Lagos state, Nigeria, is developing its own version of the Nigeria Startup Act, titled the Lagos Innovation Bill. The bill will adapt the provisions of the Act to suit the realities of building tech startups in the southwestern state.
“The Bill won’t only develop startups but also encourage large companies to drive innovation,” said Tubosun Alake, the state’s commissioner for science, innovation and technology at a stakeholders’ engagement on Friday.
The Lagos Innovation Bill marks the state government’s attempt to grow its digital economy beyond startups. Lagos state is home to over 500 startups and attracts more than half of the startup investment coming to the country.
The bill’s framework includes registration of research and innovation institutions, a research and innovation fund, tax and fiscal incentives, accelerators and incubators, capacity building, and talent development.
When the bill is passed into law, Lagos hopes to use it to create an end-to-end pipeline that will cover all stakeholders in innovation: government, large corporates, startups, universities and research institutions, venture capitalists, angel investors, and private equity investors.
