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Home » Sustainability » World Bank-Kenya Partnership Avails Sh321.3 Billion to Mentor SMEs

World Bank-Kenya Partnership Avails Sh321.3 Billion to Mentor SMEs

Editor by Editor
21 June 2024
in Sustainability
Reading Time: 2 mins read
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Cecilia Mwangi - Innovation Ecosystem Manager, Philip Maitha - KIEP Project Coordinator, Grace Aluora from Sote Hub, a Track 1 Incubator under the KIEP-SKIES project and David Cheboryot - KIEP-SKIES Team Lead. /Handout

Cecilia Mwangi - Innovation Ecosystem Manager, Philip Maitha - KIEP Project Coordinator, Grace Aluora from Sote Hub, a Track 1 Incubator under the KIEP-SKIES project and David Cheboryot - KIEP-SKIES Team Lead. /Handout

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The Kenya Industry and Entrepreneurship Program (KIEP) has unveiled 13 ecosystem intermediaries selected from 364 applicants. These intermediaries will be trained and funded to enhance their capabilities in supporting small and medium-sized enterprises (SMEs).

The initiative, called SKIES Track 1&2 Ecosystem Intermediaries, is part of the KIEP subcomponent, Strengthening Kenya’s Innovation Ecosystem (SKIES). It includes nine incubators and accelerators, and four tech bootcamp providers, chosen for their significant impact on helping SMEs across Kenya adopt innovation and increase productivity.

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During the event, Dr. Juma Mukhwana, Principal Secretary for the State Department for Industry, stated, “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. By empowering these dynamic incubators, accelerators, and tech boot camp providers, we are nurturing the next generation of Kenyan entrepreneurs and unlocking the country’s economic potential, particularly increasing tech skills uptake among women.”

The selected intermediaries are:

  1. Swahilipot Hub Foundation
  2. Eldo Hub Innovations and Technologies Limited
  3. Nakuru Box Innovation Centre
  4. Sote Hub
  5. PTRE Incubation Centre – Moi University
  6. Mount Kenya University Innovation and Incubation Centre
  7. Kilimanjaro Blind Trust Africa – Africa’s first Assistive Technology Accelerator
  8. Somo East Africa Limited
  9. Ongoza Institute
  10. Startup Lions Assets Kenya Limited
  11. FabLab Winam Foundation
  12. Rift Valley Institute of Business Studies
  13. LakeHub Academy

These 13 intermediaries, acting as enablers in the Bottom-up Economic Transformation Agenda, focus on sectors such as manufacturing, agriculture, health, affordable housing, and the digital and creative economy. They will receive performance-based grants totalling KES 321.3 million to implement Performance Improvement Plans (PIPs), incubation, and acceleration. The nine incubators and accelerators will support 390 startups/scaleups, while the four tech boot camps will train 320 students in entrepreneurship and tech-related areas.

The project aims to spur 350 new innovations, create 736 new jobs, and achieve a 10 percent increase in revenue among the supported startups/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/scaleups. This initiative is part of the Kenya Industry and Entrepreneurship Program (KIEP), funded by the World Bank and implemented with the support of the management firm Spineberg-E4Impact Joint Venture.

Tags: SMEsWorld Bank
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