The bill highlights that in the African continent, Tunisia and Senegal have noticed the potential of startups in their countries to support rapid social-economic development, which has resulted in them enacting their own laws to recognise, support and regulate start-ups activities. The Kenyan Startup Bill 2020 then justifies its own rationale.

The new Startup Bill “therefore seeks to provide a legislative framework —

• That fosters a culture of innovative thinking and entrepreneurship
• For the registration of startups and the linkage of such startups with financial institutions, the private sector research institutions and such other institutions at the National and county level of government
• To facilitate investment in and the provision of fiscal and nonfiscal support to startups in Kenya
• That promotes an enabling environment for the establishment, development, conduct of business and regulation of startups
• For the establishment of incubation facilities at the National and county levels of government and environment that promotes the establishment of startups and
• For the monitoring and evaluation of the legal and regulatory framework and the mechanisms put in place to encourage the development of startups.”

Read more: The FinTechTimes