LASG Grants N1bn Seed Fund for Startups, Research, Innovation 

The Lagos State Government has granted the sum of N1 billion as seed funding towards research and innovation in the state.

The state governor, Mr. Babajide Sanwo-Olu, made the presentation to the Lagos State Science Research and Innovation Council (LASRIC), an organ of the state’s Ministry of Innovation, Science and Technology, at the weekend.

The ceremony also doubles as the inauguration ceremony of a new LASRIC after the expiration of tenure of the first LASRIC with the Vice Chancellor, Lagos State University of Science and Technology,  Prof. Olumuyiwa Odunsanya, emerging as Chairman.

This LASRIC will be the second since the creation of the Council in Lagos state.

The newly inaugurated LASRIC is saddled with the responsibility of overseeing the innovation landscape of the state in line with the vision of the Lagos State government, selecting promising founders for funding and driving technological growth through talent discovery and mentoring.  

Sanwo-Olu, who was represented by the Deputy Governor of Lagos state, Mr. Kadri Obafemi Hamzat, while giving his address stated that the fund would be used to actualise article E and M of the state THEMES agenda, an acronym for Traffic Management, Transportation, Health, environment, education and technology, making Lagos a 21st century economy, entertainment, tourism, security and governance.  

He noted that as a state keen on harnessing the potential of the youth population by encouraging start-ups within the technology and innovation value chain, the ripple effect would culminate in job creation, technological advancement and foster youth inclusion within government programmes.

He added that as part of efforts towards strengthening technological advancement, partnerships as well as funding will be prioritised as a critical component of the government’s commitment to ensure that start-ups thrive. 

He said: “As we reconstitute the Council, with a renewed commitment to build capacity for the value creation needed for this economy, it requires critical role of meeting our investment and research penetration. This means more grants to innovation. Innovation thrives on collaboration between academia, industry and government towards an ecosystem that supports research and development. We are committed to increasing this successes especially with an increase of the LASRIC funding to the tune of N1 billion to foster development. 

“This government will continue to harp around development of the technology and innovation sector. It is with this expectation that the newly LASRIC Board inaugurated today will work assiduously to ensure the realisation of our objective goal of transformation.”

The 14 members of the newly inaugurated Council are drawn from the academia, government and private sector.