Sh200m set aside for viable business ideas

Industrialisation Principal Secretary Wilson Songa at a past event. Entrepreneurs with innovations that can be turned into business through mass production have a Sh200 million fund to dig into, Mr Songa said. FILE PHOTO | NATION MEDIA GROUP  NATION MEDIA GROUP

In Summary

• “The ministry has set aside Sh200 million to fund innovations that make a difference. We are seeking to attract more funds from the private sector. Consultants will identify ways to involve the 47 counties,” he said.
• Specifically, the conference will explore how the quality of local products can be improved to compete in the international market.

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Entrepreneurs with innovations that can be turned into business through mass production have a Sh200 million fund to dig into, set up by the Ministry of Industrialisation and Enterprise Development.

Principal Secretary Wilson Songa said winners would be identified through a competition formulated by consultants.

“The ministry has set aside Sh200 million to fund innovations that make a difference. We are seeking to attract more funds from the private sector. Consultants will identify ways to involve the 47 counties,” he said.

The government will also seek additional funds from the private sector targeting youth who have innovative ideas but lack funds to turn them into businesses.

Mr Songa was speaking in his office on Thursday about the first national Jua Kali devolution conference running from Wednesday to Friday.

He said the ministry would like county governments to help unlock the potential of medium and small enterprises. “Working with the Council of Governors and Kenya Federation of Jua Kali Association is aimed at developing a county enterprise economy that uses local resources and promotes innovations,”

The conference is being held at Bomas of Kenya and is aimed at finding ways to make the informal sector globally competitive.
IMPROVE PRODUCT QUALITY

Specifically, the conference will explore how the quality of local products can be improved to compete in the international market.

Others are incubation to enable medium and small enterprises to take-off, as well as youth agribusiness and value addition.

Kenya National Federation of Jua Kali Associations chief executive Richard Muteti said they were lobbying the counties to set aside parks where medium and small enterprises can set up businesses, as opposed to having them on road reserves or undefined areas as is the case at the moment.