President of Kenya William Ruto has stated that he will sign Kenya Startup Bill 2022 into law in 2024. Speaking during the Kenya Innovation Week (KIW)the president said he would sign the bill into law by April next year.
“By March or April next year, we will have a solid startup law in Kenya that will help 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 government, incubators, startups and investors.
Registered startups will receive incentives such as tax breaks and access to credit, a move expected to boost innovation and job creation in the country with a large population of unemployed youth.
What they say
‘“Youth continue to drive innovation in our economy, with startups securing $700 million last year, making Kenya a leading African investment hub. The youth are also the vast majority of the millions of unemployed Kenyans who rely on our plan to unlock employment opportunities”, President William Ruto he said.
”As a young nation with a vision for a financially secure generation, we have no choice but to recognize innovation as a promising tool for unlocking the doors of unprecedented opportunity.,” he added.
By The Numbers
The president revealed that the Kenya National Innovation Agency he coordinated the creation of the Kenya Entrepreneurship Programme. The program aims to mobilize 3 million dollars to enable local start-ups to scale and attract investors.
Data Insights
Currently, only four African countries have signed up to launch bills.
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