The Startup law will be operational by April 2024, President William Ruto stated.
Inaugurating the 3rd edition of Kenya Innovation Week– Commonwealth edition, 2023, which is ongoing at the Edge Convention in Nairobi County, the president noted, “Kenya will have a firm Startup law by April 2024. The Startup Law will derisk innovations and graduate them to commercial ventures.”
Dr Ruto noted that the proposed Startup Bill 2022 is currently at its final stages of discussion.
The bill aligns with the Constitution of Kenya, aiming to foster innovation, technology transfer, and collaboration between research institutions and businesses.
The objectives include encouraging innovative thinking, facilitating startup registration and connections with financial institutions, and establishing a supportive environment for their growth.
The bill emphasizes streamlined regulations, access to funding, creation of innovation hubs and incubators, intellectual property protection, education for entrepreneurial skills, and international collaboration.
The proposed legislation reflects Kenya’s commitment to nurturing a culture of innovation and entrepreneurship, positioning itself as a hub for technological development on the global stage.
Key provisions include startup-friendly regulations, access to funding mechanisms, innovation hubs, intellectual property protection, education, and skills development, and international collaboration.
Nigeria is the first African country to pass law regarding startup law alias Nigeria Startup Act 2022, which aims to strengthen and enable the country’s technological ecosystem.