Kenya: Kisumu to Host Kenya's First Business Ecosystem Summit

31 July 2023
Capital FM (Nairobi)

Nairobi — Kenya is set to host the first-ever Business Ecosystems Summit (BES) in Kisumu City on Friday, September 1st, 2023.

This is in line with ongoing key government reforms aimed at stimulating business growth across the country, bolstering economic independence and prosperity.

Organized by the IMC People Ltd in partnership with the Lake Region Economic Bloc (LREB), the summit is aimed at unlocking the potential of collaborative networks and effectively navigating the dynamic shifts within various business landscapes.

Speaking about the upcoming summit, LREB Chairperson Governor Professor Anyang' Nyong'o said Kisumu is ready and honored to host the summit.

"We are more than happy to host this dynamic gathering of visionary minds at the upcoming Inaugural Business Ecosystems summit. This summit is like no other, it serves as a catalyst for fostering innovation, driving economic growth, and creating harmonious collaborations. Together, we will explore groundbreaking strategies, embrace emerging technologies, and forge strategic partnerships to unlock the full potential of our business ecosystems. I invite all participants to join hands and embark on this transformative journey towards a prosperous future." Said Governor Nyong'o.

The summit aims to provide mechanisms for organizations to leverage technology, excel in research and business competence, and compete effectively in the marketplace. This is in addition to driving new collaborations that press social and environmental challenges and foster sustainable practices and responsible business models.

In his address, LREB CEO Victor Nyagaya emphasized the paramount importance of the summit in propelling innovation and fostering substantial growth.

"Acting as a key partner, LREB are thrilled to actively participate in this transformative expedition and aid in the establishment of collaborative ecosystems.

LREB seeks within its mandate to enhance socio economic transformation of the bloc through leveraging on the economies of scale in its ecosystem and implement through collaboration with state and non-state actors the empowerment and participation of its over 15 million population. As a bloc we firmly believe that by embracing disruptive trends and nurturing strategic partnerships, we have the power to unlock a multitude of novel opportunities, resulting in enhanced prosperity and an increase in revenue. We are therefore calling upon all investors and businesses (those who can come in as sponsors and exhibitors) to register because we know the people of LREB will show up in huge numbers," stated Nyagaya.

A public-private collaborative approach will take center stage at the summit with LREB chairperson Prof. Anyang' Nyong'o and the governors of the 13 other member counties of LREB, including deputy chairperson H.E Ken Lusaka, who is also Bungoma County Governor gracing the high-level summit.

Representatives from the Ministry of Trade and Investment and other ministries, Senators, Members of Parliament, and Governors are expected to appear at the summit, signifying governments' recognition of the critical role business ecosystems play in achieving economic growth.

Giving her remarks ahead of the summit, The IMC People CEO Jeanette Oromo said the summit's key focus is accelerating business transformation and fostering innovation among diverse stakeholders including government officials, policymakers, industry leaders, and entrepreneurs.

"In light of the transformative and disruptive trends and the remarkable resilience exhibited during the pandemic, it is becoming increasingly evident that traditional paradigms need re-evaluation. Our intention, therefore, is to conduct this evaluation through the summit, utilizing modern technology, fostering collaborations, and addressing social and environmental challenges. Our goal is to shape the future of Kenya's business ecosystems while working hand in hand with all players - Government, Investors and Business Communities to forge a way forward that makes it easier for accessibility to businesses in our regions by investors and vice - versa, customer acquisition and retention and transparency in regard to funding and investment." said Oromo.

During the summit, a special focus will be made on fostering business ecosystems that center around shared sectors, missions, goals, and products. The primary goal is to maximize interactions and leverage each participant's unique strengths. This approach aims to optimize collaboration and unlock the collective potential of all stakeholders by empowering them to engage with a comprehensive ecosystem, rather than dealing with individual entities separately.

Businesses who will be present are expected to find ways to harness creativity, collaboration and innovation to lower costs of production and find new customer acquisition strategies while attracting investment.

Read the original article on Capital FM.

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