Lagos Innovates is brain child of LSETF and the Lagos State
government deploy with set of programs aimed at making it easier to build
a successful tech startup in Lagos.
It is designed to help the very best founders and startups by
facilitating access to four things:
- High quality workspaces and infrastructure,
- Learning
- Early stage investment capital and
- Investor and peer networks.
Programs are open to all innovation-driven enterprises that are
less than three years old and based in Lagos.
Lagos Innovates offers a suite of tech startup-focused programs
created for the highest potential entrepreneurs who want to build the next
unicorn out of Lagos.
Workspace Vouchers
To ease accessing high-quality infrastructure, Lagos Innovates is
supporting highest potential founders and/or startups in Lagos State at the
very early stages of their ventures (ideation to very early revenue) by
facilitating access to well-equipped workspaces and learning.
With Workspace Voucher, Lagos Innovates will cover 30% to 75% on average
of membership costs at any of our Partner Hubs for 3 to 12 months.
To ensure that this benefit goes to the most promising founders and
highest potential startups, the application and allocation processes are
competitive and merit-based.
Hub Loans
This is meant to support high-performing, outcome-focused workspace
providers in Lagos State for their vital role in taking a community-focused
approach, and through their programs, mentorship, networks and resources,
co-working spaces, hubs and incubators in ensuring catalyse growth
opportunities for high potential entrepreneurs and startups in Lagos State.
Lagos Innovates is making meaningful capital available on very
attractive terms to operators who are looking to fund expansion or improvement
of their existing facilities at current sites, or to increase their number of
locations.
Event Sponsorship
Lagos Innovates offers co-sponsorship for events and activities
that are aimed at supporting network-building, knowledge-sharing, collaboration
and marketing for Lagos-based founders and startups.
Organisers of high-quality, preferably smaller-format events
and activities (e.g. pitch events, fireside chats, hackathons, etc.) are
invited to apply for support for their event production costs, in exchange for
co-branding rights by Lagos Innovates.
Lagos Innovates has dedicated a quarterly budget to co-sponsorship
of events led by ecosystem participants in this way and is looking
to sponsor at least one event per quarter. This is in addition to
Lagos Innovates’ own events that are delivered by the team on a regular rhythm.
You can apply for up to N5 million of co-sponsorship per event.
Lagos Innovates will expect to brand each event it co-sponsors.
Co-Investment
Lagos Innovates co-investment scheme is intended to unlock funding
challenges for founders and companies at the seed to very early revenue stages.
The Co-Investment program will make available matching funds to
Lagos-based ventures backed by angels, incubators and/or similar investors on a
case-by-case basis.
Programme Vocher
The Program Voucher program supports capacity development by
facilitating access IDE- or tech-focused entrepreneurship content and
programming.
Lagos Innovates will fund up to 50% of the cost of program attendance
by the highest potential individuals (founders, developers or tech startup
employees) active in the Lagos tech startup ecosystem, based on a highly
competitive and merit-based allocation process.
Accelerator
The Lagos Innovates Accelerator aims to help scale-ready ventures
achieve the right level of traction to successfully raise venture capital
funding. The Accelerator will be delivered in Lagos by an organisation with a
track record of delivery, and will provide a combination of capital, mentorship
and learning to successful ventures over a program length of 12 weeks. The
Accelerator will accept two cohorts or intakes a year, of five ventures each.
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