The Director General at The Commission for Science and Technology of Tanzania (COSTECH), Hassan Mshinda, has confirmed the country’s readiness to establish an innovation fund in support of local ICT ‘techpreneurs’.
“We are in discussions with Canada, Ireland and UK and they have expressed interests on coming on board as long as the government is also behind it,” said Mshinda.
He added that they hoped the fund will be a soft backup financial option for techpreneurs and that this opportunity would translate to further business opportunities in future.
“What we hope to achieve from the innovation fund is first and foremost the provision of financial backing for ICT developers, but most importantly to also go a step further and use the results of research to identify business opportunities.”
George Mulamula, CEO Dar Teknoloma Business Incubator (DTBi), explained that the funds will be regulated under this incubator and are intended for start-ups that are geared for entrepreneurial business.
He added: “One will also need to have an idea or proposal which solves a social problem or helps the community. This can be turned to a money-making venture by the applicant.”
Makamba, Deputy Minister for Communication, Science and Technology, added that the government will continue to play a major role in the growth of ICT in Tanzania and the fund will provide a means for start-up opportunities to develop and become business ventures.