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Addis Ababa University (AAU) announced that it will be establishing a Technology and Business Incubation Center (TBIC) that will have an operational cost of over 1.1 million birr per year.
Besides the TBIC, a Technology Park (IT Park) will also be established as part of the AAU’s effort to strengthen research and development activities, as well as technology transfer to the industry and society. The establishment process is planned to take place in two stages. In the first stage, a pilot TBIC will be launched in the fourth quarter of this year. In the second stage, a Science and Technology Park, which is stated to need strong support and commitment from stakeholders and the government, will be established.
The establishment of the TBIC will enhance AAU’s research activity, commercialize its research outputs and prepare homegrown entrepreneurs for global competition, it was stated at a workshop held on Wednesday January 16th, 2013.
The AAU-TBIC will recruit technology-based new enterprises and provide them with working space, technological support, trainings for entrepreneurial skill development and will be monitored by successful CEOs.
AAU will be providing funding for the 10 pilot projects, which will involve 10 participants, and will cost an average of USD 40,000 per participant.
Those who are successful will first develop a prototype and have it tested and ready for production. The Center will then provide the graduates further support through endowment funds or loans from banks.
The Center has the vision to become the best TBIC in Africa and promote Ethiopian innovators and nurture world-class knowledge and technology-driven enterprises.
It was stated that the area of technologies to be incubated will be set based on the impact it will have on the Ethiopian economy, government policy and AAU areas of expertise.
The AAU-TBIC projects will require a total area of 296 meter square, and will be located around the ‘Amist Kilo’ area of Addis Ababa.