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{
    "id": 1262234,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1262234/?format=api",
    "text_counter": 319,
    "type": "speech",
    "speaker_name": "Sen. Tabitha Mutinda",
    "speaker_title": "",
    "speaker": null,
    "content": "In this combination, technology is very key for startup businesses. I appreciate the fact that Sen. Crystal Asige has recognised that technology is needed for these businesses to grow. As a business person, it is one thing to start a business, it is another to maintain it and another to ensure it grows. As you know, in any business, one of the key goals is profit-making. I note that she has stated that incubation is not about business making, but to equip young entrepreneurs to do business and have a platform and a section where they are recognised as startups. Madam Temporary Speaker, I have noted that she has talked about it in Clause 8 of the Bill. It says; - “An entity shall be eligible to be registered as a startup and for admission into an incubation programme if the entity is a private limited company, a partnership firm, a limited liability”. There is always a fee that is required for any person to register your company. Nowadays, you register a company, you get a tax certificate, the National Health Insurance Fund (NHIF) and National Social Security Fund (NSSF) for it. They all come at a cost. If this startup is going to be required to have this certification so as to get into the incubation, then it means they have to expend on the registration processes. There needs to be a leeway for the startups such that there can be a basic requirement that at least minimises their expenditure and cost in terms of registering. This is because to register a limited company, you need not less than Kshs20,000. We are trying to encourage the youth who are coming from the bottom level and might not have so much in terms of capital. Madam Temporary Speaker, she has talked about financial institutions. Earlier, we used to have banks as the only financial institutions that could help us in our businesses. I am happy because other creditors have come in place to offer financial assistance. I agree there is a challenge for starters. In most of this, you are always asked for a six months statement, which any startup may not be in a position to hold. The starters have definitely not done business before and, therefore, the experience is very minimal or not in place in terms of other collateral. It is high time that our banks also considered offering facilities that can help the startups take place and kick off. This is because there is always a startup. Even the multi- billion companies that we see, did not just start and become multi-billion, they started from somewhere. Look at Mark Zuckerberg of Facebook, they started in campus when they were discussing how they will meet after school. How they will be able to connect with each other. I remember one of the companies in this country called Craft Silicon Company. It is an Information Technology (IT) company that deals with software. The owners started with one big, simple, old desktop. They used to be there alone trying to come up with the applications. Today, it is a multibillion company. There has to be a start. As far as Kenya Kwanza manifesto is concerned, bottom-up is an encouragement for the youth. This is because they have to start from somewhere. I agree we have funds such as the Hustler Funds, the Youth Funds and different funds coming from right, left,"
}