The 21st century has been characterized by advances in science and technology which are recognized as key enablers of economic development. From a business perspective, the shift towards automated business processes and communication is designed to achieve greater efficiency and effectiveness in the modern era.
Around the world, nations have embraced information and communication technology (ICT) as a means of providing its citizens with easier access to services. The emphasis on ICT has also boosted internet penetration and literacy rates as well as investment in research and development.
LSETF and Techpreneurs
In our perspective, the term “Techpreneurs” refers to technology entrepreneurs, which are representations of ICT SMEs (Seed Level and Startups).
Figure 1: LSETF Strategic Framework for Tech Startups
The funding of tech startups in the LSETF scheme has enabled the Lagos State Government to participate actively through investment in the local ICT market. LSETF has provided 16% of its allocation to tech startups. By focusing on tech startups, LSETF will act as a channel to expand and accelerate the business growth in this sector as well as increase employment opportunities.
The LSETF has created a program specially to help Innovation Driven Enterprises (IDEs), of which technology entrepreneurs make up a large percentage. This program, which the LSETF has named Lagos Innovates, has a mandate to make an impact on the ecosystem through capacity development, infrastructural access and risk sharing. Technology startups and Technology startup founders will have access to the different programs under Lagos Innovates. These programs will range from physical workspace vouchers to hub loans and a wide range of other programs. LSETF has announced the 11th of December 2017 as the launch date for Lagos Innovates.
This initiative bears vital importance to the growth and development of entrepreneurs in the knowledge-based economy. Besides this, new structures and strategies are being explored and formulated by the Lagos State Government to help technology-based SMEs grow and to offer a promising future within the global marketplace. In this case, techpreneurs will be able to expand themselves to compete in this borderless world, while adding value to their communities to achieve sustainability.
For more information please visit our Lagos Innovates website page: https://lsetf.ng/innovation1.php