Addis Ababa is inching closer to becoming the ninth hub of UNDP’s Timbuktu Initiative, a pan-African program with a one-billion-dollar innovation fund to empower startups.
Announced by Ahunna Eziakonwa, Assistant Secretary-General and Director of UNDP’s Regional Bureau for Africa, at a discussion held at the Startup Ethiopia Event, the inclusion is based on meeting some requirements from UNDP.
The discussion explored what Timbuktu could mean for Ethiopia’s startup ecosystem, as well as what Ethiopia can offer to Timbuktu.
Continuous support for the growth trajectory and scaling of startups, access to larger specialized markets, absorption of local talent, and outsourcing talent beyond Ethiopia, along with de-risking early-stage capital and access to a broader investor pool, were among the points raised as benefits of joining the initiative during the discussion.
The Timbuktu Initiative, launched in January 2024, is an ambitious plan to mobilize and invest one billion dollars to nurture entrepreneurial ventures across Africa.
The Initiative represents a new model of development. It convenes key stakeholders to tackle multiple challenges simultaneously, from startup-friendly legislation and “world-class” development programs to mitigating investment risks. Initiatives like UniPods—University Innovation Pods—established across Africa are central to this approach.
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