Lagos allocates N1bn seed fund for startups

The Lagos State government has allocated N1 billion as a seed fund for startups to the Lagos State Science, Research, and Innovation Council (LASRIC).

Governor Babajide Sanwo-Olu announced this during the inauguration of the newly reconstituted LASRIC members in Lagos.

The council comprises experts from industry, academia, and the public sector, all dedicated to expanding innovation in Lagos.

He reiterated the state’s commitment to fostering scientific innovation, highlighting Lagos as a burgeoning hub for early-stage and unicorn startups.

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He noted that Lagos’ 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 LASRIC seed fund to the tune of N1,000,000,000 (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.

“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 emphasised the centrality of innovation to his administration’s THEMES Agenda, necessitating the establishment of LASRIC to drive science and technology initiatives.

He said 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.

Sanwo-Olu highlighted LASRIC’s notable achievement in securing the government’s first patent through a multidisciplinary team from the University of Lagos, which developed the Ambu Bag Ventilator. Many other patent-pending projects are underway, reinforcing the administration’s focus on value creation.