The Lagos State Government announced its aims to secure $2 to $3 million in investments for Nigerian startups at GITEX Global 2024 in Dubai.
This was disclosed by the Commissioner for Innovation, Science, and Technology, Mr. Tunbosun Alake, in a recent interview, referencing the success of Nigerian startups at last year’s event, according to Nairametrics.
“Last year, some of the startups we brought raised money, and some won. One of them won $100,000, another won $50,000. One is currently in talks to raise $1.5 million, and there are pockets of others like that.
“So, this year, we are also targeting anywhere between $2 and $3 million in investments for our startups,” he said.
Alake revealed that the Lagos State Government has brought five startups and nine established companies to showcase their innovations at Expand North Star 2024, part of GITEX Global.
Featured startups include an ag-tech initiative collaborating with farmers for affordable fresh food, Seamfix focusing on digital identity, and RAIN, which specializes in AI and robotics training.
Other notable startups are Chao, facilitating quick deliveries for students, and Shekel Mobility, which streamlines financing for car dealers in Africa.
Alake explained that the selection criteria for the startups and companies included evaluating their unique value propositions and business models that can be effectively translated across different sectors.
The government aimed to highlight innovative solutions that demonstrate potential for global impact.
“So, we look at where you are in your funding round. Are you at the seed or pre-seed level?
“Usually, we like to take companies that are around the seed stage. We also like companies that have Nigerian founders or Lagos-based founders.
“We look at their product market fits. Where are they in terms of their products? And we look at the overall formation of the team as well.
“We also used to do competitions in conjunction with the Dubai World Trade Centre. Where companies apply for a chance to be in the Supernova competition here. The Supernova competition is thousands of startups across the globe competing for prize money,” he said.
GITEX Global, organized by the Dubai World Trade Center, is recognized as the largest tech show globally, linking attendees with industry leaders, governments, startups, investors, and corporate buyers.
The event’s startup and investment segment, Expand North Star, focuses on connecting startups with investors, accelerators, and tech enthusiasts to facilitate funding opportunities, investment deals, and industry insights.
