On March 26, 2024, marked a pivotal moment in African innovation as the timbuktoo Africa Innovation Foundation is officially incorporated in Kigali, Rwanda.
This groundbreaking initiative, a collaborative effort between UNDP, African governments, and the private sector, is poised to become the world’s largest endeavor to bolster the innovation landscape in Africa.
At its core, timbuktoo aims to provide extensive support to Africa’s innovation ecosystem, with a particular focus on empowering young innovators to realize their visions.
One of timbuktoo’s flagship initiatives is the establishment of university innovation pods (UniPods) in 13 African cities, serving as hubs for research and development.
These UniPods offer aspiring innovators the space and resources needed to translate their ideas into tangible products and viable ventures. For example, the UniPod at the University of Rwanda serves as a testament to this vision, providing a nurturing environment for innovation to flourish.
In addition to UniPods, timbuktoo is creating thematic hubs across Africa, serving as centers of excellence in various sectors including FinTech, EdTech, MineTech, AgriTech, Creatives, SmartCities, TradeTech, and GreenTech.
These hubs will offer comprehensive support and resources to entrepreneurs, facilitating their journey from concept to market. In 2024, three hubs are set to launch, starting with FinTech in Lagos, HealthTech in Kigali, and AgriTech in Accra.
Recognizing the importance of early-stage funding, timbuktoo will also provide risk capital to Africa’s youth-led ventures.
This funding will be facilitated through a fund based in Kigali International Financial Centre, leveraging Rwanda’s burgeoning reputation as a financial hub in Africa.
Today’s milestone follows the successful global launch of timbuktoo at the 54th World Economic Forum in Davos, Switzerland. President Paul Kagame of Rwanda, alongside President Nana Akufo-Addo of Ghana and UNDP Administrator Achim Steiner, heralded timbuktoo as a transformative force driven by public-private partnership.
The foundation’s founding members include African governments and private sector entities such as Afrochampions, Africa Development Solutions, and AfriLabs.
Ms. Natalie Jabangwe, a seasoned leader in business and technology, has been appointed as the Ad Interim Executive Secretary to steer the foundation’s operations.
Professor Yemi Osinbajo, former Vice President of Nigeria, has been appointed as the Guardian of the Foundation, tasked with ensuring its objectives are met. Reflecting on his role, Osinbajo expressed optimism about timbuktoo’s potential to reshape Africa’s future through investments in research and development.
UNDP’s Assistant Secretary General, Ms. Ahunna Eziakonwa, commended timbuktoo as a catalyst for Africa’s startup revolution. She reaffirmed UNDP’s commitment to supporting the initiative through the provision of development services.
Rwanda’s Minister of ICT and Innovation, Ms. Paula Ingabire, welcomed the establishment of timbuktoo Africa Innovation Foundation, emphasizing the importance of collaboration in fostering a vibrant innovation ecosystem across the continent.
Together, African governments and partners are poised to drive sustainable growth and prosperity through innovation and entrepreneurship.
