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Sanwo Olu Pledges Continuous Support For Startups In Lagos

Lagos State Governor, Babajide Sanwo-Olu on Wednesday says his administration will continue to provide support for startups through the Lagos State Employment Trust Fund (LSETF) and Lagos State Science Research and Innovation Council (LASRIC), which provide grant opportunities for innovators and tech researchers.

The Governor disclosed that two out of the 20 start-ups’ ideas supported through LASRIC last year had secured patents for their innovations and ready to transform into fully-fledged businesses that would create jobs.

Sanwo-Olu said the State Government’s intervention in the technology space was about creating opportunities for the future and providing platforms to make start-up businesses thrive.

He said: “The visit to your ecosystems today is for you to be assured that this Government is not sitting back in taking steps to ease access. We fully understand the role which technology plays in our lives and how technology is important to any society that wants to be relevant in coming decades. We are happy to be building the capability for Lagos, so that we can compete with other developed cities in the world.”

The Governor had a roundtable discussion with some of the startups to communicate the State’s effort and how better the Government could properly channel its interventions in the sector.

Some of the startups had the opportunity to present their business models and innovative solutions to the Government’s team. The engagement gave the Governor and his team the possible areas of intervention.

LSETF Executive Secretary, Mrs. Teju Abisoye, said the agency had been providing support for over 38 partner hubs across Local Government Areas (LGAs) and Local Council Development Areas (LCDAs) in the State, stressing that the objective of the funding was to support startups from idea to exit stages.

Venia Hub is an ecosystem housing Flutterwave and 100 other tech start-up companies. Impact Hub also has scores of startups operating in its ecosystem.