Mali’s promise of delivering a Startup Act to its startup ecosystem is not dead yet, even as the country suffered a major political set back last year.
According to the country’s new minister of communication and digital economy, Dr Hamadoun Touré at an event organised by Impact Hub Bamako — aimed at promoting the professional integration of young people through self-employment and which aspires to improve knowledge , practical exchanges and conditions for young entrepreneurs — the Malian government is currently in the process of developing a set of strategies towards improving the lives of startups in Mali, including the enactment of a Startup Act.
Minister Hamadoun Touré said the bill will pass before the National Transition Council (CNT) in the coming weeks. He said the adoption of the law would provide a solid foundation to help set up a startup development plan, which, he said, would give the industry a certain boost and create new businesses.
Read also: What Difference Have Startup Acts Made In African Countries Where They Exist?
Minister Touré also announced the creation of a Hub in each of the regions of Mali. He said the Malian government is currently working with the startup ecosystems of other countries to boost startup development in Mali.
Impact Hub Bamaka belongs to a network of more than 100 Hubs around the world. At the end of the program, a competition will be organized between 10 young entrepreneurs among whom two awards will be made. The first will have 750,000 Euros while the second will pocket the sum of 500,000 Euros.
The Era of Startup Act
The first specific startup law globally was passed in Italy in 2012, and Africa is increasingly catching on. Tunisia and Senegal are the only countries in Africa that have passed the Act, although plans are being mulled by Rwanda, Kenya, Ethiopia, Mali to follow suit.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer
Startup Act Mali