The governor claims that the main goal of his administration’s THEMES Agenda is to maintain Lagos State’s current course of growth.
He said that in order to promote more significant economic gains, Lagos State’s involvement with the scientific and technology ecosystem needed to be managed and advanced through the creation of the Innovation, scientific, and Technology body (LASRIC).
The LASRIC council, according to Sanwo-Olu, is made up of professionals from business, academia, and government.
Their goal, according to him, was to intensify and broaden innovation-related activities in Lagos.
“Over the past four years, LASRIC has created over 500 jobs by supporting innovative startups in areas such as AgriTech, the circular economy, climate change and construction tech.
“In research and development, LASRIC has supported more than 70 initiatives, ranging from projects in biomass and biodiesel to artificial intelligence for medical imaging.
“LASRIC’s efforts have increased innovation activity within the state by over 250 per cent,” the governor said.
Sanwo-Olu further noted that LASRIC obtained the government’s first patent through a multidisciplinary team from the University of Lagos (UNILAG) that worked on the Ambubag Ventilator.
He stated that many additional patent-pending initiatives were now ongoing, and that these efforts demonstrated a route toward reinforcing his administration’s value creation concept.
While reconstituting the new LASRIC council, the governor praised the council’s outgoing members, led by Prof. Oluwatoyin Ogundipe, former Vice Chancellor of the University of Lagos.
He praised their exceptional efforts in setting the groundwork and mapping the road for the incoming council members to build on.
Sanwo-Olu asked the new members to recommit their commitment to boosting the state’s innovative capabilities.
He identified major areas of concentration for the newly formed council, such as enhanced financing and assistance, cooperation, and partnership.
Others, he added, were capacity building, focusing on local challenges, and promoting an innovative culture.
Also addressing at the event, Mr Olatunbosun Alake, Commissioner for Innovation, Science, and Technology, stated that there was a systematic review for technology businesses and startups that may qualify for seed investment.
Alake stated that the ministry has devised a method of evaluation and a Code of Activities known as “POEM” for prospective candidates.
“POEM stands for Proposition – what problems are the startups and tech companies solving? Organisation – what kind of skills have been put together to solve the problem?
“The ‘E’ in POEM stands for Economics – does it make business sense? Will it make money? Will people buy it? and ‘M’ stands for Milestone in terms of the building these businesses will have.
“Startups or tech companies that are able to pass this assessment and access the seed funding should be able to solve problems in Lagos State and beyond,” Alake said.
In his acceptance speech, Prof. Olumuyiwa Odusanya, the newly appointed Chairman of LASRIC and Vice-Chancellor, Lagos State University of Science & Technology, expressed his gratitude and outlined his vision for the council’s future.
“It is a call to duty and to work. I am beyond excited for the opportunity to work with great minds to further advance human enterprise.
”We are glad that the government is matching its words with action,” Odusanya said.
Mr Victor Afolabi, Founder of Eko Innovation Centre, stated that being a member of the council provided a chance to serve, upskill, and help companies.
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