*As LASG, Eko Innovation centre raise awareness for funding tech start-ups 

By Prince Osuagwu, Hi-Tech Editor

Funding still remains one of the critical challenges of doing business in Nigeria. 

This is even more profound in the technology ecosystem where the level of capital requirement is high. 

However, there is no where funding presents a bigger headache than in the start-up genre of the tech economic system. 

So, when Lagos state government in collaboration with Eko innovation centre, recently raised funding for some tech start-ups, it attracted a huge commendation and resonated the call for a start-up bill to help push up the fortunes of the overall tech ecosystem. 

Lagos had tabled a N250million seed funding to grow the tech ecosystem in the state, but at a two-day hybrid conference organised by Eko Innovation Centre recently, themed “Funding and a Connected Lagos”,  Lagos  government and Eko Innovation Centre including other experts, offered tips on how start-ups can get funds.

They also used the opportunity to empower innovative Tech Entrepreneurs and young innovators with equity investment and other support initiatives necessary for traction in the business space.

They spiced up the momentum with some critical topics  which notable participants at the event, spoke on.

The topics included investment readiness, intellectual property, start-up bills and other regulations, and policy formulations for tech start-ups in the tech ecosystem.

Among the speakers was the minister of Communications and Digital Economy, Dr Isa Pantami, who pointed out that the Start-up bill currently up for consideration by the federal Executive council would further help accelerate the growth of Start-ups when made to become law.

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 He commended Lagos and Eko Innovation Centre for making the state the Silicon Valley of Africa. He promised that his ministry will continue to support the state in its quest to achieve more.

He explained that technology deployment is changing the world, stating that the ICT sector was instrumental for the country’s exit from recession.

He, urged start-ups to deploy technology to ease their operations in the interest of growing their businesses remarkably

According to Pantami, “the country has the highest number of venture capitalists. Besides that, the government is determined to support the growth of start-ups and businesses especially with the many government agencies working closely to fund and grow the business landscape.

“We also believe that when the Start-up bill which is up for consideration, eventually becomes a law, it will contribute to the creation of an enabling environment for growth, attraction, and protection of investment in tech start-ups” he added.

On his part, Babajide Sanwo-Olu, Executive Governor, Lagos State said that his administration has been deliberate about deploying technology to make governance seamless and has been funding the technology space in line with its smart city agenda which has further helped the state to be the 5th largest economy in Africa.

He added that from traffic management to security, it is deploying technology to make the state better.

Vanguard News Nigeria