He mentioned that the government has allocated over Shs90 billion to support innovation promotion in the country, focusing on ecosystems, incubation programs, and similar initiatives.
"The government is open to collaborating with investors and scientists through the Ministry of Science, Technology, and Innovation. Within the ministry, our belief is that innovation should ultimately lead to the development of products that consumers are eager to purchase," he stated.
Mr. Gonahasa made these statements while presiding over an event where the Youth Start-up Academy Uganda (YSAU) entered into an investment agreement with the Korean venture capital firm Ventureport, aimed at advancing the growth of local startups in Uganda.
YSAU, a project funded by the Korea SMEs and Startups Agency (KOSME), is executed in partnership with the International Trade Centre (ITC), Hive Colab, and the National Information Technology Authority (NITA-U). Its overarching goal is to contribute to the enhancement of youth employment in Uganda by improving the startup ecosystem for young entrepreneurs, fostering innovation, and generating job opportunities within the region.
Ms. Rita Ngenzi, the national coordinator for YSAU, emphasized that this transformative project also seeks to incubate and nurture the talents of 1,000 young entrepreneurs, with the ultimate objective of cultivating a thriving startup ecosystem in Uganda that bolsters youth employment and entrepreneurship.
While Ms. Ngenzi did not disclose the specific financial details of the investment deal, she did mention that they would be receiving technical support from the donors involved.
The event showcased the state-of-the-art maker space established by YSAU at Hive Colab. This maker space, equipped with machinery and tools, offers young Ugandan entrepreneurs a facility where they can design and innovate their products before bringing them to market.
Mr. Valeriu Stoian, the programme officer for enterprise competitiveness at the International Trade Centre, emphasized that this agreement marks the first Korean venture capital investment in a Ugandan company. He expressed optimism that it would empower entrepreneurs to contribute significantly to the country's economic growth.
"This is the inaugural instance of Korean venture capitalists investing in a private enterprise in Uganda, and the funds they receive from this investment will facilitate the growth of their businesses," he affirmed.
Stay Updated!
Subscribe to Our Newsletter to get notified about latest scholarships and study tips
Trending News
Related Articles