Tech Hub Backed By Israel To Open In Lagos

A Lagos Tech Hub, supported by Innov8, an Israeli-backed technology innovation center, is slated to open soon in Lagos.

Innov8 has been actively involved in fostering innovation across Nigeria through its facilities in Abuja for several years.

The center has selected approximately 40 startups for the fourth round of its recruitment program, where participants will receive training and mentorship on the fundamentals of innovation.

Innov8, an Israeli-sponsored technology hub, serves as a focal point for startup incubation, technology transfer, knowledge and skill impartation, prototype development, and fabrication.

This non-profit, non-governmental organization is mandated to enhance socio-economic growth and human capital development in Nigeria and beyond through innovation, creativity, entrepreneurship, capacity building, and venture creation. It aims to cultivate a culture that encourages innovation, creativity, entrepreneurship, and the creation of new ventures.

Since its inception, the hub has worked with 132 innovators.

Speaking about the center’s future plans, Israel’s Deputy Foreign Minister, Sharren Miriam Haskel-Harpaz, revealed that the initiative has attracted millions of dollars in investment to the country.

Haskel-Harpaz emphasized that this effort is part of a broader strategy to build bridges and foster connections between people across the globe.

Commending Nigerian youth for their creativity and resilience in the face of adversity, the Deputy Minister stated, “With the investment of the Tech Fund announced today, adding several million more dollars to this project, we are pleased to announce the launch of a new program for another 40 startups. We invite the brilliant and creative minds of Nigeria to apply. Now, instead of 20, 40 startups will have the opportunity to be selected and realize their dreams.

“They will gain the skills to develop their ideas and produce innovations that will advance humanity and their country. This embodies what we are talking about: government-to-government and people-to-people relationships.

“This is how we build bridges and strengthen bonds. I am also very happy to be here.”

Regarding the direct foreign investment the initiative has attracted, the visiting Foreign Minister noted that Samsung has invested $250 million in one startup, while another received $250,000.

“One project, FGCI, received $250,000 directly from Tetra. This is just one example. Regarding the graduates and the investments they’ve attracted, Samsung, for instance, invested $250 million and subsequently acquired them.

“This illustrates the impact of our investments in internships and training, equipping participants with the skills to develop and market their products.

“We’ve completed three terms of 20 startups each. Now, with the support of Tetfund and the Minister of Communication, we are launching a fourth program for 40 startups. The acquisition of just one of these startups by Samsung brought $250 million into the country.

“This highlights the remarkable potential of innovation and technology in fields like healthcare, recycling, construction, and fashion.”

Concerning the expansion of the initiative to other parts of the country, the Israeli Deputy Foreign Minister indicated that plans are underway to establish a hub in Lagos.

She added, “We are currently in negotiations with the Minister of Technology and Innovation regarding this upcoming project.”