The Cabinet secretary for Youth Affairs, Creative Economy and Sports Kipchumba Murkomen has called for innovative ways to address youth unemployment in the country.
The CS pointed out that to address the problem of unemployment, the government must continuously push for creative innovation solutions that not only offer the much-needed jobs but also inspire a culture of innovation and self-employment.
Speaking at the 4th Kenya Innovation Week 2024 Africa Edition in Nairobi, Murkomen said that it is important that the country create an innovation culture that would encourage the young people to venture into entrepreneurship.
“The youth are the bedrock of our vibrant innovation ecosystem, making Kenya the leading destination for venture capitalism,” said Murkomen.
According to the Kenya Institute for Public Policy and Research, approximately 500, 000 to 800, 000 youth enter the job market each year. However, the economy has been unable to provide sufficient employment opportunities.
Murkomen said the government is leveraging technology and innovation to create opportunities, reduce inequality and drive the country’s economic growth.
“The innovation week is an annual convention that energizes our innovation ecosystem. It has become a stage for showcasing cutting edge innovations that spur job creation,” said the CS.
He said the government will continuously support innovation and that Kenya Innovation Week (KIW) has evolved into a dynamic forum contributing to the Bottom- Up Economic Transformation Agenda.
The CS divulged that the government is finalizing the national intellectual property policy to ensure innovators and creators get reasonable returns from their innovation and solidify our position as the leading startup destination in Africa.
“The Intellectual Property policy, now in its final stages of development, will robustly protect intellectual property and cement our position as the startup capital of Africa,” he said.
Murkomen said that countries that have actually been able to grow have been proper protectors of intellectual property.
“Most of this research if it is not patented, if it is not given a trademark, if it is not copyrighted and is not given geographical indications, may not have the potential to really attract venture capitalists,” he further said.
Murkomen challenged the youth to take advantage of online opportunities to uplift their lives instead of using social media to spread hate.
The CS acknowledged the role of Kenya National Innovation Agency (KeNIA) in transforming academic institutions and ideas in educational research to working ideas through innovation acceleration.
“Kenya Innovation Week established by the government, convened by the Ministry through Kenya National Innovation Agency serves as a premier platform to assess, celebrate and energize the national innovation ecosystem,” he added.
On his part, CEO KeNIA Dr. Tonny Omwansa said that Kenya 10 Year Innovation Masterplan will bolster the country’s innovation ecosystem and propel the country towards achieving targets for job creation, economic growth and global competitiveness.
“We rise to these challenges by amplifying solution driven conversations, fostering collaborations, and driving investment in the innovation ecosystem,” said Omwansa.
The CEO revealed that this year, the KIW is focused on access to funding ensuring that the innovation plan includes details of access to funding to upscale them.
Omwansa said that according to the Kenya 10-year innovation Master plan there is about a USD19.3 billion formal Micro, Small and Medium Enterprises finance gap in Kenya.
“Access to capital continues to be a major challenge to the growth and sustainability of innovations in the national ecosystem,” he said.
He said that the innovation week will focus on the innovation approach to ensure all partners in different sectors work together and lastly on Human capital achieved through Entrepreneurial leaders training program.
The CEO said that this year’s African Edition of KIW, themed Re Imagining Africa’s Future: Kenya’s Innovation Spark, underscores Kenya’s commitment to the African Union Agenda 2063.
“This year’s event adopts a Pan-African lens, facilitating impactful discussions and fostering innovative approaches to address the continent’s pressing challenges,” he said.
He said that by engaging the youth who are the engine of socio-economic transformation and bridging innovation gaps, we are collectively crafting a roadmap for Africa’s prosperity.
“Youth unemployment remains a critical issue with over 500, 000 young people entering the job market annually amidst limited opportunities” said Omwansa, adding that despite significant strides, challenges persist.
Omwansa said Kenya ranks 97th globally on the Global innovation Index, signaling the need to intensify and improve efforts in strengthening our innovation performance.
“The USD 19.3 billion formal Startups finance gap further highlights the necessity of innovative financing solutions to sustain the ecosystem” said Omwansa.
By Anita Omwenga
