African ministers map first continental start-up roadmap

07 Dec, 2022 - 16:12 0 Views
African ministers map first continental start-up roadmap

The Chronicle

AFRICAN ministers in charge of startups, high-tech innovation and entrepreneurship sectors met in the Algerian capital, Algiers, on Monday and Tuesday this week to discuss and adopt the first ever roadmap aimed at boosting the continental startup ecosystem.

In a statement, the Algerian Ministry of Knowledge Economy, Startups and Micro-enterprises said the meeting ended with decisions that contained new mechanisms meant to establish the first high-level pan-African cooperation in the field of startups, making it a national economic priority through governmental development programs.

“On the other hand, emphasis was placed on coordinating activities and policies at the continental level to upgrade Africa’s position within the global ecosystem,” it said.

The ministry said in order to concretely materialise the outcomes of the meeting, it was agreed to establish national contact points and form a permanent secretariat for the African Startup Conference, in order to activate and monitor the implementation of the roadmap.

“Furthermore, an African Ministerial Council in charge of startups within the African Union will be created as a dialogue space for the different ministers operating in the sector,” it said.

In addition to these procedures, government sponsored incubators or accelerators will be put in place to be a point of contact and connection between the various African start-up ecosystems, as a “soft-landing” space so as to enhance communication between them, it explained.

“As for financing, it was decided to start working on establishing an African fund of funds “FOF” for startups, in order to finance innovative projects in the continent, while facilitating the movement of startups and talents through coordination with the relevant authorities of various countries; in order to facilitate the transfer of talents and startups across Africa,” the ministry said. -New Ziana

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