The Lagos State government, led by Governor Babajide Sanwo-Olu, has allocated N1 billion as a seed fund for startups through the Lagos State Science, Research, and Innovation Council (LASRIC). The announcement was made during the inauguration of the newly reconstituted LASRIC members in Lagos.
Governor Sanwo-Olu emphasized the state’s commitment to fostering scientific innovation, highlighting Lagos as a burgeoning hub for early-stage and unicorn startups. He noted that Lagos’s 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 the LASRIC seed fund to the tune of N1 billion in the first tranche funding to the council. We believe this fund will continue to catalyze development in our dear state. It is my expectation that the new LASRIC Board being inaugurated today will work assiduously towards ensuring the realization of our collective goals and aspirations,” Governor Sanwo-Olu stated.
Innovation as a Central Theme
The governor emphasized the centrality of innovation to his administration’s THEMES Agenda, necessitating the establishment of LASRIC to drive science and technology initiatives. The council comprises experts from industry, academia, and the public sector, all dedicated to expanding innovation in Lagos.
Significant Achievements and Job Creation
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. Additionally, it has backed more than 70 research and development initiatives, spanning biomass, biodiesel, and artificial intelligence for medical imaging. LASRIC’s efforts have boosted innovation activity in Lagos by over 250%.
Securing Patents and Value Creation
Governor 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 Ambubag Ventilator. Many other patent-pending projects are underway, reinforcing the administration’s focus on value creation.
Structured Assessment System: POEM
Olatunbosun Alake, the Commissioner for Innovation, Science, and Technology, introduced a structured assessment system for technology companies and startups applying for the seed funding. This system, called “POEM,” evaluates Proposition, Organisation, Economics, and Milestones.
“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 Milestones – what are the building blocks for the business to grow? 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 explained.
A Call to Duty
The newly appointed Chairman of LASRIC and Vice-Chancellor of Lagos State University of Science & Technology, Prof. Olumuyiwa Odusanya, described the initiative as “a call to duty and to work.”
Conclusion
With the N1 billion seed fund allocation, Lagos State under Governor Sanwo-Olu is poised to further cement its position as a leading hub for innovation and startup success in Africa, driving economic growth and creating new opportunities for its residents.