The most innovative business start ups have been rewarded as the Nairobi Innovation Week came to an end at Taifa Hall, Main Campus, on August, 5, 2016.
Speaking during the closing ceremony, Mr. Julius Korir, Permanent Secretary, State Department for Investment and Industry, Ministry of Industry, Trade and Cooperatives, expressed his optimism that the start ups that pitched at the Nairobi Innovation Week will grow in leaps and bounds and create jobs to the young people.
Mr. Korir as well said that the ministry coordinates funding of business start-ups through various funding agencies like Youth Enterprise Fund, Women Enterprise Fund, Industrial Corporation Development Company among others. The ministry as well links start ups to markets. The Permanent Secretary noted that they need the manufacturing sector to contribute 15% of the Gross Domestic Product.
He urged business start-ups to refine their business pitch with investors in mind in order attract capital. Issues that they need to look into include: having a focus on the market share, dealing with competition, focusing on customer needs and having a good return on investments for the investors.
He urged the academia to work closely with the government and the private sector to help business start ups thrive and create jobs.
On his part, the Vice-Chancellor, Prof. Peter Mbithi thanked the Head of State, H. E. Uhuru Kenyatta for gracing the Innovation Week and increasing government capitation by Kshs. 100 Million to help in funding start-ups. He as well thanked various partners who supported the event among them include: Barclays Bank, Safaricom Limited, Equity Bank, UNICEF, Konza City Technolopolis, Ministry of Education, Ministry of ICT and the Ministry of Industry, Trade and Cooperatives among others.
As the event came to an end, the most innovative business start-ups were given certificates and awards.
The event ended as the partners were hosted for a luncheon by the Vice-Chancellor at the Vice-Chancellors Parlour.