Gvt adopts business incubation concept

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Gvt adopts business incubation concept

The government has adopted the business incubation concept to accelerate the development and growth of start-up businesses, President Emmerson Mnangagwa has said.

Gvt adopts business incubation concept

Speaking at the official launch of the India-Africa Incubation Centre in Harare yesterday, President Mnangagwa said the Centre had huge prospects to enhance development in Zimbabwe through technology transfer and commercialisation, knowledge simulation, job creation and increased investment.

“The launch of this Incubation Centre is most opportune and comes at a time when Government has made strides towards growing our economy and improving the livelihoods of our citizens.

“The Centre has huge prospects to enhance development in Zimbabwe through technology transfer and commercialisation, knowledge simulation, job creation and increased investment as well as community development,” President Mnangagwa said.

He said the centre would help consolidate government’s effort aimed at inculcating scientific thinking and an innovative entrepreneurial culture amongst the people.

“Allow me, at the outset to express our profound gratitude to the Government of India for their support of this programme which neatly dovetails with our Common Facility Centres in which SMEs in all the provinces of our country will have access to working space, technology, innovation, seed funding, mentoring, training and other benefits.

“These business and innovation incubation hubs have the potential to be key conduits that drive, modernize and industrialize all sectors of our economy,” President Mnangagwa said.

President Mnangagwa said the Transitional Stabilisation Programme (TSP) identifies business incubation as one of the key strategies for the sustainable growth and development of SMEs.

“Facilities like this one are set to benefit SMEs, youths, women and other marginalised groups. We further envisage the development of more vibrant business linkages, greater market access, cluster development and business management training through this strategy,” he said.

He challenged the Ministry of Women Affairs, Community, Small and Medium Enterprises Development to put in place robust mechanisms to monitor and nurture newly formed businesses to ensure their survival and growth into fully-fledged organizations.

“I call for greater collaboration and linkages between incubation hubs, research institutes, the academia and entrepreneurs in the design, development and commercialization of new products which address our socio-economic needs.

“The India-Africa Incubation Centre, among other similar facilities we have set up, must result in the production of quality goods and services as well as accelerate our entry into new markets,” said President Mnangagwa.

He added: “Established businesses and financial institutions must play their part in the facilitation and mentoring the growth of new SMEs and start-ups.

“Mutually beneficial business linkages should also be forged along the different value chains across all sectors of our economy, local authorities must deliberately offer incentives for the development and investment into working spaces and markets for SMEs”.

President Mnangagwa said the country should aim to promote rural industrialisation through utilisation of natural resource endowments, abundant land and human capital in various communal areas towards robust rural economies.

“It is through such initiatives that we will leap-frog our economic development and improve the standard of living of our people.

“We look forward to seeing more facilities such as this one being replicated in all the country’s ten provinces as we endeavour to create an economic order with vast trade and investment opportunities for all,” he said.

He said the continued support from the Government of India bears testimony to the strong cordial relations that exist between the two nations.

The Incubation Centre has the capacity to capacitate 50 incubates per intake and it will recruit potential entrepreneurs.

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