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Lagos State government has announced that it is set to empower Entrepreneurs and innovators in the technology space in the state with support worth N250 million.

The fund is to help accelerate their ideas and support startups that will transform the state into a smart city.

Governor, Babajide Sanwo-Olu of Lagos, said,”The fund is one of the several initiatives announced by the state .

“The capital infusion into the Lagos State tech space will be managed by the Lagos State Science, Research and Innovation Council (LASRIC) headed by the Vice-Chancellor of the University of Lagos, Professor Oluwatoyin Ogundipe.”

The N250 million will only be available to Tech founders offering services that would technologically advance the state and assist its smart city agenda. LASRIC will invest in research and development – Artificial Intelligence (AI), robotics, health informatics, and green energy.

Lagos offers tech founders N250 million seed fund, cuts stringent access 

Other initiative created for tech founders: Nairametrics witnessed the announcement of two other initiatives apart from LASRIC and Innovation Master Plan at the event which was held at the Oriental Hotel. Governor Sanwo-Olu announced that the Lagos State government would be supporting the tech space through the following initiatives:

  • Lagos State Solution Hub: This will enable tech founders and aspirers to bypass the many hoops that prevent and delay techpreneurs from getting their ideas to the Lagos State Government. The hub is a website (lagossolutionhub.com) where any tech innovator can submit its disruptive ideas that will be collated by the representatives of the state government for review, with feedback and meet session sent all within 90 days after the submission date.
  • Open Government Initiative: This will assist tech experts with every data and information needed to aid their ideas and startups. The governor said the government would operate the open policy by not withholding necessary information tech founders and aspirers need to formulate their ideas and improve on already established innovations.

[READ MORE: Fashola seeks N255.6 billion additional funding to complete road, bridge projects)

The Art of Technology is a Lagos State initiative which is expected to attract over 1000 tech innovators within two days of the event. It was organised by the government as a way of bridging the gap. The governor believes this initiative will drive synergy between policymakers in the public sector and innovators in the private sector.

Lagos offers tech founders N250 million seed fund, cuts stringent access 

The event was attended by various tech expert and tech startup founders – Andrew Nevin (Advisory Partner & Chief Economist for PwC); Founder of Ventures Platform, Kola Aina; Director of Google Nigeria, Juliet Ehimuan; PiggyVest’s Odunayo Eweniyi; FieldInsight’s Oluwatoyin Oshinowo; LifeBank’s Temi Giwa-Tubosun; Honeywell’s Head of Innovation (tech funder) Tomi Otudeko, and many more.

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - abiola.odutola@nairametrics.com.


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