Innovative Youths To Benefit From Sh1million Business Support

 

Innovative youths to benefit funds for business support 

Innovative youth have two weeks to apply for the Skies Business Incubation Program 2024 in order to benefit from a Sh1 million worth of business support mentorship and training the World Bank.

The programme that seeks to boost innovations in the manufacturing and value addition, agriculture, the creative economy, health and digital technologies sectors will see winners also set to benefit from expert support in fundraising and business.

Mount Kenya University (MKU), one of the main partners of the programme, Head of Innovations, Intellectual property and community Engagement Donatus Njoroge said about 40 early stage businesses will be incubated and offered technical business support.

Njoroge, the project lead said at least 20 innovators will benefit for track one and 16 for track two, along with 532 students who will receive scholarships for rapid tech skills training.

“The youth have two weeks to apply. Successful ones will get Sh1 million each in business support but not a cash grant. We encouraged people living with disability, women and marginalized groups to take advantage and apply,” said Njoroge.

The Strengthening Kenya’s Innovation Ecosystem (Skies) programme also seeks to benefit intermediaries that incubate and accelerate enterprises engaged in various value chains.

The event that was held at MKU Thika seeks to improve services of 200 accelerators, incubators and tech boot camp providers in the country that have been instrumental in boosting innovations.

MKU’s innovation hub is among the centres and was jointly funded by the Erasmus+ programme of the European Union two years ago has been the hallmark of excellence in SME support across the country in supporting the life cycle of innovations, from inception to market diffusion and commercialization, according to Njoroge.

The innovations are supported by the Kenya Industry and Entrepreneurship Project (KIEP) and implemented by the Ministry of Investments, Trade and Industry, Spineberg and E4Impact Foundation.

David Cheboryot, E4Impact Foundation representative and one of the directors of the management firm said Skies will be working on building intermediary capacity, empowering tech education and fostering an environment of collaboration, where intermediaries join hands to enhance startup support and share best practices and ecosystem learnings.

“Among the startup challenges identified are funding gaps (particularly in follow-up funding), policy fluctuations and regulatory adjustments,” Cheboryot said.

By Muoki Charles