Science Week: Over 70 companies to invest in Uganda’s innovations

At least 70 companies are set to invest in Uganda’s innovations, the minister of Science and Technology Dr Monica Musenero has said.

Under the theme, ‘Uganda Tusimbudde’, there are over 200 entities showcasing their innovations in various fields of technology, medicine, automotive, embroidery, and agriculture at Science Week at Kololo ceremonial grounds.

“We have attracted more than 70 investors from all over the world to invest in Uganda’s innovations. Investors will not take your ideas. They are here to help in transforming ideas into final products,” she said.

For the previous two science exhibitions, Musenero said they have been working to organize, build, help, and clean up all the formed ideas and startups. We have a good number of innovations from various innovators that are ready for investing.

“To understand how innovation or science and technology builds a nation, scientists and innovators come up with ideas, transform them into prototypes but eventually they have transformed into a business,” she said.

Musenero said the rest of the world has succeeded in translating ideas into businesses because they allowed people with money to invest. You don’t sit around and wait for the government to keep appropriating some money because that takes too long and most of your ideas will die.

Speaking during the Science Week, Kunmi Demuren, the founding partner at GreenHouse Capital said they are the largest technology investors on the continent and have invested in over 50 companies in Africa in 15 countries.

“Indeed there is capital that is looking for great innovative ideas that have African origin. We have picked Uganda as one of the countries where we want to deep in our roots because of the incredible talents, educated, favorable environment and political support that are very serious about science and commercialization and the market,” he said.

Kunmi noted that Uganda is well-positioned to serve many countries.

“The story of Uganda must be told to the world. You need to be able to sing a lot of the great things coming out of this very great country. We are very excited about the investments that we are going to make this week. We have already identified a few that we want to bring on to our portfolio,” he added.

Magdi Amin, managing partner of African Renaissance Partners stated that by investing, we can accelerate and complement the efforts of everybody else in the economy who is trying to move forward with good ideas. When we invest in innovations that raise productivity, we can see a brighter and sustainable future.

“In Uganda, I see the potential, good ideas and innovations that we have already invested in,” he stated.

Pombeguard

During the investors’ dinner, Musenero introduced one of the exciting innovative products dubbed Pombegaurd.

“The product which is currently in prototype treats hangover. This can be a global hit. We have done laboratory tests and it is good to go. It is not a drug but a beverage,” she said.

Musenero said there people who have used it say they wake up like they have not taken alcohol. She urged potential investors to interest themselves in that product which will soon become a darling to many people.