Connect with us

General News

Kenyan Startups to Gain More Access to International Resources in New Government Initiative

Published

4 years ago

on

[ad_1]

Nairobi — The Ministry of Industrialization, Trade and Enterprise Development (MoITED) has launched Startup Savanna, an international business acceleration programme that will link Kenyan startups to global angel investor and business support resource networks.

Startup Savanna, a Kenya Industry and Entrepreneurship Project (KIEP) initiative, opens a platform where local startups can be facilitated to access a global network of events, accelerators and incubators, mentors, investors, and corporate partners attracting much needed technical expertise and funds to enable them to scale their operations within and beyond Kenya.

Speaking during the launch, Betty Maina, Cabinet Secretary, MoITED expressed confidence in the programme saying that it creates a reliable government-bank pipeline where local startups and SMEs with proven viable projects can access business training and equity funds.

“Through Startup Savanna, Kenyan startups will gain access and linkage to international events and conferences to market their innovations as well as compete globally for partnerships with global industries and business experts for mentorship programmes and training. The startups will also secure opportunities to be part of global incubator and accelerator programs for extensive business support and investment prospecting during investor forums and pitch sessions,” she noted.

Startup Savanna which targets early-stage startups, growth stage enterprises and mature ventures poised for international expansion is expected to expose an estimated 1,000 Kenyan startups to global networks and match approximately 175 Kenyan startups to mentors, investors, international accelerators, and corporates.

“Startup Savanna seeks to continuously deepen the support government is providing to startups and SMEs. Through the project, we will showcase Kenyan innovation and entrepreneurial spirit globally through interactions with global peers, investors, support partners and entrepreneurship ecosystems. We will do this while harnessing the knowledge and learning to pursue business improvement and expansion to increase Kenya’s participation and involvement in global innovation,” noted Startup Savanna Team Leader, Manasseh Miruka.

Establishment of a ready training and funding pool is expected to ignite interest in entrepreneurship appetite for innovation and technology absorption among major employment generating sectors such as agriculture, manufacturing and traditional companies while facilitating commercial relationships with startups. It will also strengthen access to international resources for Kenyan startups and support women entrepreneurs.