The University of Lagos (UNILAG) has made significant strides in supporting Nigerian innovators and startups through its Innovation to Market (I2M) initiative, providing over N801 million ($481,000) in funding since its inception. This was announced during the Project I2M Incubator Programme 2024 startup pitch competition, which was held recently at the university’s Akoka campus.
What is Project I2M?
Project I2M is an incubator programme established under the Innovation and Technology Management Office (ITMO) of the University of Lagos. It was launched with the mission to bridge the gap between innovative ideas and market-ready solutions. The programme aims to support and nurture Nigeria’s brightest minds and researchers by providing the necessary tools, guidance, and infrastructure to propel innovation and entrepreneurship.
The initiative is funded by the UK Government, through the Research and Innovation Systems for Africa (RISA), and has already proven to be an invaluable platform for innovators across Nigeria.
Achievements of the I2M Programme
The programme has seen impressive results since its launch:
- 50 participants successfully completed the programme in the last cohort, with innovations across various sectors such as healthcare, agriculture, clean energy, and education.
- 10 startups from previous cohorts have scaled, creating 25 permanent and 9 temporary jobs.
- Overall, $481,000 in capital has been raised by startups that went through the I2M incubator.
Abiodun Gbenga-Ilori, the project director, shared that many of the ventures nurtured by the programme are now thriving, creating jobs and addressing pressing issues within Nigeria. “It is incredibly inspiring to see these startups not only succeed but scale and provide job opportunities while contributing to solving Nigeria’s challenges,” she said.
Empowering Youth through Innovation
Sunday Adebisi, the director of industry partnerships at UNILAG, highlighted that the I2M initiative is designed to empower Nigeria’s youth to become self-reliant and believe in their potential. He emphasized that while many young Nigerians are highly innovative, they often lack the resources—financial, technical, and logistical—to bring their ideas to market. Project I2M bridges this gap, providing not only funding but also access to knowledge, space, and industry connections.
Program Impact in 12 Months
David Alozie, director of innovation at I2M, reported that in just 12 months, the project has connected over 1,000 innovators to the market. He explained that the initiative is empowering innovators to solve societal challenges, create economic opportunities, and improve lives.
Abdulakeem Amuda, the director of the incubator programme, further emphasized that Project I2M is especially beneficial for street innovators—individuals who lack formal support but have great potential to address pressing issues and contribute to the economy. By providing these innovators with resources and guidance, the programme helps to reduce unemployment and foster a more sustainable economy.
2024 Pitch Competition and Grants
The Project I2M 2024 startup pitch competition was a major highlight, with 24 innovators pitching their ideas for a N1.6 million grant each. The competition received 562 applications, with 138 participants attending the training programme. From these, 59 innovators were shortlisted to join the incubator.
The organisers plan to award N1.6 million to the 20 best innovations, providing them with the necessary capital to scale their businesses.
First Year Milestones
In its first year of operation, Project I2M achieved notable milestones:
- 62 innovators received prototype funding.
- 67 intellectual property applications were filed.
- 50 startups were incubated.
- 40 startups were registered with the Corporate Affairs Commission (CAC).
- 20 startups received seed grants of N850,000 each.
In addition to these funding initiatives, the programme also provided innovators with essential services such as IP filing, company and tax registration, and industry linkages to help them commercialize their solutions.
Looking Ahead
As the I2M programme continues to grow, it remains a critical tool in the effort to solve societal challenges in Nigeria. With the increasing interest and success of the startups it has incubated, the initiative is positioning itself as a major driver of innovation and job creation in the country.
Project I2M’s comprehensive approach to nurturing startups—combining funding, mentorship, and industry linkages—ensures that innovators have the support they need to succeed. By focusing on both the technical and practical aspects of entrepreneurship, the programme is not only empowering individuals but contributing to the broader goal of sustainable economic growth and job creation in Nigeria.