Policy makers have been urged to create a platform that will connect innovators with potential investors to help scale up businesses.
According to Mercy Kimalat, the CEO of the Association of Startups of Kenya, fostering collaborations and partnerships is crucial for raising capital, commercializing startups, and positioning Kenya as a regional startup hub.The East African startup ecosystem is currently valued at KSh 904 billion, with global investors injecting KSh 258 billion over the past three years.
However, experts argue that this figure could rise significantly if a structured platform is established to help small and medium-sized enterprises (SMEs) showcase their products and businesses. Such a move would attract business partners and open new market opportunities.
Innovators have also been encouraged to explore cross-border business opportunities to enhance growth and sustainability. Additionally, institutions of higher learning have been challenged to establish incubation hubs to support startups through their entrepreneurial journeys. These hubs would provide mentorship, funding opportunities, and networking avenues to foster innovation and commercialization.
Stakeholders further emphasized the need for policies that will drive local innovations, reducing the dependency on imported technologies while creating job opportunities for Kenyans.
By implementing favorable policies and support systems, Kenya has the potential to become a leading startup hub in Africa, attracting both local and international investors.
With the rapid evolution of technology and entrepreneurship, industry players stress the importance of a structured framework that nurtures startups, provides financial backing, and integrates them into global markets. The call for action now lies with policy makers to ensure Kenya’s startup ecosystem thrives in the coming years.
