Entrepreneurship hub Norrsken to invest $12mn in Rwanda’s start up scene

Norrsken, a global entrepreneurship hub, is making a significant investment of $12 million in the local and regional entrepreneurship scene through their Kigali hub. The Managing Director for Norrsken in East Africa, Pascal Murasira, shared insights on the investment and the organization's goals for the region. The $12 million investment will primarily be used to establish a hub in Kigali, providing a dedicated space for entrepreneurs to work and collaborate. The hub, located in the city center at the former Belgian school, will undergo renovations to create a dynamic environment for startups in East Africa. Additionally, Norrsken is in the process of setting up a separate fund to directly invest in technology startups. This fund will support entrepreneurs with not only capital but also mentorship and experience from Norrsken's background in technology and entrepreneurship. Norrsken aims to differentiate itself in the crowded entrepreneurship ecosystem by offering a higher level of scale and network to entrepreneurs. With a focus on creating role models and supporting the growth of unicorn companies, Norrsken believes that showcasing success stories will encourage more young people to pursue entrepreneurship as a viable career path. Drawing from the success of Sweden, which saw a surge in unicorns after Microsoft's acquisition of Skype, Norrsken aims to replicate this growth in the South Africa region. Challenges such as scalability and access to resources have hindered many startups in the region. Noting the entrepreneurial potential in Africa, Norrsken is determined to provide the necessary tools for entrepreneurs to tackle local and global challenges. By offering access to capital, infrastructure, networks, and mentorship, Norrsken seeks to empower startups to create impactful solutions. Addressing the issue of legislation and its impact on startups, Norrsken recognizes the barriers faced by local entrepreneurs in accessing funding and networks. By bringing international investments and networks to the region, Norrsken aims to bridge the gap and provide opportunities for local startups to thrive. Their commitment to investing in local startups showcases a willingness to take risks and pave the way for other investors to follow suit. In a region where traditional funding channels favor those with established networks, Norrsken's approach seeks to level the playing field and empower local entrepreneurs to succeed. By fostering a supportive ecosystem and showcasing success stories, Norrsken is poised to catalyze the growth of entrepreneurship in the South Africa region.