Somalia has launched a national startup network to improve collaboration between entrepreneurs, business support organisations and public institutions.
The network was unveiled at the BIC Somali Innovation Forum in Mogadishu as part of the BIC Somali Project, funded by the European Union and implemented by the United Nations Industrial Development Organization (UNIDO).
It will connect startups with incubators, chambers of commerce, government agencies and other stakeholders. According to the announcement, entrepreneurs will gain better access to mentorship, business development services, funding opportunities and partnerships.
The BIC Somali Project has received more than 3,600 applications across three programme cohorts. Around 500 entrepreneurs have completed foundational training, while more than 200 startups have received incubation support. The latest cohort supported 75 businesses.
The initiative comes as Somalia faces significant youth employment challenges. Nearly 500,000 young people enter the labour market each year, while the economy creates about 80,000 new jobs annually, according to officials.
The government is also developing intellectual property legislation intended to strengthen protection for innovators and help registered businesses attract investment and financing. Officials have encouraged entrepreneurs to formalise their businesses to improve credibility, protect intellectual property and access growth opportunities.
Source: Tech Africa News
