As part of the initiatives to break the barrier of inadequate funding in the ecosystem and pave way for solutions to socio-economic problems, the Lagos State Government has provided N250 million seed funding for tech start-ups and young innovators.
This was announced Thursday by Governor Babajide Sanwo-Olu when he unveiled the Lagos State Science Research and Innovation Council (LASRIC) at the ”Art of Technology (AOT) Lagos 1.0 conference organized by the Office of the Governor’s Special Adviser on Innovation and Technology.
The Governor revealed that the sum of $687,000 start-up funds for investment in research and development of tech-focused solutions across the six pillars of his administration’s development agenda has also been set aside.
However, the establishment of the Council and innovation funds officially began the process of implementing strategies that would help in the realization of the Smart City initiative of the State, the Governor said.
According to him, the innovation funds would also be directed to support Information and Communication Technology (ICT) research focusing on solving issues of national significance.He said: “There is no gainsaying the fact that any society that wants to be reckoned with on the global stage must be grounded in the application of technology to growth and development.
It is gratifying to note that the world has accepted that Lagos as the Silicon Valley of Africa with major investments by Microsoft and Google in the Ikeja-based Computer Village and emerging tech hubs, which have served as launch pads for the digital careers of numerous youths in software development.
”To further expand the opportunities, we are immediately earmarking seed capital of N250 million into Lagos State Science Research and Innovation Council to be accessed by tech entrepreneurs and software developers in innovation ecosystem for them to create various solutions from artificial intelligence to robotics, to health informatics and green energy.”
The LASRIC would be chaired by the Vice-Chancellor of the University of Lagos (UNILAG), Prof. Oluwatoyin Ogundipe.
Meanwhile, Olatunbosun Alake, Special Adviser to the Governor, Innovation, and Technology, explained that the goal of the Art of Technology Conference was to seek strategic collaborations with the tech ecosystem and private sectors.
Alake said it was pertinent to start driving synergy between policymakers in the public sector and innovators in the private sector as this will go a long way in achieving the smart city ambition.
He disclosed that the Lagos State Government is determined to drive its transformation agenda and willing to partner with relevant stakeholders in the various industries.
Alake called on young developers and tech startups numbering over 1,500 at the conference to start taking advantage of the Lagos Solutions Hub which was launched by the Deputy Governor of Lagos State, Dr. Kadiri Hamzat.
The Lagos Solutions HUB a platform where proposals, solutions, and ideas are submitted for evaluation. He emphasized that the middle man barrier has been broken through the platform as there is no need for any developer or startup to get familiarised with government officials fo