World Bank, partners avail Sh321.3bn to support SMEs

Source: Capital FM Kenya
Author: Irene Mwangi

NAIROBI, Kenya, May 30 - 13 out of 364 ecosystem intermediaries will be trained and funded under a World Bank program to enhance SME training capabilities.

The group was unveiled yesterday by the Kenya Industry and Entrepreneurship Program (KIEP).

The initiative, Strengthening Kenya's Innovation Ecosystem (SKIES) Track 1 and 2 Ecosystem Intermediaries under the KIEP subcomponent, selected the nine incubators and accelerators and four tech bootcamp providers who demonstrated significant impact in helping SMEs across Kenya adopt innovation and enhance productivity.

"The launch of the SKIES Track 1&2 Ecosystem Intermediaries is a crucial step in our efforts to support innovation and productivity in the Kenyan private sector," Juma Mukhwana, Principal Secretary for the State Department for Industry, said.

The selectees include Swahilipot Hub Foundation, Eldo Hub Innovations and Technologies Limited, Nakuru Box Innovation Centre, Sote Hub, PTRE Incubation Centre, Moi University, and Mount Kenya University Innovation and Incubation Centre.

Others are Kilimanjaro Blind Trust Africa, Africa's first assistive technology accelerator; Somo East Africa Limited; Ongoza Institute; Startup Lions Assets Kenya Limited; FabLab Winam Foundation; Rift Valley Institute of Business Studies; and LakeHub Academy.

The 13 intermediaries that act as enablers in the bottom-up economic transformation agenda, focusing on sectors such as manufacturing, agriculture, health, affordable housing, and the digital and creative economy, will also receive performance-based grants totaling Sh321.3 million to implement Performance Improvement Plans (PIPs), incubation, and acceleration.

The nine incubators and accelerators will support a total of 390 startups and scaleups, while the four tech boot camps will train 320 students in entrepreneurship and tech-related areas.

The project expects to spur 350 new innovations, create 736 new jobs, and achieve a 10 percent increase in revenue among the supported startups and scaleups.

SKIES will build the capacity of these ecosystem intermediaries, helping them develop sustainable business models, expand their reach, and improve the quality of services they provide to startups and scaleups.