By Milcah Tanimu
The Lagos State Government aims to help Nigerian startups secure between $2 million and $3 million in investments at GITEX Global 2024 in Dubai, United Arab Emirates. Specifically, the Commissioner for Innovation, Science, and Technology, Mr. Tunbosun Alake, shared this ambitious goal during an interview with Nairametrics on Sunday.
Alake explained that this investment target is based on the success of Nigerian startups showcased at the previous year’s event. For instance, “Last year, some of the startups we brought raised money, with one winning $100,000 and another $50,000. Moreover, one is currently in talks to raise $1.5 million,” he stated.
In addition, the Lagos government has brought five startups and nine established companies to the Expand North Star 2024 segment of GITEX Global to showcase their innovations to global investors. Notable startups include:
- An ag-tech startup, which collaborates with farmers to provide fresh, affordable food.
- Seamfix, a digital identity startup.
- RAIN (Robotics and Artificial Intelligence Nigeria), specializing in AI and robotics training.
- Chao, a platform for fast and reliable food, grocery, and medicine deliveries to campuses.
- Shekel Mobility, which simplifies financing and operations for car dealers in Africa.
Criteria for Startup Selection
Alake outlined the criteria for selecting startups and companies for the global showcase. In particular, he emphasized the importance of unique value propositions and viable business models. He noted, “We prefer companies at the seed stage, particularly those with Nigerian or Lagos-based founders. Additionally, we evaluate their product-market fit and team formation.”
Furthermore, the Lagos government has collaborated with the Dubai World Trade Centre to conduct competitions, allowing startups to compete for entry into the Supernova competition, which attracts thousands of startups globally.
What You Should Know
GITEX Global, organized by the Dubai World Trade Center (DWTC), is regarded as the largest tech show globally. It connects industry leaders, government representatives, innovative startups, expert investors, and corporate buyers. Specifically, the Expand North Star segment caters to startups and investors seeking funding opportunities and industry insights. This year, DWTC anticipates over 1,800 exhibiting startups and more than 1,200 investors with assets under management exceeding $1 trillion.
