Kenya’s President William Ruto has stated that he will sign Kenya’s Startup Bill 2022 into law in 2024. Speaking during the Kenya Innovation Week (KIW), the president said he will sign the bill into law by April 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 said.
Details
The Startup Bill which has been in the works since 2021 seeks to govern the interactions between the government, incubators, start-ups, and investors.
Registered startups will receive incentives such as tax breaks and access to credit, a move that is expected to boost innovation and job creation in the country with a large population of unemployed youths.
What They’re Saying
‘’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‘’, President William Ruto 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,’’ he added.
By The Numbers
The president revealed that the Kenya National Innovations Agency was coordinating the establishment of the Kenya Entrepreneurship Programme. The programme aims to mobilize $3 million to enable local startups to scale up and attract investors.
Data Insights
Currently, only four African countries have signed Startup Bills int law.
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