Lagos State government makes a strategic investment in its future, allocating ₦1 billion to propel scientific and technological advancements.
In a move aimed at diversifying the economy, fostering local solutions, and solidifying Lagos’ position as a leader in Africa’s technological revolution, the Lagos State government has announced a significant investment in innovation. A whopping ₦1 billion ($680,000) has been earmarked to fund startups, research initiatives, and STEM education programs for school children.
LASRIC Takes the Lead: A Council Empowered to Drive Change
The Lagos State Science, Research and Innovation Council (LASRIC) will spearhead this ambitious initiative. This newly formed 13-member council, led by Prof. Olumuyiwa Odusanya (Vice Chancellor of Lagos State University of Science & Technology), boasts a powerhouse team. Notable members include:
Tomi Davies (President, African Business Angels Network)
Nkemdilin Begho (CEO, Future Soft Technologies)
Feyisayo Alayande (Executive Secretary, Lagos State Employment Trust Fund)
Victor Afolabi (Founder, Eko Innovation Centre)
Sulaimon Abubakar (CEO, Sterling Bank)
Building upon the groundwork laid by the inaugural council established in 2019, LASRIC aspires to transform Lagos into a global knowledge hub by strategically leveraging science and technology.
A Seed for the Future: Funding Allocation and Project Selection
This ₦1 billion allocation marks a substantial increase in funding compared to previous years. LASRIC began its journey in 2019 with ₦170 million, rising to ₦339 million three years later. The funding is distributed in tranches, ensuring a measured approach to resource allocation.
LASRIC meticulously evaluates potential beneficiaries using the POEM Framework (Proposition, Organisation, Economics, and Milestones). This framework ensures funding goes to startups with well-defined solutions to address pressing problems, a strong organizational structure, a feasible business model, and a clear roadmap for achieving set goals.
Success Stories: How LASRIC is Making a Difference
LASRIC’s impact is evident in the success stories of startups like Pricepally, a digital food cooperative platform. In 2020, LASRIC provided Pricepally with a ₦5 million grant, propelling the then year-old startup from serving a mere 26 customers in Lagos to its current position as a national player with over 2,000 daily customers and a team of 100 employees. Pricepally has also successfully secured an additional $1.3 million in funding. LASRIC’s portfolio extends beyond Pricepally, with past grantees including Terwork, CCHub, StemCafe, Earlybrite, Adire Lounge, and Shitfa Technologies.
Beyond Startups: Investing in Research and the Next Generation
LASRIC’s vision extends beyond nurturing startups. The council also grants funding to researchers and actively invests in STEM education programs. This focus on early exposure to problem-solving skills is crucial for building a future generation of innovators. LASRIC aims to emulate developed countries where students are actively creating solutions by secondary school.
A Collaborative Spirit: Learning from Fellow African Innovators
LASRIC draws inspiration from successful initiatives across Africa, such as the Rwanda Innovation Fund (established in 2009) and the Senegal Teranga Startup Initiative (launched in 2018). These programs share a common goal: empowering Africa’s brightest young entrepreneurs and early-stage ventures by addressing the funding challenges they often face.
Lagos State’s ₦1 billion investment signifies a strong commitment to innovation and scientific advancement. By nurturing startups, supporting research, and fostering STEM education, LASRIC is laying the groundwork for a future brimming with groundbreaking ideas and solutions.