LASRIC Funding: Lagos' Innovation & Tech Commissioner, Olatunbosun Alake, Announces Eligiblity Guidelines For IT Start-Ups (Economy)

Mr. Olatunbosun Alake,Commissioner for Innovation & Technology, Lagos State, has introduced a structured assessment system for technology companies and startups applying for the Lagos State Science, Research & Innovation Council, LASRIC, deed funding. This system, called “POEM,” evaluates Proposition, Organisation, Economics, and Milestones for successful eligibility for the funding.

According to Mr. Olatunbosun Alake, "P"stands for Proposition, evaluating what problems the startups and tech companies are presently solving; Organisation is symbolized by "O" referring to what sort of skills have been put together to solve the problem; "E" means Economics: does it make business sense? Will it make money? Will people buy it? and ‘M’ representing Milestone refers to the building these businesses will have. 

“Startups or tech companies that are able to pass this assessment and access the seed funding should be able to solve problems in Lagos State and beyond,” Mr. Olatunbosun Alake said. 

Following the inauguration of the agency at the occasdion announcing these initiatives, June 24, the newly appointed Chairman of LASRIC and Vice-Chancellor of Lagos State University of Science & Technology, Prof. Olumuyiwa Odusanya, stated that the initiative is “ a call to duty and to work”. 

As Gov. Babajide Sanwo-Olu, already propounded, the concept of THEMES as focus of his tenure encompasses a strong emphasis on technology and innovation as one of the key areas of focus for his administration. His government has so far disbursed over N500 million to more than 40 tech startups in the State to push them to scale as at January 2024.

Lagos is touted as the hub of startups in Africa because it boasts of some of the biggest and most successful startups on the continent, therefore it's hardly surprising that the state government is making deliberate efforts to produce more successful startups through its Startup Lagos Initiative. 

Same day, Gov. Sanwo-Olu demonstrated this resolve once more with the release of N1 billion seed money for science research that will fund startups affiliated to LASRIC.


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