Lagos has a growing startup ecosystem and is a foremost startup hub in Nigeria, thus, Lagos Innovates role is to enable the growth and success of the Lagos ecosystem by providing tech-focused entrepreneurship with the access and support needed to scale and thrive. Lagos Innovates symbolizes the collective goal of the startup community and seeks to position Lagos as a pivotal startup hub.
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. Lagos Innovates is an audacious, determined move by the LSETF to support innovation, strengthen the tech startup funding pipeline and support a deepening of the ecosystem in Lagos State.
Lagos Innovates is an initiative of the Lagos State Employment Trust Fund
Aim and Benefits of Lagos Innovates Workspace Vouchers Programme
- Workspace Vouchers support the 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.
- To help defray the cost of accessing high-quality infrastructure, Lagos Innovates will cover 30% to 75% on average of membership costs at any of our Partner Hubs for 3 to 12 months. The value of the award varies by stage. Partner Hubs are listed below.
- 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.
Requirements for Lagos Innovates Workspace Vouchers Programme Qualification
- Your venture stage is anywhere from ideation to very early revenue. This means that it is either not yet incorporated, or it was incorporated less than one year from the date of your application for a Workspace Voucher.
- Your team is small and does not include any paid staff. You are a team of co-founders.
- You do not generate monthly revenues of more than one million naira.
- You have never received any third-party capital for your venture; this includes grants, equity or debt.
Interview date, Process and Venue for Lagos Innovates Workspace Vouchers Programme
- Your online application will be judged entirely on its merits, subject to your meeting the eligibility criteria for a Workspace Voucher.
- Applications will be scored by a panel of judges from within the Lagos startup ecosystem, taking into account four criteria: (1) market opportunity, (2) strength of the entrepreneur/co-founding team, (3) progress or traction to date, and (4) strength of recommendation by a credible third-party.
- The maximum possible score is 100 points, and Workspace Vouchers will be allocated to the highest scoring ventures subject to a minimum threshold score of 50 points, until the available vouchers for a particular period are exhausted.
- It is possible to score 50 points without a third-party recommendation, but this is a good way to increase your score. Ideal referees are recognised experts from within the Lagos startup ecosystem (for example, successful founders, investors with notable track records, hub/incubator operators, etc.) who know you/your co-founders and your venture well and can provide genuine insight about your potential.
January 29, 2021
How to Apply
Interested and qualified? Go to Lagos State Employment Trust Fund (LSETF) on lagosinnovates.ng to apply
For more details, visit Lagos Innovate website