DAR ES SALAAM: THE Deputy Minister for Education, Science and Technology, Wanu Afidhi, has announced that the Samia Innovation Commercialization Fund has been established specifically to support young innovators who have reached the stage of taking their products or services to market but lack the capital to further develop their ideas.
She said the fund is a continuation of the government’s efforts to recognize and promote the concept of innovation in the country.
She explained that the implementation of the fund involves collaboration between the Commission for Science and Technology (COSTECH) and the CRDB Bank Foundation, which have jointly contributed a total of 4.6bn/- to support youth investment.
The Deputy Minister made the remarks today in Dar es Salaam during an event highlighting the future recognition of beneficiaries of the Samia Innovation Commercialization Fund.
She emphasized the importance of young people taking advantage of the opportunity by submitting complete and accurate applications, so they can increase their personal income, grow their businesses, and contribute to national economic growth through sustainable innovation.
Speaking at the event, the Director General of COSTECH, Amos Nungu, said the fund operates as a revolving fund, where young people will receive loans, repay them, and enable others to benefit in turn. He noted that the fund aims to stimulate the innovation economy, create jobs, and ensure that youth innovations are transformed into sustainable businesses and industries that contribute to the national GDP. He added that COSTECH will continue building the capacity of young innovators and assist them with standards, permits, and government coordination.
Meanwhile, the Chief Executive Officer of CRDB Foundation, Tullyesther Mwambapa, said the foundation, in collaboration with COSTECH, has increased loan guarantees to 4.6bn/- to enable young innovators to turn their ideas into viable businesses, to stimulate employment and economic development.