Ideas stage startups like SabiTeach, Retailar and Vinsighte receives funding at Art of Technology Lagos

Equity investments were awarded to three startups at the idea stage in the Lagos tech sector. This was after three startups were selected as winners at Art of Technology Lagos 3.0.

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8 startups presented their products at the event for a chance of winning up to $100,000 equity investment from Eko innovation Centre via its Collaboration Lagos project. This project seeks visibility for the top startups in Lagos.

These startups were selected from the following: Healthtech startups, Drugstore.ng, and Healthstack; mobility startup, ThinkBikes, and EonsFleet. Greentech startup, Eko Carbon Exchange. eCommerce startup, Retailar. Edtech startup SabiTeach. Vinsighte. The startups were pitched to eight judges, 50 VCs and a global audience.

Three startups emerged as winners after pitching. SabiTeach, an educational platform, won third place. It received N250,000. Retailar, an online trading platform, came in second place and was presented with N500,000. Vinsighte was first and received N1,000,000. The event also included cheques for LASRIC grant beneficiaries.

“We are always amazed at the number of startups that have entered Collaborate Lagos over the years. We received 168 high-quality applications this year and are fortunate to have the best minds available to assist with the difficult task. Victor Gbenga Afolabi, founder of Eko Innovation Centre said that the startup’s creative ideas are intended to address local problems and look for global expansion.

The Art of Technology Lagos 3.0

Art of Technology (AOT Lagos) is Nigeria’s largest tech conference. It brings together key stakeholders from both the public and private sectors to discuss policy and initiatives that will lead to a more digitally efficient, smarter, and more competitive Lagos.

Eko Innovation Centre hosted a two-day hybrid conference with the theme Funding & a Connected Lagos. Key government officials, including Babajide Sanwo Olu, the Lagos governor, were present.

Experts in the technology industry spoke to the crowd about investment readiness, intellectual property and startup bills, as well as policy formulations for startups in the tech sector.

Dr Isa Ali Pantami (Nigeria’s Minister of Communication and Digital Economy), spoke via a virtual platform and praised Lagos and Eko Innovation Centre, describing them as the Silicon Valley of Africa. He also stated that the centre would continue to support Nigeria in its pursuit to do more.

He said that technology is changing the world and that the ICT sector was crucial for the country’s recovery from recession. In order to grow their businesses, he encouraged startups to use technology to improve their operations.

He said that the government was determined to support growth of startups and business, especially with the many agencies working together to finance and grow them.

He also noted that the country is home to the most venture capitalists. He pointed out that the Startup bill, currently being considered by the federal Executive council would help accelerate Startup growth when it becomes law.

Some experts spoke out at the conference, saying that they believe that the bill will create an enabling environment that allows for growth, protection, and attraction of investments in tech startups.

Babajide Sanwo Olu, the Executive Governor of Lagos State, stated that his administration had been careful about using technology to improve governance and has been funding technology in line with its smart-city agenda, which has helped the state become the 5th largest African economy.

He said that the state uses technology to improve everything, from traffic management to security. He explained that the Lagos State Science Research and Innovation Council, (LASRIC), has set the standard in helping the state achieve its smart city agenda. This includes funding businesses and assisting them with science and technology.

Some of the outcomes of deliberations include calls for more government support for startups, including funding, friendly policies and leveraging technology.

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