Lack of enough funding facing Africa’s innovations and startups extensively stagnate the continent’s innovation and technological growth, delegates at the African summit (OAIS) agree.
Speaking today at the opening session of the OAIS summit in Nairobi, Kenya’s permanent secretary for information and communication Dr. Bitange Ndemo said many innovations and startups in Africa have as a result failed to win the confidence of the investors.
“Funding has become a problem we need risk takers, some ideas die because of lack of funds,” said Ndemo.
According to Ndemo, the governments need to step in to ensure discipline among innovators and win the confidence of the investors.
Dr. Ndemo expressed that for the technological innovation to prosper, the government should boost the confidence of the investors.
The minister added that the government resource is strained and the technological innovations shouldn’t rely on the government funding. Instead, African government should boost public-private partnership.
Finish ambassador to Kenya Ms. Sofie From-Emmesberger echoed Dr. Ndemo’s statement saying technological innovation remain the best way to fight poverty as it could create wealth and economic stability.
The two were speaking at the opening summit of the Open innovation Africa’s summit. The three-day event, which is underway in Nairobi, has brought together over 120 delegates from Africa and other continents.
