Denis Opudo
For the last eight years, Kenya has recorded an economic growth rate of approximately 5%. Despite this, the country faces high rates of unemployment. Moreover, the latest 2017 UN Human Development Index report indicated that Kenya has the highest rate of unemployment in East Africa.
Despite the challenges, the youths aged between 18 and 29 years now have something to smile about. Kenya has organized a competition that will allow 750 unemployed youths win between $9,000 and $36,000 depending on the strength of their business pitches.
Those who qualify for the competition must be unemployed for a long time or be working but in vulnerable conditions. According to the laid out plans, 12,000 candidates will join the program, and a team of independent judges will decide on the 750. The selection will be conducted nationwide.
World Bank has released 15 billion for the competition. Moreover, the plans to organize the competition began in 2016 when World Bank committed to support the initiative. The organizers intend to eradicate unemployment rates in Kenya. The Kenya Youth Employment and Opportunities Project (KYEOP) which organizes the event also announced these plans in 2016.
The Micro and Small Enterprises Authority (MSEA) intends to boost entrepreneurship in Kenya through this competition. Therefore, the competitors need to submit their business plans as MSEA oversee the whole process. Therefore, they plan to have business plan competition (BPC). The strategy will help in the expansion of both new and existing youth-led businesses which can create more employment opportunities.
