Ministry of Finance has partnered with Makerere University to unveil the Makerere Innovation and Incubation Centre that is expected to be instrumental in empowering youth to create new ideas that will boost enterprise development and subsequently the economy. With a donation of Shs80m, an innovation hub for the youth shall be set up to boost new technology creations has been unveiled at Makerere University.
The center will accept applications vetted online based on development ideas which will see five startups recruited, funded and grown through training a representative of the enterprise.
According to the Daily Monitor, In his speech, Vice Chancellor Barnabas Nawangwe thanked the government for allocating Shs43b this financial year to the innovation fund but specifically Shs13b for talented youth in the Information and Communication Technology sector from which the university has immensely benefitted.
He revealed that the center will mainly focus on supporting innovations to challenges in the fields of education, health, engineering, social services and agriculture, providing training, skills, and workspaces to empower youth to change their mindset to think more about job creation than job seeking.
“In addition to the core interest of changing the mindsets of the youth, it is worth noting that the MIIC will also provide skills training, business incubation and workspaces provision since young people do not have resources to hire their own premises and pay accompanying utility bills,” he said.
In a bid to tap the new market coming up, the head of the private sector development unit at Ministry of Finance, Dr. Peter Ngategize, encouraged youth to come up with solutions to problems that will arise with the new flow of cash from oil and gas sector.