Lagos State is working on an innovation bill that will reserve one-fifth of innovation grants for women- and youth-led ventures, as the government targets a doubling of technology and innovation’s contribution to the state’s economy by 2030.

Commissioner for Innovation, Science and Technology, Olatunbosun Alake, disclosed this at the Lagos Innovates LaunchPad 2.0 Idea Hub Pitch Day and Ecosystem Showcase, where he outlined the state’s support for startups and its plans to strengthen the innovation ecosystem.

According to him, the proposed bill is intended to move the state from providing support for innovation to establishing permanent structures for it. He also said the government was expanding fibre infrastructure and welcoming founders and researchers returning home.

He said Lagos-based startups attracted more than $6 billion between 2019 and 2024, accounting for 70 per cent of technology investment in Nigeria during the period.

Alake also said the Lagos State Employment Trust Fund (LSETF) had disbursed more than N15 billion to over 20,000 small businesses, helping to create more than 320,000 jobs. He put the repayment rate at above 94 per cent.

Through Lagos Innovates, he said, more than 1,200 startups had received support, while over 3,300 technology talents had been developed. He added that the Lagos State Science, Research and Innovation Council had awarded almost N1 billion to 155 researchers and startups.

Alake said the government’s responsibility was to build the institutions, infrastructure and policies that allow ideas to thrive, while avoiding becoming an obstacle to businesses.

He urged founders to focus on solving real problems, understanding their customers and building businesses capable of generating revenue, rather than concentrating on the attention that comes with pitching their ideas.

“Love the problem, not your idea,” he told the entrepreneurs, urging them to listen to customers, study competitors, test their products and keep improving them.

He also encouraged investors to support startups with mentorship, market access, technical expertise and opportunities to reach real customers.

Also speaking, Chair of the Lagos State House of Assembly Committee on Wealth Creation and Employment, Hon. Foluke Stella, said turning ideas into sustainable businesses required mentorship, relevant skills, access to funding and a supportive environment. She urged policymakers to strengthen policies and programmes that support entrepreneurship, broaden access to business support and create opportunities for young people to contribute meaningfully to the economy.

Earlier, LSETF Executive Secretary, Feyishayo Alayande, said the fund had empowered about 100,000 businesses through activities including masterclasses, advisory services and business registration support.

She put the amount disbursed by the fund at about N15 billion, with a collection rate of approximately 90 per cent. She identified capacity-building, market access, mentorship and appropriate business structures as important needs for entrepreneurs, beyond access to finance alone.

The event which also LSETF’s 10th-anniversary activities and showcased startups supported through the Lagos Innovates programme, marked the graduation of 50 founders from the 14th cohort of the Idea Hub programme, which is designed to help early-stage entrepreneurs develop their ideas into viable businesses.

Director of Human Resource and Administration at the Lagos State Ministry of Wealth Creation and Employment, Aderonke Kudirat Bello, who represented the Permanent Secretary of the Ministry of Wealth Creation and Employment, Lolade Aina, said the ministry remained committed to empowering young people, particularly in the informal and entrepreneurial sectors. She said collaboration between government and private agencies was important for sustainable wealth creation and job growth, while commending LSETF and Lagos Innovates for nurturing local talent and equipping entrepreneurs.

Director of Programmes and Coordination at LSETF, Oyindamola Egbeyemi, said Lagos Innovates had supported 334 early-stage founders through 14 cohorts of the Idea Hub programme since its establishment.

She described the graduating group of 50 founders as the programme’s largest cohort to date.

At the pitch session, CareTrace emerged as the winner, receiving N3 million. Harthio was named first runner-up and received N2 million, while LocumSpace came second runner-up, receiving N1 million.

Harthio founder Oluwaseyi Akinlolu said a lesson from the programme had changed how he engaged with users of the platform.

He said he began contacting users through emails and reminders after receiving advice to engage directly with customers. According to him, the change helped increase the number of active users, with about 20 people registering daily.

Akinlolu said the prize would help the team work towards developing an iOS application, following requests from users.

The LaunchPad 2.0 event brought together graduating founders, incoming entrepreneurs, investors and other stakeholders in the innovation ecosystem.