President William Ruto has announced that the Startup Bill 2022 will be signed into law by April 2024 to boost Kenya’s burgeoning startup ecosystem. The bill aims to foster innovation, create jobs, and attract investment to the Kenyan startup sector.
Points To Note :
The Startup Bill will provide tax breaks, access to credit, and a platform for startups to access resources and support.
The bill is expected to establish a legal framework to boost tech growth and attract talent and capital to Kenya.
The move comes as Kenya grapples with high youth unemployment, with startups seen as a potential solution.
Impact on Kenyan Startups:
- The Startup Bill will create a more supportive environment for startups to thrive in Kenya.
- Startups will gain access to much-needed resources, including funding, mentorship, and training.
- The bill is expected to boost innovation and job creation in the Kenyan economy.
- The Startup Bill has been in the works since 2021 and has received support from various stakeholders.
- The bill is expected to undergo further discussions in the Senate before being signed into law.
- The Kenyan government is committed to supporting the growth of the startup sector, recognizing its potential to drive economic growth and development
Overall, the signing of the Startup Bill into law is a significant milestone for Kenya’s startup ecosystem.The bill is expected to create a more enabling environment for startups to flourish, contributing to Kenya’s economic transformation.
During the Campaign time the President empahasised on the Bottom up Model which was the most efficient way of lifting the Startups and people on low economy and pyramid structure.However the Manifesto in its Campaign was talored towards the low income earners.
Kenyans are already feeling the pinch from soaring prices for basic necessities, along with a sharp drop in the value of the local currency