Uganda Registration Services Bureau (URSB), a semi-autonomous Government agency charged with formalization of businesses and registration of intellectual property, and the Stanbic Business Incubator which provides training, mentoring and business development services for Micro, Small & Medium Enterprises (MSMEs) have today announced a new partnership.
The aim of the joint collaboration, officials said, is to support and drive economic growth in Uganda through enabling formalization for MSME’s, training them to overcome some of their challenges while nurturing innovation through protection of intellectual property and commercialization of creations.
“URSB is proud to welcome the Stanbic Business Incubator to the growing number of support entities that are keen on enhancing the business growth environment. Our core focus is not to only support businesses to formalize, but we also ensure that they thrive, get commercial value from their innovations and grow,” Mercy K Kainobwisho, the URSB Registrar General said.
“This partnership that is geared towards creating innovation hubs presents a truly transformative approach for growing our economy through business,” she added.
URSB has over the years been involved in efforts to formalize business operations for the bulk of MSMEs who form over 80% of Uganda’s business sector and has front-led collaborative efforts to stimulate innovation, accelerate ease of doing business and continuously provide support services to keep entrepreneurs in business.
Tony Otoa, the Chief Executive Officer of Stanbic Business Incubator said the partnership would help support and nurture MSMEs to prepare for and harness business and growth opportunities.
“We are always looking towards partnering with entities that have similar interests in supporting businesses to thrive. Our intensive training in entrepreneurial attitude, financial literacy, business analysis and planning as well as compliance and corporate governance are a timely addition to URSB’s services that promote the ease of doing business and nurturing of innovations,” Otoa said.
As part of the announcement, the collaboration will also focus more on the creative industry leading to the creation of innovation hubs to attract, nurture and support innovative entrepreneurs to protect their creations, besides helping them attract financing using their intellectual property as collateral.
Another exciting aspect of this new partnership, officials further noted, is that URSB and the Stanbic business incubator programme will offer MSME mentorship and training programmes across the country to encourage nation-wide business support.
The two will also explore opportunities how to onboard Local Governments which have been identified as fertile grounds for starter innovators that need mentoring.