The University of Lagos (UNILAG) has made significant strides in fostering innovation and entrepreneurship in Nigeria through its Innovation-to-Market (I2M) initiative. Since its inception, the project has raised over N801 million ($481,000) in funding for startups and innovators across the country.
Abiodun Gbenga-Ilori, the project director, shared the update during the Project I2M Incubator Programme 2024 startup pitch competition held at the Akoka campus of the university. The initiative, run under UNILAG’s Innovation and Technology Management Office (ITMO), aims to support and nurture Nigerian innovators by bridging the gap between groundbreaking ideas and market-ready solutions.
“Our mission is to equip Nigeria’s brightest minds with the necessary tools, guidance, and support to transform their ideas into viable, market-driven solutions,” Gbenga-Ilori explained. The program has received backing from the UK government through the Research and Innovation Systems for Africa (RISA), providing a platform for innovators across Nigeria to bring their projects to fruition.
The initiative has had a profound impact, with the latest cohort of 50 participants working on innovations in healthcare, agriculture, clean energy, and education. Gbenga-Ilori reported that 10 of the startups have successfully scaled, creating additional job opportunities. Since the launch of the incubator, 25 permanent and 9 temporary jobs have been generated, while incubated startups have raised a total of $481,000 in capital.
Sunday Adebisi, UNILAG’s Director of Industry Partnerships, stressed the importance of the project in fostering self-reliance among Nigerian youth. He highlighted that many young innovators lack the necessary resources, such as funding, knowledge, and infrastructure, to bring their ideas to market. “We knew that many Nigerian youths are extremely innovative but lack the resources to take their innovations to the next level,” Adebisi said.
David Alozie, the Director of Innovation at I2M, added that the initiative has connected over 1,000 innovators with market opportunities in just 12 months. Abdulakeem Amuda, Director of the I2M Incubator Programme, further emphasized the initiative’s role in addressing Nigeria’s unemployment crisis by empowering street innovators and helping them launch successful businesses.
The recent 2024 Startup Pitch Competition featured 24 innovators vying for N1.6 million in grants. The competition saw over 562 applications, with 138 innovators undergoing training, and 59 being shortlisted for the incubator. The 20 top-performing innovations will each receive a N1.6 million grant to scale their businesses.
Earlier this year, BusinessDay reported that in its first year of operation, Project I2M connected 362 innovators to the market, providing funding for prototypes, intellectual property filing, company registration, and industry linkages. In 2023, 62 innovators received prototype funding, 67 filed intellectual property applications, and 50 startups were incubated, with 20 startups receiving seed grants of N850,000 each.
Through initiatives like Project I2M, UNILAG is playing a crucial role in fostering innovation, creating jobs, and supporting the growth of Nigeria’s entrepreneurial ecosystem.
