Ministry working to establish national innovation fund to support start-ups

Addis Ababa, May 18, 2023 (FBC) – Ministry of Innovation and Technology (MinT) has been working to establish a national innovation fund to support start-ups.

This was noted while Ministry of Innovation and Technology in collaboration with the German International Cooperation Agency (GIZ) yesterday validated innovation fund management and Science, Technology and innovation policy implementation framework documents.

On the occasion, the Minister Belete Molla (PhD) said that the Ministry has the responsibility to prepare and implement national innovation and technology research and development policies, strategies and programs.

It was learnt that MinT is expected to provide support for the promotion of domestic innovation skills through establishing internationally standardized laboratories, workshops, and information communication technology parks to facilitate the establishment of an innovation fund, according to EPA.

MinT has also been mandated to establish a system that enhances the participation and role of the private sector to create a conducive environment for implementation of STI policy, grant of awards and incentives and contribute to the advancement of the sector As to minister, one of the key challenges for the private sector on innovation and technology development is lack of diversified and coordinated innovation, research and startup funding mechanisms.

Currently, MinT has been working to establish national innovation funding schemes with an overarching governance and guidance of the national science, technology and innovation council. The draft startup act and innovation fund proclamation is in process discussion and refinement towards ratification by the government.

For her part, GIZ-Employment and Private Sector Development Center Cluster Coordinator Aregash Asfaw said that Germany supports innovative startups and private sector business developments. Ethiopia’s homegrown economic reform agenda and a ten years development strategy recognizes the role of the private sector in the country’s economy.

Some of the focus areas are public institutions to improve the framework condition for the private sector to create an enabling environment for the private sector that would enable to create jobs and wealth to the country, she said adding that “We support improving the framework condition of the private sector involvement in the country.”