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The Timbuktoo Initiative seeks to promote creativity throughout the continent. It is the biggest initiative in the world to promote Africa's innovation ecosystem, with an early-stage risk capital fund worth billions of dollars. The project, which involves eight African nations—Ethiopia is the ninth—focuses on industries including manufacturing technology, agritech, and fintech.According to Ethiopia’s Ministry of creativity and Technology, the country’s new startup draft proclamation would empower startups by stimulating creativity, reducing bureaucratic barriers, and supporting audacious ideas. During yesterday’s introduction of the Timbuktoo call for applications and public input on the draft startup proclamation, Innovation and Technology Minister Belete Molla (PhD) emphasised this initiative.
A revolutionary Pan-African endeavour, the Timbuktoo Initiative seeks to promote creativity throughout the continent. It is the biggest initiative in the world to promote Africa’s innovation ecosystem, with an early-stage risk capital fund worth billions of dollars. The project, which involves eight African nations—Ethiopia is the ninth—focuses on industries including manufacturing technology, agritech, and fintech. Ethiopia will prioritise innovation-driven manufacturing tech businesses in robotics, artificial intelligence, the Internet of Things, and related technologies.
The project will create the ManuTechHub in partnership with the Ministry of Industry, which will operate as a launching pad for companies influencing the continent’s manufacturing landscape. According to Belete, it will give entrepreneurs access to finance, market access, and mentorship, enabling them to develop and grow solutions that tackle Africa’s problems and take advantage of its enormous prospects.
Melaku Alebel, the minister of industry, stressed that the public consultation is a significant step in changing Ethiopia’s industrial and entrepreneurial scene and establishing the nation as a manufacturing and innovation leader. He pointed out that Ethiopia has set lofty targets to become the industrial centre of the continent in its Ten-Year Development Plan and Homegrown Economic Reform Agenda. Beyond industrialisation, the goal is to assist new businesses and take advantage of their potential to generate long-term economic prospects. The draft proclamation is an important step in creating an institutional and legal framework that would support the growth of startups in Ethiopia and create an atmosphere that is favourable to investment and creativity.
EyobTekalign (PhD), the state minister of finance, stated that the policy orientation shows the government’s faith and dedication to the youth. He underlined that Ethiopia’s potential to develop into a startup nation has been highlighted in recent years, making joint efforts essential. Startups can boost other industries and act as growth engines if they work together. With the unquestionable enthusiasm, potential, and encouraging environment, Ethiopia has a great chance to develop into a flourishing centre for startups,” he said. The state minister emphasised, however, that the active involvement of investors, development partners, legislators, and other stakeholders is essential to the policy’s success.
