United Nations on Wednesday called for increased funding for small scale social entrepreneurs to improve their innovations in Africa.
Arif Neky, senior advisor for Strategic Partnerships at the UN Resident Coordinators Office in Kenya, told a forum on entrepreneurship in Nairobi that the east African nation has a lot of innovations with little funding.
“Social entrepreneurship is absolutely good, Kenya has good innovations but lack funding, 25 percent of those innovations are still under the poverty line,” said Neky.
The summit brings together more than 300 delegates from across Africa to discuss ways of funding innovations in Africa.
The two-day forum aims to prepare and inspire young social entrepreneurs, policymakers and educational institutions to transform their passion for social change into action.
Walid Badawi, resident representative of United Nations Development Programme (UNDP) Kenya, said many of the young innovators in Africa lack access to finance and protect their intellectual property rights.
“Globally, significant growth has been seen, Africa has been receiving funding for a while but still faces challenges, we are striving to become more innovative and collaborative,” added Badawi.
The summit which is a partnership by the British Council and Ashoka a global network of social entrepreneurs and change-makers seeks to accelerate innovative solutions to Africa’s most pressing challenges by inspiring, supporting and connecting leading social entrepreneurs and key ecosystem players across countries, organizations and sectors such as policy, social investment, business and media across Africa.
“We want to try and lift the lid in the myth about financing model for social entrepreneurs, what we are doing this year is to provide framework for social innovation to inspire and let them know we have the solutions,” said Pape Samb executive director Ashoka Africa.
He added that Africa is doing well but not enough. “We need to identify opportunities that need support and partner with the government and various NGOs to bridge the gap,” Neky said. Enditem