Investing in business startups in the country will help to create opportunities and unlock innovation which will impact society.
The United Nations Development Programme (UNDP) Resident Representative, Ms Christine Musisi said this in Dar es Salaam on Tuesday during an occasion to unveil the first cohort of individual business startups.
She said that UNDP has pumped in a 1.6bn/- grant to 26 business startups in the innovation space, who were selected in a tough selection programme involving over 600 candidates.
She said that the amount will be disbursed through the UNDP's Funguo innovation programme, and is set to benefit the 26 startups drawn from across the country.
"In normal cases, most business startups fail after only a short time, usually in less than three years, that is why we want to make sure that with the funds these startups will make headway and be able to sustain their businesses in the innovation sector," she said.
Funguo Innovation Programme Manager, Mr Joseph Manirakiza said the programme focuses on unleashing the potential of young people in Africa through digital innovation, technology and entrepreneurship.
"We are doing all in our power to help startups that have innovative ideas. This 1.6bn/- grant is just the beginning because next year we are planning to announce the second grant cohort," said Mr Manirakiza.
He said that UNDP realized that many youths are coming up with so many innovative ideas, but they lack resources to support them and boost their businesses.
He said there is a need for exploring strategic areas to unlock the potential of young people through digital innovation and entrepreneurship, which is exactly what Funguo is doing.
He said that the strategic areas given considerable attention during the selection period include digital and financial inclusion, skills in the digital age, energy-tech and innovation, tech transfer and research for development.
Other areas he mentioned are grassroots and community-driven innovation, emerging technologies and digital entrepreneurship and digital leadership.
"Funguo is designed to lay the foundation for and unlock the potential of Tanzanian innovators and entrepreneurs to create Impact Ventures at scale," he said.
