Ministry initiates innovation fund establishment

ADDIS ABABA – Ministry of Innovation and Technology disclosed that the initiative to establish an innovation fund that would provide assistance to innovators nationwide.

According to Innovation and Technology Minister Engineer Getahun Mekuria (PhD), the government is working to promote innovation in various business and financial sectors.

Therefore, establishing the innovation fund will help innovators to solve their financial shortage and to provide significant inventions to the society, he noted. As to him, the initiation to establish the fund would inspire financial institutions to serve innovators through offering loan to the execution of innovative projects.

Today many Ethiopian innovators face shortage of finance to their innovation activities due to this, most of the innovations get deadlocked, it was learnt. On the other hand, the innovators also lack market access to their intellectual outputs. Even the government is not purchasing technologies invented by local innovators, he stated.

However, the country spends a huge amount of foreign currency to install technologies invented abroad, he said. Thus, the low awareness towards innovation activities should get the needed attention to improve the industry and to create suitable environment to Ethiopian innovators, he emphasized.

Currently, the country is also drafting rule and regulations to promote, develop and implement technological innovations, said the minister. In addition, various activities are undertaking to establish technology development centers and labs in universities and high schools respectively, he expressed.

According to the minister, awarding innovators is also among the promotion activities that intended to inspire innovators for further discovery.

Last week, the country has awarded worthy finance and medals to 194 competent innovators and researchers in the presence of the prime minister.

The Ethiopian Herald, June 18/2019


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