URSB, Stanbic Incubator to train small businesses

Uganda Registration Services Bureau (URSB) and the Stanbic Business Incubator have partnered to support businesses to formalise. PHOTO/ FILE

By MARTIN LUTHER OKETCH

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Uganda Registration Services Bureau (URSB) and the Stanbic Business Incubator have  partnered to

support businesses to formalise. The partnership will involve training Micro Small and Medium Enterprises (MSMEs) to enable them overcome some of their challenges while nurturing innovation through protection of intellectual property and commercialising their creations. 

 The collaboration which was announced on Tuesday aims at supporting and driving economic growth in Uganda by equipping the MSMEs with business skills to run their enterprises. 

 The collaboration will also will focus more on the creative industry leading to the creation of an innovation hub to attract, nurture and support innovative entrepreneurs protect their creations, besides helping them attract financing using their intellectual property as collateral. 
 Officials from the URSB and Stanbic Business Incubator further stated that this partnership will offer MSME mentorship and training programmes across the country to encourage nation-wide business support. The two will also explore opportunities to onboard Local Governments who have been identified as fertile grounds for starter innovators that need mentoring.

 “Our focus is not to only support businesses to formalise, but we also ensure that they thrive, get commercial value from their innovations and grow. This partnership that is geared towards creating innovation hubs presents a transformative approach for growing our economy through business,” Ms Mercy Kainobwisho, the Registrar General URSB said.

 Ms Kainobwisho explained that URSB has over the years been involved in formalising business operations for the bulk of MSMEs who form over 80 per cent of Uganda’s business sector and has front-led collaborative efforts to stimulate innovation, accelerate ease of doing business and continuously provide support services to keep entrepreneurs in business.

Aiding business growth
Mr Tony Otoa, the chief executive officer of Stanbic Business Incubator, said the partnership would help MSMEs to harness business and growth opportunities. 
“We are always looking towards partnering with entities that have similar interests in supporting businesses to thrive. Our intensive training in entrepreneurial attitude, financial literacy, business analysis and planning as well as compliance and corporate governance are a timely addition to URSB’s services that promote the ease of doing business and nurturing of innovations,” he said.

Aim of partnership
Creative industry
The collaboration will also will focus more on the creative industry leading to the creation of an innovation hub to attract, nurture and support innovative entrepreneurs protect their creations, besides helping them attract financing using their intellectual property as collateral.