Kenya’s ICT Sector To Launch $500m VC Fund and Contribute 8% of the Country’s GDP By 2017

Kenya’s ICT sector is set to contribute up to 8% of the country’s GDP through ITES as well as create 180,000 jobs in 2017.

This was disclosed by ICT Authority CEO Eng Victor Kyalo in his opening remarks at the inaugural National ICT Masterplan – ICT Innovation forum.

“ICT Authority is keenly observing the ICT Masterplan into developing Kenya within which this forum lies. Among the key things that IT innovations can do is the contribution up to 8% of to the country’s GDP by ITEs as well as create 180,000 jobs in 2017 and we are working towards achieving this,” he said.

The ICT sector has also promised to create up to 55 Kenyan-Global companies, 500 million dollars venture capital fund as well as up to $1 Billion in ICT exports.

Speaking on how to use innovation to solve Kenya’s problems Kenya ICT Outsourcing Society Chair and CEO Seven Seas Technologies, Mike Macharia said young entrepreneurs should look at how they can commercialize their companies and also look at how the companies can acquire Intellectual property so that they can sell across the continent and globally. “We need to connect the dots, break down the silos in the ecosystem and collaborate to create value,” he said.

Mike Macharia

Macharia also added that in order to achieve the above set commitments there is need for the ICT Sector to work with the private sector and centre of excellence in universities as this will help in ideas that we implement are integrated at a national university level.

Mr. Macharia also proposed on efforts to create a presidential innovation task force, a government and private owned venture capital fund as well as enactment of favourable procurement and local content laws. “If we are able to do all this Kenya will be Africa’s home of innovation,” he concluded.


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