The University of Nairobi, Kenya’s largest public university, is setting up a KES 100 million (US$1 million) fund for business startups established by its alumni, as the country’s oldest institution looks for ways to create jobs for its graduates not to make them job seekers.
The university's vice-chancellor, Prof. Peter M.F. Mbithi, made this announcement at a breakfast event held in preparation for its 3rd Nairobi Innovation Week, which will be held in the first week of March 2017, TechMoran reports.
The KES 100 million fund will combine finances from the university with contributions from its partners, and will focus on problem-solving, human-centered solutions, Prof. Mbithi added.
The fund appears to be similar to Safaricom's Spark Fund, which has invested in a number of local startups, including Sendy, Eneza, and mSurvey.