The E4Impact Foundation has formally admitted the first cohort of 20 Kenyan businesses that will be supported by the E4Impact Accelerator Programme for the next one year.
Funded by the Italian Agency for Development Co-operation, the accelerator programme will host 20 Kenyan businesses so as to: support their growth, increase their revenues, guide them toward profitability and impact as well as give them partnership access to Italian businesses.
The accelerator builds upon the existing partnerships between the E4Impact Foundation, Tangaza University College and the Universita Cattolica del Sacro Cuore (UCSC) of Milan (Italy) and drives on the improved strategy that focusses on working with startups instead of just dealing with training universities in driving entrepreneurship.
According to E4Impact Foundation CEO Prof. Mario Molteni the accelerator which is on its first cohort chose the 20 startups of the over 250 that applied as they were focused on the Big Four government agenda as well as those with links to agri-food value chain, leather, fashion, processing and manufacturing and green renewable energy.
Speaking at the same event director at Italian Agency for Development Co-operation Dr. Teresa Savanella who body among other organizations have funded the accelerator said it was the hope of the donors that the accelerator would produce a favorable learning environment where startups can share ideas as well as experiences and above all create employment.
The government through the Ministry of Industrialization and Enterprise Development has also said that it was working towards enhancing access to capital for startups and has already agreed on the merging of the various government funds so as to form an enterprise fund. The government has also recently signed an agreement with the world bank to fund innovation to the tune of $50 million as well as link innovators to businesses in the private sector.
Kenya Chamber of Commerce and Industry is an implementing partner in the E4Impact Accelerator Programme.