Kenya’s President William Ruto has committed to sign the Start-up Bill 2022 into law, which is intended to improve the country’s startup sector.
The president stated during Kenya Innovation Week that he will sign the bill into law by April of next year.
“By March, or April next year, we will have a firm startup law in Kenya, which will assist many of our innovators de-risk their innovations and turn them into businesses,” he added.
The Start-up Bill, in the works since 2021, aims to oversee interactions between the government, incubators, start-ups, and investors. Registered start-ups would be given tax advantages and credit, which is supposed to stimulate innovation and job creation in a country with a big number of unemployed youths.
”The kids continue to sustain innovation in our economy, with youth-led firms securing $700 million last year, elevating Kenya to the top African investment destination. The youth also make up the vast majority of Kenya’s unemployed, who are counting on our Plan to help them find work,” added the president.
”As a youthful nation with a vision of a prosperous future, we have no alternative but to recognise innovation as a highly promising tool for opening doors of extraordinary opportunity,” he continued.
Start-ups will have access to much-needed resources such as capital, mentorship, and training if the measure becomes law.
At the same time, the president announced that the Kenya National Innovations Agency would be in charge of establishing the Kenya Entrepreneurship Programme. The programme intends to raise $3 million to help local entrepreneurs grow and attract investors.
”Our commitment to promote innovation seamlessly integrates the provision of ICT infrastructures, comprehensive education, skills and capacity development, policy and institutional interventions, and the mobilisation of diverse stakeholders in pursuit of our ambitious strategy to transform Kenya into a globally competitive knowledge-based economy driven by innovation,” said the president