[kictanet] Israel lessons on how to fund profitable start-ups

[S.M. Muraya]

Dear Listers,

December 2017, there was no comment on KICTANET for this article. Singapore
vs. Israel: Who’s the better role model?
https://www.kictanet.or.ke/?p=36145

Like we have said on this list, KES 100 Bln, per annum, can do wonders in
Kenya..  https://www.kictanet.or.ke/?p=37640

Now that a foreign diplomat has spoken on how they (Israel) fuelled start
ups, will this particular go.ke respond & provide budgetary support next
year?

https://www.businessdailyafrica.com/markets/marketnews/Israel-lessons-on-how-to-fund-start-ups/3815534-5156434-jvww1tz/index.html


*Israel lessons on how to fund profitable start-ups*
By JAMES KARIUKI, THURSDAY, JUNE 13, 2019 19:20

SUMMARY


   - Kenya must generate internal funds that startups can draw from in
   order to thrive.
   - Israeli is closely working with Kenya to formulate a partnership deal
   that will see Kenyan and Israeli companies collaborate in trade.

An Israeli diplomat has advised Kenya to provide seed capital to startups
to ignite a culture of innovation.

Speaking in Nairobi, Israel Embassy head of economic mission, Arnon Abel
said Kenya must generate internal funds that startups can draw from in
order to thrive.

“In the nineties, the Israeli government injected Sh100 billion which
helped many startups implement their ideas. In some cases, the government
suffered losses but in other projects that succeeded, the government got
back its money,” he said.

He told a Startup Ecosystem Forum held in Nairobi that emergence of a
vibrant startups ecosystem attracted multinational players that established
research and development centres across Israel, which serve as incubation
hubs for startups.

Israeli is closely working with Kenya to formulate a partnership deal that
will see Kenyan and Israeli companies collaborate in trade.

“In Israel, the military, government, private businesses, academia and
multinationals among other entities actively fund startups as a way of
seeking new strategies to improve their businesses and be ahead of the pack.

“The research and development centres (Cyberhubs) enjoy funding from global
multinationals keen on learning firsthand how to improve their products or
service delivery channels,” he said.

Finland ambassador for innovations, Jarmo Sareva said failure of startup
projects should not lead to despair in funding new enterprises.

“Governments and companies must support startup forums to spur networking
among innovators. Companies use the forums to present problems that
startups spend time seeking commercial solutions,” he said.
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