Lagos Innovation bill will incentivise big companies, drive start ups’ growth —Govt

THE Lagos State Government has said the proposed Lagos Innovation Bill Policy will spur economic renaissance in the state by ensuring corporate-startups synergies, among other benefits.

Commissioner for Innovation, Science and Technology (MIST), Olatubosun Alake stated this while fielding questions from the media, recently,  at the end of stakeholder engagement, involving government agencies and  the organized private sector, at the Eko Innovation Centre, in Lagos.

Among stakeholders present were: Director, Public Policy, Meta, Adaora Ikenze; COO, Pan Atlantic University and LASRIC Member, Professor Peter Bankole; Founder, Futuresoft, Nkemdilim UwajeBegho; and DOA, Law, Alex-AdedipeAdeleke – DOA Law, among others.

Shedding more light on the key elements of the proposed Lagos Innovation Bill, Alake explained that the Bill  aims to serve as a catalyst for innovation across all sectors, from startups to established corporations.

“The Lagos Innovation Bill is a two-pronged approach. Firstly, it localizes the federal government’s Startup Act, tailoring it to the unique needs and dynamics of Lagos State. Secondly, and, perhaps, more significantly, it goes beyond just nurturing startups by actively encouraging innovation within large companies and small businesses alike,” he stated.

The commissioner emphasized that the bill’s inclusive nature is a strategic move to create a vibrant and interconnected innovation ecosystem, where startups and established players can collaborate, learn from each other, and drive collective growth.

“Imagine a situation where a startup’s innovative solution is adopted and supported by a major corporation like MTN or Airtel, or a situation where our universities are driving a thriving entrepreneurial culture, spinning off ten new companies each year, supported by the resources and mentorship of industry giants. This is the future we are working tirelessly to manifest through the Bill,” he stated.

Earlier in his welcome address, Chief Executive Officer of the Eko Innovation Centre, Victor Afolabi emphasized the significance of the stakeholder engagement as a co-creation event, where collective deliberation would shape the regulatory incentives and create an inclusive innovation ecosystem.

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