Top brains to entice global investors

Forty of the most innovative technology start-ups from Kenya and Africa will meet in Nairobi next month to pitch their ideas and products to potential investors drawn from across the world.

At the Demo Africa event, which will be held at the Kenyatta International Conference Centre in October, innovators will be hoping to attract the interest of local and foreign venture capitalists, angel investors, investment fund managers, technology buyers and entrepreneurs looking to buy into their businesses or inject funds to drive their growth.

Speaking in Nairobi last week, Demo Africa director Harry Hare said the event, the first to be held in Africa, presents a good chance for local innovators to move their businesses to the next level.

“The problem in Kenya is never about innovation but the cash required to spur the businesses forward has been lacking,” said Mr Hare.

The forum has attracted at least 10 venture capitalists from Silicon Valley among other investors who will be looking out for the best African innovations.

According to Information and Communications permanent secretary Bitange Ndemo, Kenyan innovators are equally vibrant but lack of adequate financing usually presents the greatest challenge in their quest to reap from their ideas.

“The country has good and affordable Internet to support our innovations and great young minds to do the job.

"However, investors have been shying away from the technology industry, maybe because the start-ups do not have convincing business models,” he said.

Accelerate success

Over the last five years, innovators at DEMO US have received about Sh297 billion in business capital.

Microsoft, which is sponsoring the event together with Nokia and other multinationals, said that the partnership is one of the best activities they have done because it will help accelerate success of entrepreneurs and start-ups in Africa.

“Building the right partnerships that will give Africa a competitive advantage is a huge focus for us and a shared passion amongst the DEMO partners,” Microsoft Director of Development Platforms for West, East and Central Africa Dele Akinsade said.