Kenyan businesses have being urged to prioritize technological innovation and commercialization as key drivers for the transformation of commerce in the country. Industry experts and business leader Dr. Kevit Desai who was exclusively speaking to KBC Channel 1says entrepreneurs need to embrace digital tools and scaling business operations to improve efficiency and competitiveness in an increasingly globalized market.
The call comes amid growing recognition that technology plays a pivotal role in unlocking economic potential. With Kenya’s growing tech ecosystem and a burgeoning startup scene, there is optimism that businesses can leverage advancements in digital platforms, e-commerce, and automation to revolutionize trade both locally and internationally.
“Technology is no longer a luxury for businesses; it is a necessity. Those who invest in tech will be better positioned to meet customer demands, optimize their supply chains, and expand their reach. Commercialization, particularly of homegrown innovations, will enable businesses to scale quickly and gain a competitive edge,” said Dr. Kevit Desai.
In recent years, Kenya has emerged as a hub for innovation, particularly in the fields of fintech, agritech, and e-commerce. The success of platforms like M-Pesa, a mobile money service, and Twiga Foods, a digital platform connecting farmers with vendors, have shown the potential for businesses to capitalize on technology-driven solutions.
According to the Kenya National Bureau of Statistics (KNBS), the country’s tech sector has grown by over 10% annually, with the e-commerce industry alone projected to reach $3.4 billion by 2027. However, despite these advancements, many small and medium-sized enterprises (SMEs) in Kenya are yet to fully harness the power of technology to boost productivity and commercialize their offerings on a global scale.
To address this gap, the government, alongside private sector stakeholders, has introduced various initiatives aimed at providing funding, training, and mentorship to businesses keen on integrating technology into their operations. For example, the Digital Literacy Programme and the Kenya Industrial Transformation Programme have provided significant support to SMEs, particularly in rural areas.
The growing global demand for innovative products and services means that Kenyan businesses must adopt cutting-edge technologies such as artificial intelligence, blockchain, and the Internet of Things (IoT) to remain relevant. E-commerce and online payment systems, which gained significant traction during the COVID-19 pandemic, are expected to continue being central to business success, especially as consumers increasingly prefer the convenience of online shopping.
As Kenya positions itself as a leader in Africa’s digital economy, there is hope that a greater focus on technology and commercialization will empower businesses to drive economic growth, create jobs, and ultimately enhance the country’s global competitiveness.
