The government of Kenya has partnered with the World Bank to finance entrepreneur support organisations that mentor Small and Medium-sized Enterprises (SMEs).
In a statement sent to newsrooms it was revealed that Ksh321 million had been availed to fund 13 ecosystem intermediaries selected from a pool of 364 applicants to be trained and supported to enhance their SME training capabilities.
Industry Principal Secretary Dr Juma Mukhwana explained that the move would nurture the next generation of Kenyan entrepreneurs and unlock the country's economic potential, particularly increasing tech skills uptake among women.
President William Ruto with World Bank Group CEO Ajay Banga.
William Ruto
“The launch of the SKIES Track 1&2 Ecosystem Intermediaries is a crucial step in our efforts to support innovation and productivity in the Kenyan private sector. By empowering these dynamic incubators, accelerators, and tech boot camp providers, we are nurturing the next generation of Kenyan entrepreneurs and unlocking the country's economic potential, particularly increasing tech skills uptake among women," Dr Mukhwana stated.
Beneficiaries
A host of several accelator and incubator programs are expected to benefit from the program.
These include; Swahilipot Hub Foundation, Eldo hub Innovations and Technologies Limited, Nakuru Box Innovation Centre, Sote Hub, PTRE Incubation Centre - Moi University and Mount Kenya University Innovation and Incubation Centre.
Kilimanjaro Blind Trust Africa - Africa's first Assistive Technology Accelerator, Somo East Africa Limited, Ongoza Institute, Startup Lions Assets Kenya Limited, FabLab Winam Foundation and Rift Valley Institute of Business Studies and LakeHub Academy are also in line to benefit as well.
The 13 intermediaries which focus on sectors such as Manufacturing, Agriculture, Health, Affordable Housing and the Digital & Creative Economy will also receive performance-based grants totaling Ksh321.3 million to implement Performance Improvement Plans (PIPs), incubation and acceleration.
The nine incubators and accelerators will support 390 Startups and scaleups. The 4 tech boot camps meanwhile, will train 320 students in entrepreneurship and tech-related areas.
In foresight, the project expects to spur 350 innovations, create over 700 new jobs, and achieve a 10% increase in revenue among the supported startups.
The SKIES Track 1&2 Ecosystem Intermediaries is a program that focuses on supporting innovation and entrepreneurial environment through intermediaries such as incubators and accelerators.
The World Bank has several programs designed to extend support to MSMEs through fostering innovation, providing liquidity via microfinance banks (MFBs) and savings and credit cooperative organizations (SACCOs).
World Bank also leverages digital channels including instruments that can provide access to private capital, and de-risk lending.
Trade Cabinet Secretary Rebecca Miano (right) signs Commercial Investment Partnership with US counterpart Gina Raimondo (left) in Washington.
Rebecca Miano
