In a bold step to further its industrialization agenda and push towards attaining middle-income economy status by 2030, the Government has adopted the Principles of the Science, Technology, Innovation Start-Up and Knowledge-Based Economy Promotion Bill.
This strategic move is aimed at fostering innovation, stimulating entrepreneurship, and driving economic growth by creating a conducive environment for start-ups. President Mnangagwa has long championed the transformation of higher education institutions from theory-based learning to more practical, entrepreneurship-focused education, as outlined in his education 5.0 policy.
The Bill is expected to propel Zimbabwe towards becoming a leader in innovation and technological advancement, in line with the Government’s vision for an industrialized future. By promoting heritage-based education, which focuses on creating job creators rather than job seekers, the initiative is poised to attract investment, generate employment, and contribute significantly to economic development.
During the SADC Industrialization Week, President Mnangagwa emphasized the critical role of innovation and industrialization in economic growth, urging higher education institutions to prioritize these areas. The Government’s leadership in this initiative reflects its commitment to catching up with global technological and industrial trends, positioning Zimbabwe for success in the global economy.
The philosophy of nyika inovakwa nevene vayo (a nation is built by its own people) is encapsulated in this push for innovation and industrialization. The Bill provides incentives such as tax breaks, rebates, and preferential procurement for start-ups, while also encouraging the allocation of land for innovation hubs and industrial parks.
Furthermore, the planned establishment of an Innovation Bank will promote start-ups, ensuring that Zimbabwe’s untapped talent is harnessed for national development and even global impact.
