On 11th January 2016, the Vice President of the United Republic of Tanzania Her Excellency Samia Suluhu Hassan launched the Zanzibar Technology Business Incubation Centre (ZTBIC) located and hosted at Karume Institute of Science and Technology (KIST) as a part of commemorating 52nd year of the Zanzibar Revolution. The event was attended by high level government officials including Ministers from the Revolutionary Government of Zanzibar.
The centre received financial support of Tshs 206,000,000 million from the Tanzania Commission for Science and Technology (COSTECH) to support the implementation of the business incubation project to achieve the outlined objectives. The funds were mostly engaged to purchase ICT and Agribusiness infrastructure.
The Centre is mostly based on Agribusiness, ICT and Tourism development. The products of the centre will boost employment opportunities for youths and women in particular. In addition the canter is an important platform for technology and knowledge transfer for young entrepreneurs.
The ultimate goal of the centre is to enable participants develop their own business and small scale companies. The main challenge however is the access of finance to nurture their SMEs into full fledged business.
The management of the ZTBIC is under the parent Ministry of Economic Empowerment, Social Welfare, Youth, Women and Children.