Kenya's President, William Ruto, has confirmed that the Startup Bill 2022, which seeks to provide employment opportunities for Kenyan youth and startup tax breaks, will be signed into law by April 2024. The president disclosed this during the Kenya Innovation Week (KIW), saying,
"By March or April next year, we will have a firm startup law in Kenya, which will assist many of our innovators de-risk their innovations and turn them into businesses."
The startup bill will offer incentives to registered startups, including tax breaks. It further proposes a platform for startups to access information on resources and support. There will be a plan for a credit guarantee scheme to provide financial support and training for startup growth.
Also, the bill will establish a legal framework to boost tech growth, foster innovation, and attract talent and capital. This will involve critical roles for national and county governments, such as promoting innovation, facilitating tech transfer, creating jobs and wealth, and connecting research institutions with businesses.
Kenya is struggling to offer employment to its youth, most of whom are currently jobless. Amidst scarce job opportunities, President William Ruto believes that encouraging young Kenyans and these startups will further improve the country's employment rate and sustain growth in the nation's economy.