Lagos allocates N1bn seed fund for startups through reconstituted LASRIC

Business a.m.

The Lagos State government, headed by Governor Babajide Sanwo-Olu, has made a significant investment in its startup ecosystem by allocating a seed fund of N1 billion to the newly established Lagos State Science, Research & Innovation Council (LASRIC).

Lagos State’s commitment to promoting innovation and research was strongly reaffirmed at the event held for the reconstitution of the LASRIC members, which was graced by esteemed dignitaries and industry stakeholders from the science and technology sectors.

The ceremony began with the introduction of the council members, setting the stage for a video documentary showcasing the achievements thus far, with commentary provided by Tunbosun Alake, the commissioner for the ministry of innovation, science, and technology,

Governor Sanwo-Olu stated that the N1 billion investment fund for startups to be facilitated through LASRIC,  cements Lagos State’s dedication to nurturing a culture of innovation and entrepreneurship.

Highlighting the city’s impressive status as the breeding ground for numerous early-stage and unicorn startups, the governor emphasized the state’s commitment to supporting  promising ventures and fostering a conducive environment for them to grow and thrive.

“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 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.

Sanwo-Olu, who was represented by his deputy, Obafemi Hamzat, also underscored the crucial role of innovation, science, and technology in driving the sustainable development of Lagos State, affirming that his administration’s THEMES agenda is focused on maintaining this trajectory.

As explained by Governor Sanwo-Olu, the Lagos State Science, Research & Innovation Council comprises a diverse group of experts from various fields, bringing their expertise to bear on the task of advancing the state’s innovation ecosystem.

“Over the past four years, LASRIC has created over 500 jobs by supporting innovative startups in areas such as AgriTech, the circular economy, climate change and construction tech.

“In research and development, LASRIC has supported more than 70 initiatives, ranging from projects in biomass and biodiesel to artificial intelligence for medical imaging.

“LASRIC’s efforts have increased innovation activity within the state by over 250 per cent,” the governor added.

On his part, Olatunbosun Alake,  the commissioner for innovation, science and technology, outlined a clear process for startups and technology companies interested in accessing the seed funding.

As Alake explained, the Lagos State Ministry of Innovation, Science and Technology had developed a robust system of assessment called “POEM,” which stands for Proposition,Organisation, Economics,and Milestone.

The POEM system, according to the commissioner, serves as a rigorous vetting process, allowing the ministry to identify and support the most promising startups and technology companies that can drive economic growth and innovation in Lagos State.

Addressing the audience after his appointment as chairman of LASRIC, Olumuyiwa Odusanya, vice-chancellor of the Lagos State University of Science & Technology, expressed his gratitude and outlined his vision for the council’s future direction.

“It is a call to duty and to work. I am beyond excited for the opportunity to work with great minds to further advance human enterprise.

”We are glad that the government is matching its words with action,” Odusanya said.