A local investment firm is rooting for the establishment of a special agency to nurture entrepreneurs in Kenya after the upcoming Global Entrepreneurship Summit.
The event, which starts on July 25 to 26, is expected to host more than 3,000 delegates to discuss investments and business ideas.
Cytonn Investments, in its weekly reports on the country’s investment market, said Kenya stands to benefit a lot from such support structures due to an already existing “entrepreneurial spirit”.
“As with most conferences and summits, what really matters is what happens after the summit. For Kenya, entrepreneurship can be enhanced through creation of a specific agency that is professionally administered, with specific accountability and deliverables to nurture entrepreneurship in the country, especially for women and youth.
For example, in the US, the Small Business Administration exists specifically to assist small businesses,” notes the firm in the report.
Cytonn said Kenya is strategically located — making it a regional hub, has great weather and an educated workforce that attracts investors, among other things, giving it a greater potential for entrepreneurial take-off.
According to the firm, the summit will be a significant opportunity for the country to overcome its biggest challenge of reluctance or inability to exploit its vast potential.
Cytonn identified improvement in access to capital for entrepreneurs, ease of doing business, quicker commercial dispute resolution and easier access to the capital markets as some of the key areas Kenya needs to focus on after the summit.
Nairobi will play host to the 6th summit being co-hosted by US President Barrack Obama and Kenya’s President Uhuru Kenyatta.
This will be the first time that the summit is held in sub-Saharan Africa, after Turkey, the UAE, Malaysia, Morocco and the US, which have hosted the GES. New markets have been opened and business barriers broken in the past forums.