BY EVA NAMUGABI: Educationalists recommend that start-ups in the innovation sector need to come up with solutions that are suitable for the local communities to help in solving challenges and transformation.
The Director MUBS Entrepreneurship Innovation & Incubation Centre Diana Ntamu, says innovation hubs should work and interact with the community to understand their concerns and come up with the required solutions.
According to Ntamu collaboration between communities, public and financing institutions with innovators is important when it comes to viable solutions but also mitigating gaps in the sector like financing.
Audrey Akullo, an innovator and entrepreneur specialist at the African innovations Institute also emphasized that the innovation sector has a lot of potential to transform the livelihood of many people and the entire economy; however, funding is still a missing link. According to Akullo the innovation sector contributes 0.4 percent to the economy.
In her remarks at the 6th SWARM Summit, Akullo stated that the sector projects to increase its foreign direct investment to 102.4 US million dollars in 2024 from the previous five million dollars.
Akullo interprets the increase in foreign direct investment in the innovation sector as a sign that the international community is paying close attention to the developments in the sector especially in the area of policy regulations.
The African innovations Institute according to Akullo specializes in the field of value chain innovation, enterprise development and mostly eco-system enablers. Akullo says that Uganda having a promising young population that can innovatively come up with new ideas puts the country in a competitive advantage to attract investment which comes with funding.
“Currently the innovation sector is still suffering problems of low innovation at an innovation index of 3.6 out of 6 at 120 position on global scale, so we want to improve that level by supporting these young innovators atleast have their ideas come to live get funding and try them out in the market’’adds Akullo
Sharing his insights Alvin Katto, the Country Manager African Management institute proposed that higher institutions of learning need to utilize the networks they have to bargain for partnerships that can help to accelerate the entire ecosystem of start-ups.
According to Katto, Universities have developed entrepreneurship centers which support students; however, many fail to penetrate the market due to lack of connections, finance among other issues.
He notes that through working together measures can be put in place to enable innovators and researchers develop products from their new knowledge but also support them in the line of intellectual property.
The 6th SWARM Summit-organized by Hive Colab under the theme, “The Future is now: Emerging Trends Shaping Startup Ecosystems,” promises an immersive exploration of the trends reshaping the entrepreneurial landscape aimed at exploring emerging trends that are shaping the future of startup ecosystems .
In the area of digitalization, the Permanent Secretary Ministry of Information, Communication and Technology-ICT Dr. Aminah Zawedde tasked innovators to come up with solutions to threats posed by new technologies.
Zawedde says that the government through the ministry of ICT is committed to developing digital and electronic services across key priority sectors to ensure efficient and accessible service delivery to the populace.