The Ministry of Innovation & Technology (MinT) inaugurated the Innobiz-K Ethiopia Center last week, marking the government’s first venture into co-working spaces.
Set up in collaboration with the Korea International Cooperation Agency (KOICA), the innovation hub, which will also run support programs, is located within the ICT Park.
Primarily targeting post-early-stage startups, the center is set to initiate a call for applications, evaluating candidates based on the problems they aim to solve, their proposed solutions, business models, and team dynamics.
With a capacity to accommodate 20 post-early-stage startups and 15 early-stage startups concurrently, the facility will provide comprehensive support. The Ministry’s office, in conjunction with partners such as the Japan International Cooperation Agency (JICA), KOICA, and the United States Agency for International Development (USAID), will administer training and funding programs.
KOICA, which champions various projects in Ethiopia, financed the construction of the facility, while MInT contributed the space and covered import taxes for equipment. The center is equipped with resources for business and technical training, prototyping machinery, co-working, and networking amenities.
Incubation programs at the hub are slated for six to nine months, whereas acceleration programs run for four months. Upon completion, startups will compete for financial backing and opportunities to showcase their innovations at international expos, organized by the Ministry.
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