MKU ENTERPRISE ACADEMY™
In Kenya, 64% of unemployed Kenyans are youth. Although Mount Kenya University continues to play its role in addressing youth unemployment challenges in Kenya through various youth empowerment initiatives as part of its corporate social responsibility. However, the University is fully aware that only a knowledge-based and not resource-based economy can propel the country into a middle level economy as envisaged in the Kenya’s Vision 2030. Thus, the University reckons that there is need for a structured resource mobilization geared towards creating an enterprising society premised on the fact that “entrepreneurs are not born but are made”. The University is concerned that start-up businesses by young graduate entrepreneurs cannot secure start-up capital for their businesses since they do not meet financing requirements by most financial institutions in Kenya such as collateral. The University has therefore established a Mentorship, Innovation and Entrepreneurship Fund (MIEF), which will ultimately transform into a Revolving Fund with participation of all stakeholders including private institutions, the industry and the government. In recognition of the fact that the ultimate indicator of a successful innovation or business idea is its social impact as well as its commercial value, the University has recently established an Enterprise Academy™ to bridge the chasm between knowledge generation and knowledge utilization. The Academy has received a generous initial 5-year funding from the University management through injection of KShs 40 million into the MIEF. From the fund, a total of 10 young apprentices (innovators/entrepreneurs) will benefit with initial seed grant of KShs 800, 000 per year for every innovative business idea. It is envisaged that the Academy will spur the discovery and development of new knowledge and its subsequent exploitation for the socioeconomic development of the Kenyan people and the region in line with the objects of Kenya Vision 2030.
The Vision of the Enterprise Academy™ is “To be a leading youth transformation center for job and wealth creation”.
The Mission of the Enterprise Academy™ is “To catalyze the youth to be drivers of change through entrepreneurial mentorship and training for socio-economic development”.