The Lagos State government has allocated ₦1 billion (around $680,000) to support startups, research, and STEM programs for school children. This announcement was made on June 15, 2024, at the launch of the new Lagos State Science, Research and Innovation Council (LASRIC).
This funding aims to diversify the economy, address local challenges, and establish Lagos as a leader in Africa’s tech scene.
The 13-member LASRIC council, chaired by Prof. Olumuyiwa Odusanya of Lagos State University of Science & Technology, will manage the funds. Members include industry leaders like Tomi Davies of the African Business Angels Network, Nkemdilin Begho of Future Soft Technologies, and Victor Afolabi of Eko Innovation Centre.
Afolabi emphasised the importance of public-private partnerships during global economic challenges. He expressed eagerness to help identify promising startups.
This funding is a significant increase from previous years. In 2019, LASRIC started with ₦170 million, rising to ₦339 million over three years. According to Lagos Commissioner for Innovation, Science and Technology, Tobosun Alake, the funds are released in instalments due to the lack of long-term funding legislation. Efforts are ongoing to secure annual funding by law.
The council will use the POEM (Proposition, Organisation, Economics, and Milestones) Framework to evaluate startups for funding. This framework assesses the startups’ problem-solving approach, business structure, financial model, and milestone achievements.
One success story is Pricepally, a digital food cooperative that received a ₦5 million grant in 2020. Since then, Pricepally has grown from serving 26 customers to over 2,000 daily and raised an additional $1.3 million. Other supported startups include Terwork, CCHub, StemCafe, Earlybrite, Adire Lounge, and Shitfa Technologies.
LASRIC also funds research and STEM education programs to encourage critical thinking in young minds. Alake stressed the importance of early problem-solving skills in students.
Similar initiatives in Africa, like Rwanda’s Innovation Fund and Senegal’s Teranga Startup Initiative, inspire LASRIC. These programs support young entrepreneurs and early-stage ventures, crucial for Africa’s growth.
Startups can apply for LASRIC funding through their website, where they undergo a screening process and panel review. Previous grant recipients cannot re-apply.
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