Friday, February 23, 2024
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Kenya Launches Technology Innovation Fund for Startups

The Kenyan government, in partnership with various development partners, has announced the establishment of a technology innovation fund through the Kenya Development Corporation (KDC). The main goal of the fund is to provide financial support to startups and mature tech businesses in the country, enabling them to expand their services and goods. Moses Kuria, the Cabinet Secretary for the Ministry of Investment, Trade & Industry has stated that the coalition of development partners involved in this initiative will be contributing towards supporting innovation on the platform.

The fund is expected to provide innovators and startups access to both debt and equity capital, as well as grants which will facilitate the growth of their ideas. Crucially, Kenya seeks not only to encourage innovation but also to focus on developing digital products that can be exported, creating value for the country. John Tanui, the Information, Communication and Digital Economy Principal Secretary has emphasized the importance of exploring new and innovative ways to develop the creative sector in Kenya.

The Kenyan government is also prioritizing intellectual property rights, particularly for innovators in institutions of higher learning. To this end, Kenya Industrial Property Institute (KIPI) has been tasked with identifying innovations in schools, colleges, and universities, and providing patents and copyrights at the institution level. In addition, the government is in the process of setting up Pasha, a management system that will enable investors to track the implementation of their concerns.



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