Kenyatta University Tuesday officially unveiled a business incubation centre at its Thika Road premises.
Named Chandaria Business Innovation and Incubation Centre, its construction attracted financing from industrialist and philanthropist Manu Chandaria.
Mr Chandaria had given a personal contribution of Sh25 million. On Tuesday, he donated an additional Sh5 million to be used in the running of the institution.
The university management said ideas for incubation will be developed for a period of six months to one year and then used for market optimisation to create new ventures.
These ventures are expected to lead to a large-scale employment opportunities and help fix the current unemployment in the country. The Kenyatta University centre will be taking 70 per cent ideas from its students while the 30 per cent will be tapped from the public.
‘’This initiative was inspired by what the global universities mostly in Europe are doing to address some of the challenges facing their countries. Business incubation projects are widely known for creating job opportunities and wealth as well as transforming higher education.
The aim of this programme is to create a shift from job seekers to job creators,’’ said Oliver Mugenda, Kenyatta University vice-chancellor during the launch.
Prof Mugenda noted that countries that host innovations have huge growth potential.
‘’Universities have the potential to help the government realise the objectives of vision 2030 if there is a collective participation of all key industry players through financial support for ideas that exhibit market potentials,’’ added Prof Mugenda.
The University announced plans to set up an industrial and business park to be linked to the student’s incubations.