PANEL SESSION: Strengthening Startups and the Innovation Ecosystem in Somalia was a key discussion during the Entrepreneurs and Professionals Summit held on 27 August 2024. This session focused on the critical role of startups in Somalia’s economic future and how to create a supportive ecosystem that fosters innovation and entrepreneurship. The panel brought together leading entrepreneurs, investors, and policy experts who shared insights on the challenges and opportunities faced by Somali startups.

The panelists discussed the importance of building a robust infrastructure that supports early-stage businesses, emphasizing the need for access to financing, mentorship, and networks that can help entrepreneurs scale their ventures. One of the key topics was the role of the private sector in providing investment opportunities and resources for startups. It was noted that while many young innovators in Somalia have great ideas, they often lack the capital and technical support needed to turn these ideas into sustainable businesses.

The conversation also highlighted the role of educational institutions and innovation hubs like the Jamhuriya Incubation Center (JIC) in nurturing the next generation of entrepreneurs. Panellists praised JIC’s efforts in offering training, mentorship, and business development support to Somali youth, and encouraged other stakeholders to follow suit. The importance of collaboration between government, the private sector, and international organizations was stressed as crucial in building an ecosystem where startups can thrive and contribute to the overall economic growth of the country.

The session concluded with a strong call to action for policymakers to create a more enabling environment for startups by improving access to funding, reducing regulatory barriers, and investing in infrastructure that supports innovation. The panellists reiterated that the future of Somalia lies in the hands of its entrepreneurs and that strengthening the innovation ecosystem is key to unlocking the country’s potential.