The Global Entrepreneurship Summit has in the past six years pledged billions of dollars to upcoming young entrepreneurs around the world.

In the 2014 summit held in Morocco, more than $4 billion was pledged, mainly by the United States, to help upcoming entrepreneurs with the hosts getting a fair share of this.

In the summit, US Vice-President Joe Biden announced that the US and carmaker Volvo would partner to establish an academy for 140 entrepreneurs in Morocco, Côte d’Ivoire and Senegal focusing on maintenance of industrial and commercial equipment.

Like other countries that have hosted this event, Kenya is looking at receiving support from the United States Agency for International Development (USAid) in collaboration with the US Department of State’s Global Entrepreneurship Programme (GEP) in helping its entrepreneurs to start and grow businesses through start-up competitions, awareness events and mentoring.

Already, Kenya has prepared a list of expectations that includes bilateral trade agreements that it expects will be addressed by the US.

President Barack Obama’s visit to Kenya is expected to open the floodgates to American investments to the East African region.

Business leaders cite the Obama visit as a major facelift for the region’s investment landscape.

The GES, held annually, is intended to connect emerging entrepreneurs with leaders from business, international organisations and governments looking to support them.

Since 2009, when the US came on board as one of the anchors of the summit, it has helped young scientists from throughout the Muslim world to generate more than $80 million in revenue for their companies through its Global Innovation Through Science and Technology (Gist) initiative.

At last year’s summit, the US sent some of America’s top entrepreneurs abroad through the Presidential Ambassadors for Global Entrepreneurship. The same group has already landed in Nairobi and includes the star cast of ABC’s Shark Tank programme.

In Morocco, the US committed $3.2 billion to support micro, small- and medium-sized enterprises and mobilised $80 million in private capital for startup accelerators in the developing world through development financing institutions and programmes.

The US press secretary said that, through its entrepreneurship programmes, it would spark $1 billion in new private investments till the end of 2016 for entrepreneurs worldwide, including social entrepreneurs.

Half of these investments will be generated by women and young entrepreneurs.

The summit in Nairobi next week will focus on generating new investments in entrepreneurs, especially women and youth’s initiatives.

Leading networks that will be represented include the Young African Leaders Initiative (Yali) and the African Women’s Entrepreneurship Programme (Awep) and other youth initiative networks.

The summit will see participants showcase products and connect to global markets while allowing the mentors to find new ways to give back. Incubator managers will be able to get fresh ideas while the social entrepreneurs will be able to build a larger network.

Launching the Kenya chapter of the Global Entrepreneurship, Kenya’s President Uhuru Kenyatta said established enterprises in the country will be able to share their accumulated experience, skills and capital with young innovators.

“The benefits of this summit are so obvious,” President Kenyatta said. “By having established entrepreneurs taking the upcoming ones under their wing, investing in their ideas, we will be able to have larger markets, greater productivity and the building and strengthening of Kenyan and African institutions.”
East African Chamber of Commerce CEO Charles Kahuthu said SMEs make a significant contribution to the region’s economies.

“In the past five years, we have seen Kenya lead in the region by developing a vibrant SME segment and contributing to foster entrepreneurship across various economic sectors,” said Mr Kahuthu. “The country has become a regional hub for SMEs and we are delighted to have established companies and entrepreneurs attending this summit.

“We hope that they will invest in ideas that lift the region’s economies.”

Among the scheduled speakers are Tony Elumelu, founder of the Tony Elumelu Foundation; Antonio Gracias, founder of Valor Equity Partners; and Julie Hanna, founder of Kiva.

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Others are Mark Cuban, investor and owner of the top-tier basketball club Dallas Mavericks; Barbara Corcoran, investor and founder of Barbara Corcoran Venture Partners; and Daymond John, investor and founder of sportswear maker Fubu.

Key American firms — including videography specialists GoPro, Internet and computer giants Google and Microsoft, energy, appliances and water firm General Electric, beverage manufacturer Coca-Cola and real estate developers Rendeavour — have confirmed their attendance to the summit.

In a statement, the GES 2015 organisers said some of the representatives from these companies will speak to the more than 3,000 participants about financing start-ups, expanding networks, mentoring entrepreneurs, sourcing capital and opening up trade.

“The discussions will also centre on getting financing, protecting intellectual property, intra-regional entrepreneurship and trade and attracting venture capital and private equity,” the organisers said.

Since its inception in 2009 in Cairo, Egypt, the summit has also been held in Washington, DC; Istanbul in Turkey; Dubai in the UAE; Kuala Lumpur in Malaysia; and Marrakech in Morocco.

Patrick Obath, an energy consultant and former chairman of the Kenya Private Sector Alliance, said Kenya could use the opportunity to negotiate a better framework of consultation with the US before travel advisories are issued against East Africa’s largest economy.