Arch to Africa: Nairobi
World Innovation Ranking 2024 continues its journey trough continents. Today we’ll take a close look at Africa, and on one of the key and promising spots here - Nairobi.
Geography
Placed close to such air hubs as Dubai, Kenyan capital has a developed logistics hub with extensive aviation connections throughout Africa, Europe, and Asia. Kenya, itself located in East Africa, popular among European and American tourist thanks to Nature and other points of interest. Starting from 2018 Kenya Airways initiated direct flights to New York City in the United States.
Nairobi’s population currently is more 4 million people, making it the biggest metropolis in the region. Kenya is a member of the East Africa Community (EAC) and The Common Market for Eastern and Southern Africa (COMESA)
Investment climate
In 2023, Kenya announced a series of tax and regulatory reforms aimed at improving Kenya’s investment climate, including completing Kenya’s National Tax Policy, and keeping it in place for a minimum of three years.
Kenya Investment Authority (KenInvest), the country’s official investment promotion agency. KenInvest’s mandate is to promote and facilitate investment by helping investors understand and navigate local Kenya’s bureaucracy and regulations.
The African Private Equity and Venture Capital Association (AVCA) report on VC performance in Africa ranks Kenya as having the 2nd most developed venture capitalist ecosystem in sub-Saharan Africa. The report also noted that over 20% of the VC deals in Kenya were initiated by companies headquartered outside Africa.
Human’s Capital
East African market consist almost 500 million consumers.
Kenya has achieved the highest Human Capital Index (HCI) score in mainland Sub-Saharan Africa.
According to the April 2024 Africa Pulse Report by the World Bank, the proportion of households with a primary school-aged child not attending school declined from 17 percent in 2005 to 5 percent in 2021.
Universities and Innovation
Top universities of Nairobi include University of Nairobi, (#901 in QS World University Ranking), Technical University of Kenya, catholic University of East Africa.
The University Of Nairobi Science and Technology Park offers services to support startups such as training, financial support, technology support, business support services, clustering and networking opportunities. Among IASP objectives are attracting foreign companies to establish R&D activities in Nairobi, facilitate technology transfer from academia to industry.
Key Events
Nairobi Innovation Week organized by Faculty of Management and Innovation is taking place in March every year, which gives an opportunity to meet experts in the field of Robotics, Artificial Intelligence, Machine Learning, Block Chain.
Innovative Nairobi Tech Week is taking place in August and devoted to showcase innovations within county sectors, county incubation centers. The platform aims to create greater visibility and build community for all makers and creators who give life to the terms Silicon Savannah.
National Research fund Hackathon promoting CyberSecurity Research and Innovation in Kenya.
Accelerators and Incubators
There are more than 40 Accelerators & Incubators in Nairobi which have a combined portfolio of almost 500 companies. Most
The Catalyst Fund specializes in a pre-seed stage backs high-impact tech startups that improve the resilience of underserved, climate-vulnerable communities in emerging markets.
88mph invests in mobile web companies that are just starting out and are aiming at the African market.
The Baobab Network is an accelerator that helps new technology businesses settle in Africa by giving entrepreneurs money, help, and a global platform.
Nailab is a business incubator with an entrepreneurship program that focuses on growing new ideas that are based on technology.
In Conclusion
Nairobi is a good spot in terms of opportunities it offers for those who want to reside in Africa, especially in the eastern part. This includes infrastructure for expats and market opportunities for ideas which already been tested in other regions of the world, as well as new ones.