Finance regrets lack of support to innovators

By David Mugabe

Finance minister Maria Kiwanuka has regretted that young innovators have been left to fend for themselves many times lacking the opportunity to interface with venture capitalists and possible financiers for their brilliant ideas.

“Let us help them make viable business plans, there is no reason why we should not have a Silicon Valley, Savannah Valley or a Mabira Valley,” noted Kiwanuka.

Presiding over the 5th CEO summit at the Kampala Serena Hotel in midweek, Kiwanuka said the time is now to turn these ideas and potential into actual value.

Ugandan innovators especially in ICT have stormed the world with brilliant health, education and service delivery solutions. But most of these innovations have had little success in the market place and getting commercialized. Innovators recently lamented over the lack of coordination and support from institutions like NITA and UCC or even the ministry of ICT.

Some of the recent global award winning solutions include Project 1 and AfriGal Tech an all-girl team that were chosen to represent Uganda at the Microsoft Imagine Cup World Semifinals on May 1st, 2014.

AfriGal Tech from Makerere University developed an application called mDex, a smart phone-based sickle cell diagnosis alternative.

The other is Joshua Okello who was announced among the 10 finalists in the African Innovation Foundation (AIF) of the prestigious Innovation Prize for Africa (IPA) 2014 with his WinSenga innovation-a low-cost mobile phone based antenatal diagnosis kit that captures foetal heart beat sounds and provides diagnosis which is sent to the mother through SMS.

Still in April, Eunice Namirembe, a Ugandan economics graduate emerged overall winner taking home sh65m ($25,000) in the Google Africa Connected competition in Nairobi.

In April 2013, four young men in a team named Code 8 developed the first kit for testing malaria by using light rays without requiring blood samples. In March 2013, Titus Mawano, a final year student at Virginia Tech in the United States emerged as one of only three winners in the third Apps4Africa competition beating off competition from 300 African entrants.

Kiwanuka also called for more efforts towards developing the agriculture industry using Uganda’s vast advantages in the value chain. 

“The raw material is in the country, the power is in the country, lets develop the human resource, no need to import labour. Then we can develop the export trail,” noted Kiwanuka.

Kiwanuka pointed out that overtime, investors have spelt out the conditions for bringing their money here among them all weather roads, reliable power supply and piped water. On energy, Kiwanuka noted that the much anticipated 250MW Bujagali supply is all booked due to increased demand from rising industrialization and urbanization.

The black spot for Uganda, Kiwanuka said was the vast untapped energy resources of the country although Ayago, Isimba and Karuma will all be complete in the next five years bringing a total of about 1,300MW onto the national grid.

On the energy sector, Kiwanuka noted that the three companies Tullow, CNOOC and Total are reading themselves for the first oil while government’s plan for the 30,000 oil refinery run under a PPP are on course in the final bidding phase.

Umeme chief Charles Chapman recounted how Umeme has reduced power loses upto 20% from 35% in 2009 saving upto $60m. 

“The savings are reinvested in the sector and this has an effect on the distribution price,” said Chapman. He called for support for long term investments especially from financial institutions like banks. He also urged politicians to support all efforts to exploit the Nile Water’s energy reserve regardless of their political disposition.

“The political environment is still noisy, as leaders we need to stand up and say hold on guys investing in Karuma makes sense,” noted Chapman.