The Innovation and Technology Management Office (ITMO) of the University of Lagos, managers of the Project Innovation to Market (I2M) of UNILAG, has announced the funders’ commitment to increasing the Project’s grant to $748,722 (seven hundred and forty-eight thousand, seven hundred and twenty-two dollars).
This shows an additional amount of $396,040 as against the $352,682 committed to the project in Year 1 courtesy of the Foreign, Commonwealth & Development Office (FCDO) through the Research and Innovation Systems for Africa (RISA) in 2023.
The Project I2M Director, Dr Abiodun Gbenga Ilori made this known on Tuesday, March 26, 2024, while addressing a Press Conference to mark the formal announcement of Calls for Innovators and Researchers for the Project I2M Year 2.
She attributed the increased funding to the milestones and many success stories recorded within the first year of Project I2M, a feat which has boosted the confidence of all collaborators, especially the industry partners.
The event which was held at the Design Studio Building located beside the Bank of Industry (B.O.I) building at the Faculty of Social Sciences, UNILAG, Akoka, was an avenue for the Project I2M Director to reel out the project’s scorecard for the first year.
Dr Gbenga Ilori disclosed that “at the commencement of year 1 of the Project I2M in March 2023, a total of 702 applications were received from prospective innovators out of which 524 were shortlisted, profiled and scheduled for further training while only 362 innovators completed the training”.
The key feats of Year 1 of Project I2M, according to Dr Gbenga-Ilori include the provision of seed grants of N850,000 each to 20 start-ups, Prototype funding for 62 innovators, application for intellectual property certificates for 67 innovators, incubation programmes for 50 start-ups and application for Corporate Affairs Commission (CAC) Certificates for 40 start-ups.
She explained that the first year of Project I2M sought to address three core challenges that inhibit innovation: lack of training on how to innovate, lack of a support system for innovators and lack of a clear pathway from innovation to market.
While appreciating the management of the University of Lagos led by the Vice-Chancellor, Professor Folasade Ogunsola, every member of the 12M research consortium, industry partners and collaborators for their spirited efforts and commitment to the ideals of the project, Dr Gbenga-Ilori announced the immediate commencement of Year 2 of the Project I2M with a call for application from all interested innovators and researchers.
Highpoint of the Press conference was the formal unveiling of the Project I2M Impact Report which can be accessed via: https://innovation2market.org/files/2023report.pdf.
The Innovation to Market (I2M) Project steered by the Innovation and Technology Management Office (ITMO) is part of initiatives by the University of Lagos to create frameworks which would engender innovations from both students and faculty.
Apart from Dr. Abiodun Gbenga-Ilori who is the Project I2M Director and Lead, other directors on the project are: Prof. Sunday Adebisi- Director of Industry Partnership, Prof. Hakeem Amuda- Director of the Incubator Programme, Dr. Patrick Okonji- Director of Research Consortium and Engr. David Alozie, the Director of Innovation.
