The United Nations Development Programme (UNDP) and Africa Influencers for Development (AI4D) have launched the Timbuktoo initiative, which aims to foster innovation ecosystems in public universities and enable African startups to scale.

Under this initiative, a multidisciplinary Makerere University Innovation Pod (UniPod) has been established in Uganda.

The UniPod is equipped with state-of-the-art equipment to support research for development and nurture the innovation ecosystem in Uganda.

It provides university students and youths outside the university with various facilities, including a maker-space for engineering and creative design projects, design labs for design thinking programs, collaborative working space, and a technology transfer office.

The Timbuktoo initiative, inspired by Africa's rich history and heritage, aims to raise a $1b youth innovation financing facility over 10 years.

Its specific objectives include scaling 1,000 high-growth startup enterprises across the continent, improving 50 million livelihoods directly and/or indirectly, and creating a value of $10 billion.

In addition to establishing UniPods in 13 African countries, the initiative follows a hub-and-spoke model, focusing on ecosystem approaches in strategically selected "hubs" across the continent.

These hubs will be sector-specific and engage with startups from around the continent to leverage the One African Market opportunity and build domain knowledge depth and engagement.

Speaking at the launch, the Vice Chancellor of Makerere University, Prof. Barnabas Nawangwe, expressed gratitude towards UNDP for investing in the university's research for development and pledged to maintain the facility to contribute to the country's economy.

By fostering innovation ecosystems in public universities and increasing risk capital for tech innovation, the Timbuktoo initiative aims to boost innovation ecosystems, capture the pan-African market, and improve livelihoods to ensure no one is left behind.

Promoted by the UNDP, timbuktoo aims to address critical gaps and work with African governments, investors, corporates, and universities, to support the African startup ecosystem.

“Timbuktoo is a new model of development. We are gathering key actors to push on all fronts at the same time. From startup-friendly legislation, global-class startup building, and de-risking capital to increase investment, to the UniPods – University Innovation Pods – across Africa, we aim to fill critical gaps and support the startup ecosystem. This will enable innovations to grow and benefit people in Africa and elsewhere on the planet,” stressed Administrator Steiner.

Currently, Africa’s share of global startup value stands at just 0.2 percent, compared to 2 percent of global trade value. The vast majority, 89 percent, of venture capital coming into Africa is foreign capital and 83 percent is concentrated in four countries: Nigeria, Kenya, South Africa, and Egypt, with over 60 percent of capital flowing to one sector, fintech.