CLAVER MUTINTA
Lusaka
THE Ministry of Technology and Science is today expected to launch the United Nations Development Programme (UNDP) ‘Timbuktoo Initiative’.
This is a ground-breaking step to the construction of a mine tech hub facility that will create jobs and help start-ups and innovators to mobilise venture capital, explore mine advancement technologies, and embrace a technical knowhow facility that will also spur Zambia’s mining sector.
“In terms of value, African start-ups are at two percent globally, which is very, very low, and in terms of the support to raise capital, almost 90 percent of the start-up capital is raised from outside Africa, and that is what we want to reverse,” Minister of Technology and Science Felix Mutati said yesterday.
Global influencers and venture capitalists have arrived in the country for the launch of the hub, which will be domiciled at the National Institute of Scientific and Industrial Research (NISIR).
And UNDP resident representative James Wakiaga said the idea of launching hubs across the continent is to support African startups by providing capital to youth, thereby leveraging and fostering African innovation.
He said under Timbuktoo Initiative, the idea is to mobilise US$10 billion over the period of 10 years through, among others, bringing along major venture capitalists.
“We are glad that we are making the first step,” Mr Wakiaga said…..https://enews.daily-mail.co.zm/
