On Tech-Hubs bolstering innovation and investment
Dr. Lanre Towry-Coker, FRIBA, FNIA, MA Law (UL), Ph.D, a former commissioner for housing in Lagos State, with a doctorate from Lagos State University, is founder of Towry-Coker Associates since 1976, and a professional architect with a postgraduate qualification in Architecture from the University of North East London. He had his professional training at the world famous Royal Institute of British Architects (RIBA) and is an Associate of the Chartered Institute of Arbitrators in the United Kingdom (ACI.Arb.); a Fellow of the Nigerian Institute of Architects (FNIA), he was elected Fellow of The Royal Institute of British Architects, (founded 1834), in November 2016, and is one of only forty architects worldwide to be so honoured. He is also the author of the book, “Housing Policy And The Dynamics Of Housing Delivery In Nigeria: Lagos State As Case Study” published by Makeway Publishers, and available on Amazon and also at The Royal Institute of British Architects, Portland Place. London.
Tech hubs, also known as technology hubs or innovation centres, play a crucial role in driving growth in the IT industry. In a world that has become increasingly technologically driven, global, regional and national economies are relying more on technology to drive growth and development. From the explosion that came upon the world through the American Silicon Valley revolution culminating in a dot.com boom, then burst, to the current game changing world of Artificial Intelligence (AI), technology is now critical to individual and group progress, which must be embraced otherwise we all perish!
It is in the face of its importance and the need to navigate an effective technology architecture or network that allows for an effective deployment, implementation and use of technology that Tech Hubs exist. They facilitate and create the environment for technological enablement and understanding.
I present in this instalment of Matters Arising, some key reasons why they are centres of growth and development across society and why we must embrace and encourage their development across Nigeria.
Talent pool: Tech hubs attract a diverse pool of tech talent. The concentration of skilled professionals creates a fertile ground for innovation and growth in IT.
Collaboration: Proximity to other tech companies, startups, and research institutions fosters collaboration and knowledge sharing. This leads to the cross-pollination of ideas and accelerates technological advancements.
Access to funding: Tech hubs often have a higher concentration of venture capitalists, angel investors, and funding opportunities. This access to capital allows IT companies to secure the financial resources needed for expansion and development.
Infrastructure: These hubs tend to have robust technology infrastructure, including high-speed internet, co-working spaces, and incubators. This infrastructure supports the growth of IT companies.
Ecosystem support: Tech hubs offer various support services such as legal, accounting, marketing, and mentorship, which are essential for the growth of IT startups.
Market opportunities: Being in a tech hub often means proximity to a larger customer base and market opportunities. This can be particularly beneficial for companies looking to scale their IT products or services.
Innovation and research: Many tech hubs are close to leading universities and research institutions, promoting innovation and the development of cutting-edge technologies.
Quality of life: Some tech hubs offer an attractive quality of life, which can help in attracting and retaining talent, further contributing to the growth of IT companies.
The misnomer of of Nigeria’s ‘computer village’
In relation to the above examples, the so called ‘computer village’ consists of nothing more than retail outlets and largely untrained or self trained workers plying their trade by trial and error.
Tech hubs are totally different from such retail outlets.
Popular examples of tech hubs include Silicon Valley, San Francisco, Seattle, Boston (USA), London (UK), Bangalore (India), and Shenzhen (China), among others. These hubs have played a significant role in shaping the IT industry and continue to be drivers of growth and innovation.
These Tech hubs are what have made those countries great. It is therefore important for Nigerian governments, federal and state, to consciously and intentionally look at developing proper tech hubs in different parts of the country. These intentionally established tech hubs should be the types that create the mass and the ecosystems to produce the benefits highlighted above.
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