Experts advised entrepreneurs to tap into the burgeoning opportunities within the digital economy
In a bid to accelerate business growth and foster solutions for last-mile communities, experts are advising entrepreneurs to tap into the burgeoning opportunities within the digital economy.
This call was made during the Uganda Innovation Week held last week, a collaborative effort by Startup Uganda in partnership with Innovation Village, Stanbic Business Incubator, DFCU Bank, United Nations Capital Development Fund, and StartHub Africa held under the theme “Adapt or Be Left Behind: The Digital Economy & the Opportunities for The Ugandan Entrepreneur.
Speaking at the event Aminah Zawadde, the Permanent Secretary at the Ministry of ICT and National Guidance, expressed the government’s commitment to creating a digitally driven economy, achieving universal goals of inclusion, sustainable development, economic progress, and poverty eradication through digital transformation. “The focus is on pushing the digitalization agenda for economic recovery, job creation for young people, and realizing Vision 2024” she added.
Zawadde said, “Currently, Uganda is actively developing ICT infrastructure and connectivity, with over 50% connectivity already achieved. Efforts include promoting digital services for both government and the private sector, enhancing policies/tools for improved cybersecurity and privacy, and fostering digital skills. These initiatives aim to promote ICT adoption in various sectors, enhance the country’s competitiveness, and support Uganda’s development goals.”
Arthur Mukembo, Future Lab Studio Lead at Innovation Village urged entrepreneurs to aggressively embrace shared digital programs, platforms, and initiatives to accelerate business growth and enhance efficiency.
Mukembo said, “In partnership with Mastercard Foundation, we are running a Digital Economy Program, an initiative intended to provide a blend of digital infrastructure, tools, skilling, and channels to support those innovating bring opportunities in the burgeoning Digital Economy closer to young people, women, smallholder farmers, small businesses, among others, across hard-to-reach communities in Uganda while unlocking opportunities that improve lives and livelihoods.
He added, “In an era dominated by digital innovations, the ability for entrepreneurs to adapt to digital transformation is not merely a choice but a necessity for those aspiring to thrive in the competitive global market. Through the Digital Economy Program, we are dedicated to delivering digital solutions to local entrepreneurs actively engaged in building innovative and sustainable solutions, ultimately bringing digital services closer to remote communities”
While addressing the capital access challenges, Tony Otoa, the Chief Executive Officer of Stanbic Business Incubator emphasized the importance of making their business attractive to potential investors, stressing that a compelling value proposition, solid financial management, and a clear growth trajectory are key factors that can significantly bolster the chances of securing vital investment support.
Further noting, Mr. Badru Ntege encouraged entrepreneurs to innovate beyond Kampala and leverage the Parish Development Model to create new solutions, additional value and maximize the untapped opportunities outside the capital.
As we strive towards establishing a robust entrepreneurial ecosystem, the Innovation Village is dedicated to nurturing technology-driven solutions that address social challenges and stimulate economic growth. In line with our dedication to promoting the digital economy and empowering local innovators, we are thrilled to highlight the opportunities embedded within our Digital Economy Programs that entrepreneurs can leverage.