The Lagos Innovation Hotspots, the most recent initiative of the Co-Creation Hub, is aimed at mapping hotspots representing clusters of emerging high growth and competitive businesses across Lagos. The Map provides information on each cluster, businesses and location based support services.
The keyword here is Innovation; it refers to the creation of better or more effective products, processes, technologies, services or ideas that are acceptable by markets, governments and society. For a geography to be considered a HotSpot it must fall within the borders of Lagos State and have a minimum of 10 businesses with low distances of about 0.5km amongst them.
It must also be a growing cluster of new and old businesses offering new products or services. Business offering old products or services in better or more effective ways are also eligible to make the Innovation Hotspots.
Why map Innovation Hotspots?
- Assemble a detailed picture of the location of high growth and innovative businesses in Lagos with specific attention to linkages and location based resources that give rise to the clusters
- Provide background information for further research work to help policy makers engage in thoughtful analysis of emerging geographical assets to create comprehensive strategies that are capable of promoting Lagos as the Innovation Hotspot in Africa
- To promote deliberate economic development around Lagos State’s areas of competitive advantage from a thorough understanding of the microeconomic business environment within which companies exist and compete
- Provide valuable information to business managers as the innovativeness and competitiveness of their firm is increasingly influenced by the surrounding business environment which shapes skills, knowledge and infrastructure exploited by companies located in the same geographical area
- Provide business intelligence for service providers, business development support initiatives and organisations looking to target specific clusters and businesses within Lagos
