Lagos State Awards 23 Tech Startups N100m Grant as Seed Investment

By August 29, 2020 NEWS

In line with the vision of transforming Lagos into a 21st-century economy, Babajide Sanwo-Olu, Lagos State governor, has awarded 23 innovative and tech-inclined startups a total grant of N100 million out of N250 million Lagos State Science Research and Innovation Council (LASRIC) seed fund invested since 2019.

Speaking during the LASRIC grant award ceremony held in Lagos recently, Sanwo-Olu said one of the aims of his administration was to solve contemporary challenges facing the state stressing that the innovation grant was initiated with the objective to empower local innovators with knowledge of context and peculiarities to create specific solutions for local challenges. Noting that science and technology remained key enablers in transforming the socio-economic destinies of cities.

“Last December, we inaugurated the research and innovation council with a seed fund of N250 million in demonstration of our commitment to transform Lagos into a 21st century digital economy and smart city we matched our words with action by handing out 100m grant from the LASRIC research and innovation fund to 23 successful applicants,

The council has a mandate to facilitate investment in research innovation and STEM education throughout the state and to encourage the development of innovative solutions to problems using cutting edge technology, as a government we believe in each applicant’s capacity to create and scale up ideas that can proffer solutions to our current challenges” Sanwo-Olu said.

Speaking to the beneficiaries, he said “LASRIC is making funding available and is also committed to encouraging and supporting you along the way”.

Oluwatoyin Ogundipe, LASRIC chairman, said that the event signified the readiness and commitment of the governor to transform Lagos through the development of innovative and technological solutions while he assured the governor of the council’s cooperation.

The council would continue to assist the state government to harness human and material resources of Lagos for problem-solving, wealth creation and transformation of the state’s economy” Ogundipe said.

Olatunbosun Alake, special adviser on innovation and technology said in his remark that the beneficiaries are being tasked with providing innovative ideas in critical areas like manufacturing, food security and health management, adding that this is one of many more activities to come in line with the tenure’s development of the science and technology ecosystem.

Luther Lawoyin, founder Price Pally and a beneficiary who received N5 million grant expressed appreciation to the governor for the opportunity and mentioned that the grant will be a useful tool in providing solutions to societal problems adding that his grant will be invested in averting food scarcity.

 

Source: BusinessDay