Cabinet Secretary for Youth Affairs, Creative Economy, and Sports Kipchumba Murkomen has urged for innovative solutions to address the country’s youth unemployment crisis. Speaking at the 4th Kenya Innovation Week 2024 Africa Edition in Nairobi, Murkomen emphasized the importance of fostering a culture of creativity, entrepreneurship, and innovation to create sustainable job opportunities.
“The youth are the bedrock of our vibrant innovation ecosystem, making Kenya the leading destination for venture capitalism,” Murkomen stated.
Youth Unemployment and Economic Growth
According to the Kenya Institute for Public Policy Research and Analysis, between 500,000 and 800,000 young people enter the job market annually. However, the economy has struggled to provide adequate employment opportunities.
Murkomen noted that leveraging technology and innovation is key to reducing inequality and accelerating economic growth. He highlighted Kenya Innovation Week (KIW) as a vital platform for showcasing innovations that contribute to job creation and align with the government’s Bottom-Up Economic Transformation Agenda.
Strengthening Intellectual Property Rights
The government is finalizing a national intellectual property (IP) policy to ensure innovators and creators receive fair returns. “The IP policy will robustly protect intellectual property and cement Kenya’s position as the startup capital of Africa,” Murkomen said. He stressed that countries with strong IP protection tend to attract more venture capital and economic growth.
Murkomen also urged young people to utilize online platforms for growth and innovation rather than spreading negativity on social media.
Supporting Innovation Ecosystems
Murkomen acknowledged the role of the Kenya National Innovation Agency (KeNIA) in transforming research and academic ideas into actionable innovations. He praised KIW as a premier platform for assessing and energizing the national innovation ecosystem.
KeNIA CEO Dr. Tonny Omwansa introduced Kenya’s 10-Year Innovation Master Plan, which focuses on funding accessibility, fostering collaboration, and driving investment in the innovation space.
Funding Challenges
Dr. Omwansa noted a significant USD 19.3 billion financing gap for Micro, Small, and Medium Enterprises (MSMEs) in Kenya. He highlighted the need for innovative funding solutions to address this barrier and ensure the growth and sustainability of startups.
“This year’s KIW is focused on ensuring innovations gain access to funding, scale-up opportunities, and human capital development through entrepreneurial leadership programs,” Omwansa said.
Pan-African Commitment
Themed Re-Imagining Africa’s Future: Kenya’s Innovation Spark, this year’s KIW emphasized the country’s role in the African Union’s Agenda 2063. Omwansa noted that bridging innovation gaps and empowering youth are critical to achieving the continent’s socio-economic transformation.
“Despite Kenya ranking 97th globally on the Global Innovation Index, we remain committed to intensifying efforts to strengthen our innovation performance,” Omwansa concluded.
The Way Forward
The government’s focus on innovation, entrepreneurship, and IP protection seeks to empower youth, bridge economic gaps, and position Kenya as a hub for innovation and venture capital in Africa.
