Sanwo-Olu Unveils N250m Seed Capital for Tech Start-Ups in Lagos
Governor Babajide SanwoOlu has launched the Lagos State Science Research and Innovation Council (LASRIC), setting aside $687,000 (about N250 million) start-up funds for investment in research and development of tech-focused solutions across the six pillars of his administration’s development agenda.
With a whopping N250 million seed capital earmarked by the Lagos State government for technology and innovation, tech start-ups and young innovators in the state now have the opportunity to push their entrepreneurial skills to the next level.
Sanwo-Olu, also launched the Lagos Innovation Master Plan, a four-planked special purpose vehicle for addressing the state’s socio-economic challenges by using innovative and smart methods.
The innovation Master Plan launched by the governor at the maiden edition of Art of Technology Lagos, comprised Data Access, Talent Building and Broadband infrastructure development plans; Lagos State Science and Technology Council; Lagos State Solution Hub; and the Open Government Initiative.
Sanwo-Olu, said the plan was to use combined technological mix to help his administration tackle problems in the state as captured in its agenda, which include: Transportation & Traffic Management, Health and Environment, Education and Technology, Making Lagos a 21st Century Economy, Entertainment, Tourism, Security, and Good Governance.
He added that the N250 million would be injected in the
Science and Innovation Fund, chaired by the Vice Chancellor of the University of Lagos, Prof. Toying Ogundipe, for tech innovators and creators in the state to access funds to boost their business.
According to him, the innovation master plan will highlight the government’s critical focused areas that will unleash a culture of problem solving initiative. This now addresses the four main pillars that are required to enable a vibrant innovative ecosystem. Sanwo-Olu said: “In the next two years, we are hoping to be able to do what we call, a Metropolitan Fibre Grid. We are hoping to have in the next two years about 6000kms of fibre; it’s a total mix, we want to mix the whole system. We want to have a smart city which we are. So we will be signing that before the end of this year or sometime early next year.