Somalia Ecosystem Landscape

Initiatives

• The Ministry of Commerce and Industry of Somalia has launched the Somali Business Registration System. The new online system will significantly reduce the time required for company to register.

• The government of Somalia is working on and is expected to release a friendly policy for small and medium businesses.

Investor Landscape

• Investment firm Norfund, One Earth Future’s Shuraako initiative and Danish development finance institution IFU launched the Nordic Horn of Africa Opportunities Fund in 2018, a US $10 million fund that aims to help Somali entrepreneurs build sustainable businesses.
• Innovate Ventures has provided more than US $150,000 in seed capital to more than 54 startups since 2017. Salaam Entrepreneurs Fund (SEF) is a US $5 Million entrepreneurship fund allocated by Salaam Bank in collaboration with Hormuud Telecom for Somali entrepreneurs.

Notable events and communities

• Startup Grind Mogadishu: Mogadishu chapter of the global startup community Startup Grind, organizes networking events and interactions with successful entrepreneurs.

• Ambitious Somalia: A platform that connects Nordic and Somali youth in the areas of Entrepreneurship, Education and Entertainment.

• Institute of Innovation, Tech, & Entrepreneurship organizes mentorship and networking events, as well as panel discussions about various topics related to entrepreneurship.