The Lagos State Employment Trust Fund (LSETF) has urged young entrepreneurs in the state to move beyond building businesses merely for survival and focus on creating sustainable ventures capable of attracting investors, generating jobs and contributing to economic growth.

The call was made at the Lagos Innovates LaunchPad Cohort Orientation, where 87 Lagos-based startup founders were formally welcomed into the state’s innovation ecosystem.

The orientation brought together beneficiaries of different programmes under Lagos Innovate, a technology-focused arm of LSETF that includes the ideal hub, workspace voucher and talent development initiatives.

Representing the Executive Secretary of LSETF, Feyisayo Alayande, the Director of Programmes and Coordination, Oyindamola Egbeyemi, said the programmes were designed to strengthen the capacity of startups, improve productivity, create jobs and expand entrepreneurship opportunities in Lagos.

She explained that the Ideal Hub programme is an incubation and acceleration initiative through which startups with technology-driven solutions are supported to develop their ideas, strengthen their business structures and become investment-ready.

According to her, 50 founders were selected through a rigorous process for the current programme. They would undergo training programmes covering different aspects of technology and entrepreneurship, while also being matched with mentors.

She said the beneficiaries would receive legal masterclasses, business support and exposure to networks within the startup ecosystem before pitching their ideas to investors, ecosystem players and other potential partners.

Egbeyemi said the objective was not merely to help founders develop products but to create an environment where viable solutions could be transformed into sustainable businesses.

She also disclosed that 37 startups had qualified for the workspace voucher programme following another selection process.

The beneficiaries, she said, would gain access to workspaces across Lagos State, with infrastructure, internet connectivity and networking opportunities provided to enable them to develop their businesses.

Of the 37 beneficiaries, 29 qualified for the larger category B workspace voucher, while eight qualified for category C, designed to provide smaller-scale workspace support.

The workspace support, she said, would run for up to 12 months for category B beneficiaries, while the smaller-scale category C beneficiaries would receive support for six months.

Egbeyemi further disclosed that LSETF was launching a talent development partnership aimed at strengthening technology skills and expanding employment and entrepreneurship opportunities.

She said the initiative with the theme ‘Supporting Tech Talent, Strengthening Tech Startups’ was expected to contribute to productivity, job creation and the entrepreneurship potential of participants.

Egbeyemi urged beneficiaries to remain open-minded, network effectively and stay curious, while taking advantage of the resources and opportunities available within the innovation ecosystem.