Kenya’s startup ecosystem projected to grow threefold in 2022 – ASSEK

NAIROBI, Kenya, Nov 29 – Kenya’s startup ecosystem is projected to grow from USD 3 billion to USD 10 billion in 2022 retaining its position as a leader for VC investment in Africa.

This was revealed during the Association of StartUp and SME Enablers of Kenya (ASSEK) annual conference held on November 26 which sought to deliberate on ways to boost development through startup ecosystems.

Nairobi senator Johnson Sakaja, who spoke during the event, urged all stakeholders to collaborate in order to drive more growth in the sector.

“ My vision is that as a country we need to work together to embrace our people who create opportunities via start-ups,” said Sakaja.

If passed, Sakaja said the  Start-Up Bill which was introduced in 2020  would provide a legal framework and assist startups in attracting capital.

“Prioritizing the tech sector in matters of economic savvy, the government should intervene to support start-ups. ASSEK can help by playing a facilitating role by measuring data which can help the government know potential areas of investment.”

The Bill proposes among others, proposes to establish the Kenya National Innovation Agency  which will forge partnerships among local and international business incubators; create online directories of start-ups and incubators; and register and certify start-ups and incubators.

ASSEK Chairperson Robert Karanja, who also attended the event, said in a bid to drive growth in the entrepreneurship ecosystem, there was a need to utilize the startup ecosystem as a vehicle to steer development that would integrate with the Big Four Agenda.

The conference-themed driving Kenya’s development through startup ecosystems was also attended by the PS Ministry of East African Community (EAC) Kevit Desai.