Lagos State Commissioner for Innovation, Science, and Technology, Mr. Olatunbosun Alake, emphasized the pivotal role of investing in startups during the panel session at the annual Technology, Media, and Telecommunication (TMT) Business Law Breakfast Series 2024 hosted by Duale, Ovia, and Alex-Adedipe (DOA).
The Commissioner accentuated the imperative of nurturing innovation among young minds and emphasized the need for robust support systems to harness the potential of Nigeria’s startups in driving technological advancements and sustainable growth.
In the first session, speaking on “Unlocking Investments: Policies, Reforms, and Regulations,” He stated the importance of catalyzing innovation and technology in various sectors, citing the need for funding and resources to support the innovation process and Lagos state’s efforts in maintaining equity-free grants. He said; “We recently started an investment fund, and we partner with Impact Hub to help us manage that fund”.
He also acknowledged that the state cannot compete with the VC firms and emphasized the role of the state in helping startups from the beginning to prepare them for VC funding and scaling. Also, creating value and exploring new areas.
He mentioned that over 50 startups have benefited from the R&D initiatives across the four universities in Lagos. This initiative has helped catalyze the invention process and adoption. He also stressed the importance of understanding the laws of the sector because technology is agnostic. He stated, “My portfolio is all about catalyzing the technology and innovation process agnostically and applying it to different areas.”
He highlighted the state’s support scheme for startups, noting that over the past 36 to 48 months, the state has been working on startup enablement in terms of funding and equity-free support through the Science Research and Innovation Council. They have provided equity-free grants to about 70 startups across different sectors, including FinTech and AgricTech.
Moreover, Commissioner Alake shed light on the collaborative efforts between the state and federal levels in advancing digital public infrastructure. He emphasized the importance of adhering to legislative directives and advocated for a sophisticated lobbying function within the tech ecosystem to drive industry growth.
