The Lagos State Government, in collaboration with the Ministry of Science and Technology, recently hosted a gathering of startups within the Lagos State ecosystem at the Ministry of Science and Technology (Alausa Secretariat Lagos). Several of these startups were sponsored by the recently concluded Gitex Africa Morocco 2023 event. The aim of the gathering was to strengthen collaboration and address the concerns expressed by stakeholders in the space. The government intends to develop policies that will support these startups in their journey toward success and enable them to build innovative solutions.
During the session, Tubosun Alake, representing the Ministry of Science and Technology under LASRiC, highlighted the government's efforts to support startups. He announced that the ministry has granted over 600 million nairas (approximately 10,000 USD/Startup). Additionally, he mentioned the establishment of the Sovereign Funds, headed by Impact Hub. This initiative will serve as a platform for startups to easily secure funding from foreign investors.
L-R Mrs. Ibilola Kasumu Perm. Sec. Ministry of Science and Technology, Tunbosun Alake
Tubosun Alake also revealed that the upcoming startup bill, which the Lagos State government aims to adopt, will include provisions for a certain percentage of requests for quotation (RFQ) to be fulfilled by startups. This move will provide opportunities for startups to work with the state government.
Mrs. Ibilola Kasumu, the permanent secretary, expressed her desire for more frequent sessions like this to create synergy between startups and the Lagos State government. She emphasized the importance of feedback in nurturing the startup ecosystem within Lagos and highlighted the state's intention to leverage startups to bridge existing gaps. Mrs. Kasumu also shared the potential of the Lagos State Residents Registration Agency (LASRRA) card, which will serve multiple purposes, including transactions, commuting, and identification. She encouraged founders to build innovative solutions around this card.
L-R Mrs. Ibilola Kasumu, Tunbosun Alake, Victor Gbenga Afolabi
Several startup founders voiced their pain points and suggested ways to improve their business operations. Williams Fatayo, the founder of TruQ, highlighted the limited reach of startups and the need for assistance in connecting with potential opportunities. He proposed the creation of a pool where startups can seek government assistance in making relevant introductions. Fatayo also suggested that the government facilitate meetings with investors at conferences to provide startups with opportunities to pitch their ideas.
Temitope Ekundayo, the CEO of Printivo.com, urged the government to support early-stage startups through clear policy guidelines that cater to the needs of the entire ecosystem. He expressed concern about the government burdening startups with its own problems while trying to solve them. Ekundayo commended the Lagos State government's Lagos State Employment Trust Fund (LSETF) project for providing vouchers to support startups. He affirmed the readiness of the startup community to collaborate with the government in moving forward.
Government representatives present at the gathering took note of the feedback provided by the startup founders. They acknowledged the existing efforts of the government and emphasized the need to amplify their advocacy. Going forward, such sessions will be held on a quarterly basis, allowing startups to actively participate in the adoption of the startup bill.
Play audio
No comments