•Targets 800 new entrepreneurs
By Gabriel Dike
The management of the University of Lagos (UNILAG), Akoka has taken bold steps to promote innovation among entrepreneurs with ideas that can result in the production of goods and services.
To actualize the innovation potential of entrepreneurs with good ideas, the Project Innovation to Market (12M) was launched in UNILAG and is funded by the UKAID’s Research and Innovation Systems for Africa (RISA).
The project got the official backing of the government as the National Universities Commission (NUC) lauded the initiative and pledged to support the 12M to actualize its potential and expand it to other institutions.
In her address, the country manager of RISA, Alice Omisere, said the initiative would bridge the knowledge gap by providing learning robust resources on how to innovate and translate research outputs into the market.
Omisere stated that the project would also bridge the access gap by making resources, equipment, and facilities required to make innovations market ready.
She said another objective of 12M is market linkage, adding, “The project will create pathways and channels for innovations to get to the market.”
According to her, the project is aimed at empowering innovators and researchers in the country to take their innovative products to the market.
The West Africa Research and Innovation team lead of the Foreign, Commonwealth, and Development Office (FCDO), Leane Jones, said the UK would continue to partner with institutions in research and innovation and that it has developed partnerships with UNILAG and Tertiary Education Trust Fund (TETFund).
She disclosed that the project has brought stakeholders including the universities, policymakers, and RISA as a sign of their commitment to promote innovation and create opportunities.
In his remarks, the Executive Secretary of the National Universities Commission (NUC), Abubakar Rasheed, said the commission would encourage universities to establish new academic programmes in the area of innovation.
Rasheed, who was represented by the Director of Skills and Development, Mr. Aladan Ashafa also explained that the commission is working with the private sector to ensure products from innovation and research get to the market.
The acting Director of the Innovation and Technology Management Office (ITMO), Dr. Abiodun Gbenga-Ilori, said many innovators are trying to translate their ideas but are finding it difficult to progress further because of certain factors, which 12M is out to solve.
She said about 800 innovators are expected to key into 12M and that 225 of them with Minimum Viable Products (MVP) would be supported to actualize their dreams.
Gbenga-Ilori added that it would partner with Hubs and research institutes to train the innovators as well as with the private sector to mentor them while 12M would provide the needed logistics.
Speaking at the launch, UNILAG Vice-Chancellor, Prof. Folasade Ogunsola, observed that in a world driven by constant change and technological advancements, innovation becomes the key to success for individuals, businesses, and entire economies.
Ogunsola added: ‘It is the lifeblood that fuels growth, creates jobs, and improves the quality of life for people around the globe.”
The VC however noted that despite the abundance of brilliant ideas, many innovators face significant hurdles when it comes to turning their concepts into viable commercial ventures.
“One of the critical strengths of 12M lies in its holistic approach. It takes into account the multifaceted nature of innovation, recognizing that success requires more than just a brilliant idea. Through this program, participants will have access to a wide range of services, including prototype funding, training, business registration, Intellectual property protection, start-up funding, an incubator program, licensing, and networking opportunities.
“This comprehensive ecosystem will empower innovators to navigate the complex journey from ideation to market launch.
“By encouraging participants to develop solutions that align with the United Nations Sustainable Development Goals and the nation’s challenges, this program paves the way for innovations that not only drive economic growth but also contribute to a more equitable and sustainable future,” the VC stressed.
Ogunsola believed that the project would be a catalyst for change, unlocking the potential of countless innovators and revolutionizing industries across the board, and making Nigeria a net-producing economy. She thanked RISA for sponsoring the project.