Lagos Allocates N1bn Seed Fund for Startups

The Lagos State government has set aside ₦1 billion in seed funding for startups through the Lagos State Science, Research, and Innovation Council (LASRIC).

This big announcement came during the inauguration of Lagos’s newly reconstituted LASRIC members. Governor Babajide Sanwo-Olue emphasised Lagos’s growing reputation as a hub for early-stage and unicorn startups.

He highlighted how Lagos’s startup ecosystem is outpacing many other African cities in success metrics, foreign direct investment, and the number of innovative solutions and patents.

He also pointed out the importance of innovation in his administration’s THEMES Agenda, leading to the creation of LASRIC to drive science and tech initiatives. The council includes experts from industry, academia, and the public sector, all focused on expanding innovation in Lagos.

In the past four years, LASRIC has created over 500 jobs by supporting startups in areas like 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 evaluation system named “POEM” to streamline the assessment of tech companies applying for seed funding. This system is poised to enhance the transparency and effectiveness of funding allocation, ensuring that the most promising startups receive the necessary support to thrive.

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