Why entrepreneurship is central to Obama’s trip

 

A stressed out businessman. An entrepreneur can triumph over a business failure and rise to start another venture. PHOTO | FILE 

Opinion and Analysis

By ROBERT GODEC

President Obama will this month become the first sitting US President to visit Kenya. This historic visit reinforces the strong ties between the American and Kenyan people, and reaffirms our belief that in the 21st century, the world will see Africa and its citizens at the forefront of economic and social development.

Central to President Obama’s trip is entrepreneurship, that “spark” characterised by innovation and risk-taking. Entrepreneurship is essential to a nation’s ability to prosper in an ever-changing and increasingly competitive global marketplace.

To promote this spark, Presidents Obama and Kenyatta will co-lead the Sixth Global Entrepreneurship Summit (GES) in Nairobi on July 25-26.

Also known as the GES, the summit will bring together some of the world’s leading business innovators to share experiences, make new connections and brainstorm ways to identify and invest in the next big idea.

The first GES in Washington, D.C. in 2010 and the four since then have attracted thousands of business leaders, foundations, investors and social entrepreneurs.

Each has created opportunities to secure financing, improve investment environments and, most importantly, forge new business partnerships.

The GES will come to Sub-Saharan Africa, home of nearly half the world’s fastest-growing economies. Few countries better typify the entrepreneurial spirit than GES co-host Kenya.

From world-leading commerce and banking technologies like M-Pesa to veterinary smart apps assisting small-scale dairy farmers like iCow, Kenya is a pioneer in businesses improving the lives of millions.

When we think of an entrepreneur, we often envision someone in high technology. There is no denying entrepreneurs have improved our lives by revolutionizing how we communicate, manage money, and follow the world around us.

However, entrepreneurs across all sectors – not just information technology – help us expand our economies and improve our lives.

The GES will highlight to the world the successes and potential in Kenya, and will provide an opportunity to start the next great innovative chapter.

Godec is the US Ambassador to Kenya.