MoIT, BIC Ethiopia kick off project operation

Addis Ababa, September 15, 2022 (FBC) – Ministry of Innovation and Technology kicked off Ethiopian Business Incubation Community Project operation, and discussed with the project to work together on the incubation ecosystem in Ethiopia, implementation of best practices, new revenue models, capacity building of incubation center staff, operational and organizational management programs, and monitoring support.

The State Minister of Innovation and Technology, Baisa Bedhadha (PhD) called on EU-backed Ethiopian Business Incubation Community Project to work closely with the Ministry by supporting startups and creating new job opportunities, strengthening incubation centers and increasing their services which contribute significantly to the economic development of Ethiopia.

If both entities work with stakeholders by supporting agricultural technology and start-up businesses, expanding market access, facilitating technology transfer, updating indigenous technologies, replacing imported technologies locally, the country will be able to achieve its vision in a short period of time, he explained.

The Team Leader of BIC Ethiopia project, Oliver Petzoldt, stated in the event that the project aims to increase the capacity of selected incubation centers in Ethiopia to provide better services to startups, and to establish 700 startups and create 2500 jobs in the agricultural technology business sector in the next four years.

In addition, he pointed out that the project will provide start-up funds for their work at low interest rates in order to expand the availability of financing for startups.