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Governor Sanwo-Olu presents ₦1 billion seed fund to LASRIC for startups



Lagos startup funding: Sanwo-Olu presents ₦1 billion seed

Lagos State Governor Babajide Sanwo-Olu presented a ₦1 billion seed fund to the Lagos State Science, Research and Innovation Council (LASRIC) on Friday.

The presentation occurred during the inauguration of Lagos’s newly reconstituted LASRIC members.

The governor emphasized the state’s commitment to fostering scientific innovation and supporting the startup ecosystem.

He highlighted Lagos as a hub for early-stage and unicorn startups, noting significant progress in attracting foreign direct investment, developing startup solutions, and securing patents.

“We are committed to increasing these success metrics with the provision of a ₦1 billion seed fund in the first tranche to LASRIC,” Sanwo-Olu stated. “This fund will catalyze development in our state.”

The governor praised LASRIC’s achievements over the past four years, including creating over 500 jobs and supporting more than 70 research initiatives in various fields.

He noted that LASRIC’s efforts have increased innovation activity in Lagos by over 250 percent and secured the state’s first patent through a project from the University of Lagos.

Sanwo-Olu urged the new LASRIC members to enhance the state’s innovation capacity, focusing on increased funding, collaboration, capacity building, addressing local challenges, and promoting a culture of innovation.

Commissioner for Innovation, Science and Technology, Olatunbosun Alake, explained the structured assessment process for technology companies and startups applying for seed funding. The system, called POEM, evaluates Proposition, Organization, Economics, and Milestones.

Prof. Olumuyiwa Odusanya, the newly appointed Chairman of LASRIC and Vice-Chancellor of Lagos State University of Science & Technology, expressed his gratitude and vision for the council’s future.

“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,” Odusanya said.

Victor Afolabi, a council member and Founder of Eko Innovation Centre, expressed his commitment to supporting and upskilling startups through his role in LASRIC.

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