SMEs to benefit from new incubation centre
From left: Mr Sebowa, Curad project Investigator, Prof Samuel Kyamanywa and Mr Segawa exchange MOU documents a in Kampala recently. PHOTO BY ABUBAKER LUBOOWA
What you need to know:
CURAD hopes to spend Shs350 million to put in place the processing equipment in the first phase, in preparation to start incubation by end of next year.
Uganda Investment Authority plans to establish a business incubation centre that will help bridge the skills gap among medium and small business operators.
The incubation centre, which will be constructed on a two-acre piece of land in the Industrial and Business Park, Namanve aims at nurturing medium, small and micro enterprises (MSMEs) to boost their expertise in order to improve operational efficiency, productivity and ensure sustainability.
It should be noted that majority of MSMEs in Uganda collapse before their fifth birthday mainly because of lack of proper mentoring and book keeping.
Speaking to media in Kampala recently, UIA executive director, Eng Frank Sebowa said the multi-purpose incubation centre is expected to confront the challenges facing MSME by providing long term skilling and business sustainability solutions.
“We are looking at offering MSMEs technical assistance when they are still in their early stages of operation because they play a vital role in creating jobs, skilled workforce and are a rapid response to market demands and output generation,” Eng Sebowa said before signing a memorandum of understanding with The Consortium for enhancing University Responsiveness to Agribusiness Development (CURAD).
CURAD will be charged with managing the incubation centre.
CURAD managing director Mr Apollo Segawa described the move as timely and was optimistic that running the centre will give it an opportunity to incubate more MSMEs in addition to the existing ones.
“Incubation is about helping (‘hand-holding’) young entrepreneurs through the initial process of realising their business ideas before they begin flying on their own; CURAD is ready to take beneficiaries through what it takes to run competitive and profitable enterprises,” he said.
Sectors that stand to benefit from the incubation centre include textile, agro-processing, art and craft, metal fabrication, leather and furniture among others.
Beneficiaries will for instance acquire fruit juice and wine processing skills, packaging and marketing and formalising businesses among other areas.
Interested MSMEs will be required to apply through UIA for vetting.
The CURAD programme is run in partnership with the National Agricultural Research Organisation, National Union of Coffee Agribusinesses and Farm Enterprises, University of Copenhagen and NIRAS International and it’s one of the six agribusiness incubators in Africa supported by the Forum for Agricultural Research in Africa under the UniBRAIN facility with funding from DANIDA.
