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{
    "id": 851321,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/851321/?format=api",
    "text_counter": 240,
    "type": "speech",
    "speaker_name": "Kiharu, JP",
    "speaker_title": "Hon. Ndindi Nyoro",
    "speaker": {
        "id": 13370,
        "legal_name": "Samson Ndindi Nyoro",
        "slug": "samson-ndindi-nyoro"
    },
    "content": " Thank you very much, Hon. Speaker, for giving me a chance to contribute to the Statute Law (Miscellaneous Amendments) Bill, 2018. I want to start with the proposed amendments to the Cooperative Societies Act. Having gone through them, I wish to depart from the many arguments that I have heard in this House, especially on the proposal to create special funds within SACCOs. Reading the intent of the same, I have seen that one of the roles of the said special fund is to provide start-up and early stage finance to an eligible person with respect to viable innovations and assessed by the investment committee. In our current finance set-up in Kenya, there is no way that an innovator or a person who comes up with a new idea can get funding. When you go to commercial banks, they need security. There is usually a paradox. Many people who have those kinds of innovations and ideas that need funding do not qualify for the normal commercial loans. If you study the emergence of Silicon Valley as we now know it, it was a convergence of many factors. One was the policy for immigration which was being used in Stanford University. The most critical part was the availability of venture capital, especially in San Francisco where Stanford University is located. Therefore, the ingenuity of students going through Stanford and learning science, technology, mathematics and engineering would find funding from those venture capitalists who were then around San Francisco. There would never have been a company like Facebook without a person like Peter Thiel. He is not the founder but he is the person who came up with the fund and one of the initial and early investors in Facebook . There would never have been Twitter without the people who first funded it. There would never have been Google without Sun Microsystems which was one of the first investors in Google . An idea remains an idea unless it is commercialised. Currently, there are 39 companies among the The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor."
}