The Lagos State government has announced its ambitious plan to secure between $2 million to $3 million in investments for Nigerian startups in 2024.
Tunbosun Alake, the state’s Commissioner for Innovation, Science, and Technology, shared this during the ongoing 2024 GITEX Global event in Dubai, United Arab Emirates.
GITEX Global, the world’s largest tech event organized by the Dubai World Trade Center (DWTC), brings together leading tech leaders, governments, startups, investors, and buyers.
In an interview with Nairametrics, Alake expressed the state government’s optimism, highlighting the achievements of Nigerian startups at last year’s event as a key motivator for this year’s target.
“Last year, several startups we supported secured funding, with one winning $100,000 and another $50,000,” Alake explained. “One of them is currently in discussions to raise $1.5 million, and there are several others with similar potential.”
He further noted that Lagos State has brought five startups and nine established companies to participate in the Expand North Star 2024, the startup and investment arm of GITEX Global.
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These companies are showcasing their innovative solutions to global investors. Among them are an agro-tech firm partnering with farmers to provide fresh produce at affordable rates, Seamfix (a digital identity startup), and Robotics and Artificial Intelligence Nigeria (RAIN), which focuses on AI and robotics training.
Other showcased startups include Chao, a platform providing food, grocery, and medicine deliveries to students on campuses, and Shekel Mobility, which offers financing and operational support systems for car dealers across Africa.
Alake explained the selection criteria for the startups participating in the global event, emphasizing the importance of unique value propositions, business models, and the stage of funding rounds.
“We focus on companies with translatable value propositions and business models across different sectors,” he said. “We prefer startups at the seed or pre-seed level, with Nigerian or Lagos-based founders, and those demonstrating a strong product-market fit and a cohesive team structure.”
Alake also mentioned the state’s collaboration with the Dubai World Trade Center for the Supernova competition, which features thousands of startups worldwide competing for substantial prize money.
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