Addis Chamber launches start-up incubation center

By Yared Nigussie

Addis Abeba Chamber of Commerce and Sectoral Associations (AACCSA) disclosed that it has launched a start-up incubation center with an aim of bolstering entrepreneurial culture.

Shibeshi Betemariam, Secretary General of AACCSA said that the start-up incubation center has been inaugurated with the objective to promote entrepreneurship in Ethiopia and embolden competition among start-ups.

“We have already allocated a fund of 29 million Birr budget to address 500 start-up entrepreneurs in 4 years,” Shibeshi told Origins Business.

For the first year activities of the center, over 5 million Birr budget has been allocated.

The center’s office, which will be set up for the entrepreneurs, is going to have mentors, who will sharpen the business ideas of start-ups and other office facilities, he said.

Providing supports to entrepreneurs is the major task of the center. Furthermore, establishing industry connections and networks to build the businesses and set their feet in the industry are incorporated in its plan, according to Shibeshi.

Mentors’ backing is poised to be accompanied by business moguls experience sharing to the start-up entrepreneurs.

Creating market linkages, professional and technical trainings on entrepreneurship, business plan preparation, and developing business models will be conducted, too.

Their proposal ideas, job creation capacity and business proposals contribution to the national economy are the main prerequisites to compete the start-ups.

“The winner business proposals will be granted with a basic finance to help the start-ups in achieving their dream,” he said.

Shibeshi stressed: “The Chamber is the right hub to connect start-ups with business companies of 10 to 40 years experiences.” “The start-ups will also gradually join export trade, and their products and services displayed and promoted on trade expos and exhibitions”.

Fintechs (Financial Technologies) are also expected to join the start-up competition once they have fully developed their business plans. “We’ll encourage them to join the competition and granted with the start-up business launching finance if they win,” Shibeshi says.