UNILAG's Innovation-to-Market Initiative Connects 362 Innovators to Marketplace
The University of Lagos (UNILAG) has successfully trained and connected 362 innovators to the marketplace through its Innovation-to-Market Project (I2M) in its inaugural year.
Chris Oyeoku Okafor 
In a significant stride towards fostering Nigeria's burgeoning innovation ecosystem, the University of Lagos (UNILAG) has successfully trained and connected 362 innovative minds to the marketplace through its Innovation-to-Market Project (I2M) in its inaugural year.
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This announcement was made by Abiodun Gbenga-Ilori, the Director of Project I2M & ITMO, during the project's end-of-year press conference held at the Design Studio Building, Faculty of Social Science, Akoka campus.
Gbenga-Ilori elaborated on the project's methodology, revealing that it collaborated with experts from academia and industry to develop comprehensive training modules on various facets of innovation, accessible through the iBank platform's learning management system. Of the 524 individuals who commenced training, 362 successfully completed the program, a prerequisite for further support from the initiative.
Funded by a grant from the Foreign, Commonwealth & Development Office (FCDO) through the Research and Innovation Systems for Africa (RISA), the project aims to address key challenges hindering innovation in Nigeria, including the lack of innovation training, support systems, and clear pathways to market.
Following its initial success, the project received an increased grant from $352,682 to $748,722 for its second year of implementation, signaling a commitment to its continued impact.
The initiative offers various resources to promising innovators, including prototype funding, intellectual property filing, company and tax registration assistance, access to the incubator program, and industry connections to facilitate commercialization.
In its first year, Project I2M achieved notable milestones, including providing prototype funding to 62 innovators, filing 67 intellectual property applications, incubating 50 startups, facilitating the registration of 40 startups with the Corporate Affairs Commission, and awarding seed grants of N850,000 each to 20 startups.
Vice-Chancellor Folasade Ogunsola commended the initiative for its dedication to translating ideas into viable commercial ventures, emphasizing its role in driving economic growth and fostering innovation in Nigeria.
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The success of UNILAG's Innovation-to-Market Project underscores the university's commitment to fostering an environment conducive to innovation and entrepreneurship, paving the way for a future of sustainable economic development.
