Banking on technology to create wealth

That high unemployment is rampant among the youth and productive population in Kenya is a reality. That job and wealth creation is low all over the country is a fact.

That the dearth of entrepreneurship among the Kenyan youth is true. That our current education system has acquired a reputation of training people for jobs that do not exist is also a reality.

That technology usage and application is very low in Kenya is yet another challenge.

That technology can be used to create enterprises and provide jobs has been proven all over the world is another fact.

That recent installation of cyber optic cables all over the country by the Kenyan Government provides opportunity to access technology and is open to be exploited is also real.

That East African region integration opens up the socio-economic space more so in the lake region is a reality.

These and many are the reasons for the founding of Victoria Institute of Science and Technology (VIST) in 2009. Located in Kisumu on the shores of Lake Victoria, VIST is a charitable public trust set up to advance education.

The Institute is the brain child of Professor Calestous Juma at Harvard Kennedy School.

"VIST seeks to pioneer a new approach to higher education that is directly linked to the productive sector. It seeks to nurture world class innovation based entrepreneurs who will help to stimulate economic growth in the Kenyan and East African Economies in general and the lake region in particular," states Professor Juma.

"VIST is guided by the belief that Africa cannot transform its economic future unless it fosters a culture of innovation based entrepreneurship. The ideas have been around for a while. The main difference is that we have created an institution that will translate them into reality," says the VIST chair of Trustees – Dr Martin Oduor – Otieno.

Some of the latest studies indicate that the dearth of entrepreneurship in Kenya in general and the lake region in particular is caused by low Psycho-social factors. Indeed these accounts for close to 70 per cent of reasons why people, more so the youth do not engage in business creation. The social economic model being widely advocated has its place, but it is at higher level.

VIST will address these latest research findings to address the entrepreneurship spirit.

VIST opens its doors this year. It will start with certificate and diploma programs that will evolve into an undergraduate science and technology college. "We want to establish a strong technical foundation based on information and communications technologies," says Mr Cornelius Nyaloti, Chief Operations Officer.

"VIST has signed an agreement with the KCA University to establish a Multimedia Innovation Centre. The Centre is serving as our platform for our core courses," he added.

VIST is working with a network of local and international supporters to create graduate schools of practice that will focus on creating new enterprises or refurbishing existing ones. "We envisage creating graduate schools of management, multimedia innovation, and green technologies," Mr Nyaloti said.

"Our model is to learn from the best around the world. For example, our courses will build on courses offered by institutions such as the Massachusetts Institute of Science and Technology (MIT). We are also partnering with other technology management leaders such as the College of Engineering at the University of California Santa Barbara."

"Like the legendary phoenix rising from the ashes, VIST is poignantly located at the Swan Centre, an epicenter for the post-election violence at the start of 2008. It therefore represents a rebirth of Kenya’s economy and hopes to spread its wings to other parts of the region by serving as a role model for others," said Prof Juma.

To start with, we have a donation of $ 10,000 by Prof Juma to enable us identify gifted entrepreneurial youths to go through training, mentoring and coaching at VIST. We invite young persons to apply for sponsorship through this fund.