IN a significant development for African innovation, Rwanda was officially announced on Tuesday as the headquarters of timbuktoo Africa Innovation Foundation, a pioneering initiative aimed at bolstering the continent’s innovation and entrepreneurship landscape.
The foundation, conceived by African leaders during the World Economic Forum held in Davos, Switzerland earlier this year, marks a collaborative effort between the United Nations Development Programme (UNDP), various African governments, and the private sector.
‘We welcome the establishment of timbuktoo Africa Innovation Foundation, dedicated to fostering innovation and entrepreneurship across the continent,’ said Paula Ingabire, Rwanda’s Minister of ICT and Innovation. ‘We invite African governments and partners to unite in our mission, creating a vibrant pan-African innovation ecosystem. Together, we will forge collaborative networks spanning universities, startups, and venture capital, driving sustainable growth and prosperity for all.’
According to a statement released by the UNDP on Tuesday, the timbuktoo Africa Innovation Foundation will be housed at the Kigali International Financial Centre, situated in the Rwandan capital, Kigali.
‘This is Africa’s moment. And we must stand up for the continent now,’ remarked Natalie Jabangwe, serving as the foundation’s interim executive secretary. ‘I am proud to lend my support to the foundation and its fund, which are most critical in setting the path of its early wins.’
Ahunna Eziakonwa, the assistant secretary-general and director of the UNDP’s Regional Bureau for Africa, described timbuktoo as a platform designed to ignite the startup revolution among African youth.
‘The UNDP designed timbuktoo as an offering for African youth to spark the startup revolution,’ Eziakonwa stated. ‘The initiative is already building university innovation pods in 13 African cities, including Kigali, as centres for research and development, offering young innovators space to transform their ideas into minimum viable products and profitable ventures.’
Furthermore, timbuktoo is set to create thematic hubs across Africa, aiming to offer comprehensive support in technology areas and serve as centres of excellence for ecosystem and venture-building.
‘As part of its ambitious agenda, the initiative targets over 1,000 startups from across the continent, with plans to invest more than $1bn over the next decade,’ said the UNDP. This signals a significant commitment to fostering Africa’s startup ecosystem and driving sustainable growth and prosperity for the continent.