The Lagos Commissioner for Innovation, Science and Technology, Olatubosun Alake, has revealed that the proposed Lagos innovation policy will spur economic renaissance and corporate startup synergy among other benefits.
He stated this while fielding questions from journalists after an engagement with different stakeholders, including government agencies, the organised private sector, among others, at the Eko Innovation Centre, Ikoyi, Lagos.
Among the stakeholders at the occasion were the Director, Public Policy, Meta, Adaora Ikenze; and the COO, Pan Atlantic University, Prof. Peter Bankole, among others.
He explained that, “The Lagos Innovation Bill is a two-pronged approach. Firstly, it localises the federal government’s Startup Act, tailoring it to the unique needs and dynamics of Lagos State.
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“Secondly, and perhaps more significantly, it goes beyond just nurturing startups by actively encouraging innovation within large companies and small businesses alike.”
“Imagine a situation where a startup’s innovative solution is adopted and supported by a major corporation like MTN or Airtel or a situation where our universities are driving a thriving entrepreneurial culture, spinning off 10 new companies each year, supported by the resources and mentorship of industry giants.
“This is the future we are working tirelessly to manifest through the Lagos Innovation Bill,” he said.
To incentivize large corporations to actively participate in this ecosystem, the bill proposes a range of measures, including tax incentives, fee waivers, advocacy support, patent assistance and incentives for driving research and development initiatives within universities.
The Chief Executive Officer of the Eko Innovation Centre, Victor Afolabi, emphasized the significance of stakeholder engagement as a co-creation event, where collective deliberation would shape the regulatory incentives and create an inclusive innovation ecosystem.
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