Ethereum founder Vitalik Buterin has endorsed Zambia’s efforts to establish a startup itself to establish itself as a hub for thriving startups.
The founder, who in early 2022 spoke with the country’s President, Mr. Hakainde Hichilema, has indicated that he is impressed by the desire in the country to do big things.
Buterin visited Zambia in 2019 as a guest of Mwiya Musokotwane, CEO of Thebe Investment Management, and one of the people pioneering Zambia’s tech ambitions through the Zambia Technology Sector Working Group.
The working group is looking to create a welcoming policy for startup founders across the world.
Musokotwane is part of the team that includes startup founders from the southern African country and abroad that is advising the government about creating the regulatory and business environment that would attract more tech firms and capital.
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The Ethereum Foundation is one of more than 40 African startup founders and organizations that are part of the group.
Other participants in the initiative include:
According to one of the president’s advisers, Jitto Kayumba, the government is eager to consult with entrepreneurs on attractive policies for the tech industry, including offering tax incentives.
With the support of various government departments, the group is working to tackle many common issues, including:
- Business licenses
- Immigration policy
- Support for local talent
- Internet infrastructure, taxes
- Stock listing opportunities
- Cryptocurrency-friendly regulations, including a framework for adopting crypto services
Startup hubs are places that aim to provide the ‘ideal’ conditions for founders to quickly grow their young businesses. Hubs are important as they help de-risk and remove uncertainty that comes with launching a company.
One of the better known hubs for startups across the world is Silicon Valley area of San Francisco in the United States.
The U.S. state of Delaware also stands out as a legal hub for startups across Africa and the world. The state is well-known for its robust corporate laws and tax environment, a major draw for U.S.-based investors.
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