To assist incubation projects, entrepreneurship: UB gets 75 million FCFA support from SMEs ministry.

The framework partnership agreement between MINPMEESA and UB was signed to this effect in Yaounde, on Wednesday October 2. 

Minister Achille Bassilekin III signed on behalf of the ministry while the Vice Chancellor of UB, Prof Ngomo Horace Manga, penned the deal for the higher institution of learning. 

The partnership agreement, we gathered, has as objective to specify the terms and conditions of support and monitoring by the SMEs ministry of incubation activities of the College of Technology of UB. 

This, it was said, is in conformity with Decree No.2020/0301/PM of January 22, to lay down the modalities for the accomplishment of the missions of incubation structures of SMEs. 

Speaking during the signing ceremony, MINPMEESA boss disclosed that the mission of incubators is to provide project holders with the right conditions to bring their projects to fruition. 

This, the minister said, is by offering a wide range of services that includes amongst others; raising awareness among members of the university community, individual personalised support, technical assistance and capacity building and putting project holders in touch with financial and commercial networks. 

According to the member of government, the university incubators are positioning themselves as a place of support for project funders who can combine their training course with the preparation and implementation of an entrepreneurial project. 

“In the context where enterprise is firmly rooted in the heart of the university system through the promotion of concepts such as university enterprise, student entrepreneurs, incubation activities have become an imperative in guiding students towards not only self-employment but also wealth and job creation,” the minister said. 

The government official lauded the University of Buea VC for initiatives undertaken by the university to disseminate and promote not only the incubation policy but for overall the entrepreneurial spirit. 

Enter UB VC 

Speaking earlier, the VC of UB, stated that the establishment of the incubator by the College of Technology marks a significant milestone in their journey towards making significant contribution to the economic growth and development of our country. 

Prof Ngomo Horace Manga went further to mention that the decision of the SMEs ministry to allocate funds for this initiative, demonstrates the government’s profound understanding of the critical role that start-ups and small businesses play in driving innovation, creating jobs and building a very resilient economy. 

According to the VC of UB, the incubator will not only provide entrepreneurs with the resources and mentorship they need to turn their ideas into successful businesses but also serve as a beacon of hope and opportunity for our community. 

“It will be a place where creativity and collaboration will thrive, where dreams are nurtured and where the next generation of business leaders will emerge,” Prof Ngomo said. 

Prof Ngomo explained that the funding from the SMEs ministry marks the beginning of a new dawn for post-school education and training which honours the vision of the president of the republic, Paul Biya for 2035. 

Because of this funding, the VC said, UB, through the College of Technology will make a radical contribution to Cameroon’s development as they intend to revitalise the entrepreneurship development in higher education.

“The funded incubator project from your ministry is a huge opportunity for the College of Technology of the University of Buea to be at the fore front of change and empowerment. It will enable us to overcome the legacy of the past and create an equal, empowered and productive Cameroon for the future,” the UB VC said. 

“This funding will modernise our college because we have equipment and others and ensure they contribute to employment creation and enterprise development in Cameroon thus making the College of technology a school of choice for millions of young people in line to responding to new technological demands,” the VC added. 

He went on to add that the funding will empower them to train more students and give them the entrepreneurial orientation which the funds are intended to achieve. 

The VC seized the occasion to express heartfelt thanks to the minister for his generosity and commitment to fostering innovation and entrepreneurship in UB. 

It is important to note that MINPMEESA has till date granted subsidies to incubation structures lodged within state universities amounting to more than two billion FCFA between 2016-2022. 

This article was first published in The Guardian Post Edition No:3249 of Friday October 04, 2024