Kiambu sets aside Sh1.3bn for young innovators

Kiambu County on Friday announced that it had set aside Sh1.3 billion for young innovators and entrepreneurs.

Twenty young people will pitch their ideas and those with the best concepts will be vetted, mentored, incubated and given seed capital to comercialise them.

The Kiambu County Youth Innovation and Entrepreneurship Week will be held on December 7-10 at the Jomo Kenyatta University of Agriculture and Technology (JKUAT) industrial park in Juja. It is expected to attract 200 participants, 2O of whom will be selected for funding.

Under the partnership, JKUAT will act as the knowledge partner and provide the physical training ground for the budding entrepreneurs and innovators.

“We have set aside Sh1.3 billion to disburse affordable capital to the youth and facilitate them to create their own employment, add value to their products and link them to markets,” Governor James Nyoro said when he addressed media and project partners at the Kiambu County headquarters on Friday.

“The end goal is to create a conducive environment in which disruptive innovations can be developed which in turn can spur the entrepreneurial spirit and catalyse new areas of growth and opportunities.’’

The organisers and partners of the project include the Ministry of ICT, Innovations and Youth Affairs, JKUAT and 254 Youth Entrepreneurship Awards by Seven Stone.

“The whole idea is to provide a platform for our young and creative innovators to showcase their transformational ideas and ventures. The event has been organised around the core theme of ‘Tech, Value Addition and Manufacturing for Post Pandemic Impact’ with the goal of inspiring and catalysing the next generation of innovators who can respond to the daily challenges facing our society today,” Governor Nyoro noted

Mr Nyoro added that winners will also be linked with industry captains and angel investors who can put money in the startups in exchange for equity.

Maureen Mbaka, chief administrative secretary for ICT and broadcasting, lauded the initiative, saying it will help empower young Kenyans by creating opportunities for themselves and using the internet as a source of livelihoods.

“I celebrate the county on this key milestone in innovation technology for the betterment of the people of Kiambu and the country at large. This is a positive move in the right direction for innovative technology startups both locally and internationally,” she said.

“It is my hope that this event encourages a well-developed, innovation-driven entrepreneurship ecosystem to thrive and that it provides a bedrock for a robust private sector, facilitating the creation and growth for businesses.”

In December last year, KCB Bank inked an ambitious funding deal with the Kiambu County government aimed at cushioning local youth and traders against Covid-19 economic shocks.

KCB agreed to advance Sh1.3 billion to individuals and startups hit hard by the pandemic, with the county government acting as a guarantor, having deposited Sh138 million with the lender as collateral.

The Sh138 million, Mr Nyoro said, is meant to subsidise the interest rate charges so that borrowers can access loans at seven per cent instead of the average market rate of 13 per cent.