UNILAG’s I2M initiative supports innovators, startups with N800m funding

The University of Lagos (UNILAG) Innovation to Market (I2M) initiative has boosted innovators’ and startups capital funding with over N800 million since inception.

The project Director, Dr Abiodun Gbenga-Ilori, who disclosed this to reporters at the incubator programmeof the I2Mpitch competition, held at the Arthur Mbanefo digital research centre of the university, said the initiative was established with a mission to support, nurture, and propel Nigerian innovators.

“Our goal is to bridge the gap between great ideas and market-ready solutions by equipping our nation’s brightest minds and researchers with the tools, guidance, and support they need,” she said.

She disclosed that the project, under the Innovation and Technology Management Office (ITMO) of the institution, was funded and supported by the United Kingdom government through the Research and Innovation Systems for Africa (RISA), and has provided an invaluable platform for innovators across Nigeria.

While reeling out the gains of the initiative since it commenced last year, Gbenga-Ilori said: “In our last cohort, 50 participants completed the programme, with innovations across sectors like healthcare, agriculture, clean energy, and education. Today, many of these ventures are thriving, creating jobs and addressing pressing needs across Nigeria.”

Of those innovators, the director disclosed that 10 start-ups have proceeded to create additional job opportunities.

According to her, a total of 25 permanent and nine temporary job opportunities have been created, aside from the start-up founders.

“A total capital of $481,000 has also been raised by our incubated startups,” she added.

On his part, the Director of Industry Partnerships, Prof Sunday Adebisi, disclosed that project I2M is to support Nigerian youths, and make them believe in themselves.

“We vied for the grant to support this set of youths because most of them are extremely innovative, but do not have the wherewithal. It may be space, knowledge or money to be able to take their innovations to market,” he said.

The Director of Innovation, David Alozie, while shedding more light on the impact of the project, said within one year, the initiative has been able to connect over 1,000 innovators with the market.

At the end of the pitching competition for cohort 1, 20 best innovations received N1.6 million grant each for their start-up businesses.

About 562 applications were received by the organisers, while 138 attended the training programme; and 59 were shortlisted to come into the incubator.