Ten Moves President Ruto Must Make to Woo Silicon Valley Investors

The news of President William Ruto's trip to the United States, particularly Silicon Valley, has elicited excitement from Kenya's start-up community. The tour has bone some fruits already, with Equity Bank signing partnerships with John Deere. The President's trip and vision for transforming Kenya into Africa's leading ICT hub is admirable but will not bear fruits without his administration's right policies, collaboration, and commitment to turn Kenya into Africa's 'Silicon Savannah' and the beacon of innovation and technology in Africa. Here are Ten things the President must address proactively once he returns to the country.

1. Robust Regulatory Framework: Establish a transparent, predictable, and business-friendly regulatory environment. Streamlined procedures for company registration, intellectual property protection, and data privacy laws can foster greater investor confidence.
2. Infrastructure & Connectivity: Continue investing in digital and physical infrastructure. Reliable internet connectivity, robust transportation networks, and constant power supply are foundational elements for tech businesses to thrive.
3. Talent Development: Silicon Valley's strength lies in its talent. Collaborate with top institutions like Strathmore, corporations and associations like the Fintech Association of Kenya to establish training programs and technology hubs. Consider fostering ties with universities here to offer exchange programs for Kenyan students.
4. Tax Incentives: Consider offering tax breaks or incentives for foreign companies looking to establish tech hubs or R&D centers in Kenya. Such incentives can be the determining factor for many firms weighing their global expansion options.
5. Transparent Investment Framework: Provide clear guidelines on foreign ownership, capital repatriation, and profit remittances. Transparency in these areas is crucial for multinational corporations.
6. Strengthen Intellectual Property Rights: Solid IP laws not only protect innovations but also assure investors that their technological contributions will be safeguarded.
7. Engagement & Open Dialogue: Regular engagements with the tech community, both domestically and internationally, can keep you abreast of the dynamic needs of the sector. Consider establishing a Silicon Valley-Kenya liaison office to facilitate continuous dialogue.
8. Promote Local Success Stories: Showcase successful Kenyan start-ups and tech ventures on international platforms. Their stories can serve as testimonials to the potential and resilience of Kenya's tech ecosystem.
9. Address Investors' Concerns: It's essential to address the challenges faced by start-ups in Kenya directly. By demonstrating proactive measures against issues such as funding hitches and business condition barriers, you'll further strengthen the investor community's confidence.
10. Promote Ethical and Sustainable Tech: Emphasize Kenya's commitment to sustainable, responsible tech development that aligns with global goals, ensuring potential investors that their ventures would be contributing to a larger, global good.

Kenya's start-up sector is talented and full of potential. There is a lot the Government needs to do to nurture it and help it thrive.

Credits: Duncun Motanya Chairperson, FinTak.