Kenyan President, William Ruto, has pledged to sign the Startup Bill 2022 into law by April 2024.
“By March, or April next year [2024], 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 said.
The Kenyan Startup Bill, in development since 2021, aims to regulate interactions among the government, incubators, startups, and investors in Kenya. Registered startups under this bill will be eligible for incentives, including tax breaks and access to credit.
These measures are anticipated to stimulate innovation and job creation in the country, particularly among the sizable population of unemployed youths.
‘’The youth continue to sustain innovation in our economy, with youth-driven startups securing $700 million last year, making Kenya a top African investment hub. The youth are also the overwhelming majority of the millions of unemployed Kenyans who are relying on our Plan to unlock employment opportunities,” the President said.
“As a young nation with a vision of an economically secure posterity, we have no choice except to recognize innovation as a highly promising instrument for unlocking the doors of unprecedented opportunity.”
Simultaneously, President William Ruto disclosed that the Kenya National Innovations Agency is spearheading the creation of the Kenya Entrepreneurship Programme. This initiative seeks to mobilize $3 million to facilitate the scaling up of local startups 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 mobilization of diverse stakeholders in pursuing our ambitious strategy to transform Kenya into a globally competitive knowledge-based economy driven by innovation.’’ said the President.
So far, Nigeria, which signed its Startup Act in November 2022, Senegal, and Tunisia are the African countries to have implemented a Startup Act across the continent.
Nigerian🇳🇬 President Signs Startup Act into Law – The Third of its Kind in Africa
Nigeria becomes the third country to have a Startup Act in Africa after Senegal🇸🇳 and Tunisia🇹🇳, while Kenya🇰🇪 and Ethiopia🇪🇹 are also pursuing their own.https://t.co/wt5D6vJ2cW
— BitKE (@BitcoinKE) November 2, 2022
Kenya and Ethiopia are among the countries known to be developing their own.
NB: If you’d like to set up a startup in Kenya, please reach out via [email protected]
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