Uganda plans national startup policy for 2024

By : Adoni Conrad Quenum

Date : jeudi, 16 novembre 2023 15:09

In recent years, the African continent has witnessed a proliferation of startups. However, in numerous countries, authorities have not sufficiently supported their growth. Recognizing this gap, Kampala has decided to address the issue.

Uganda is planning to introduce a national policy for startups. The project, led by the Private Sector Foundation Uganda (PSFU), is supported by the Mastercard Foundation and coordinated by the Ugandan Ministry of Commerce, Industry, and Cooperatives. The aim of the policy is to govern interactions between the government, incubators, startups, and investors, with a view to promoting a culture of innovation and entrepreneurship in the country.

"Several multinationals come here and get several business facilitation privileges yet not so much is done for local start-ups. We believe that with this policy, Ugandan start-ups will have a chance to compete favorably on the market as it will not only establish what they need but also how to get support," said Keneth Twesigye, lead policy at Startup Uganda.

Uganda is actively enhancing its technological ecosystem. To qualify as a startup in the country, specific conditions must be fulfilled. These include maintaining a temporary management structure, allocating a portion of the budget to research and development, having majority ownership by Ugandans, and being locally incorporated in Uganda.

Let’s note that in Africa, the technology ecosystem is booming. African startups attract investors from all over the world, but for a variety of reasons, the largest share of funds is invested in Nigeria, South Africa, and Kenya. In the "Venture Capital Activity in Africa Q3 2023" report published by the African Private Equity and Venture Capital Association (AVCA), over $2.95 billion was invested in African startups in the first nine months of 2023.

Adoni Conrad Quenum


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