Where start-ups can get funds, mentorship

Businesses, especially start-ups, always grapple with a series of challenges. Overcoming these setbacks calls for determination, ingenuity and resilience.

Aside from these key ingredients for success, mentoring is now emerging as one of the determinants of whether or not a business idea will be translated into reality and nurtured into a big business.

The realisation of the central role that mentoring plays in propping up start-ups has driven some organisations to craft programmes tailor-made for this purpose.

Several organisations have made it their business to mentor both young and old entrepreneurs. Their objective is to guide business people to navigate the challenges associated with the initial stages of running a business. Some of these entities also help potential entrepreneurs to hatch innovative ideas and take them step-by-step through the implementation process.

THE NAVIGATORS KENYA

One of the mentoring programmes is Economic Projects Transformational Facility (EPTF) founded in 1991 by The Navigators Kenya, a faith-based organisation. Since 2004, more than 4,000 successful entrepreneurs have passed through the programme.

“We have trained Mariam Mpaata, Junior Star Football Academy founder, also recognised by Top 40 Under 40 women awards,” said Ms Anne Njuguna the EPTF public relations and marketing manager, adding that they help business people to sharpen their entrepreneurial skills. Further, she says, they guide firms to stick to the straight and narrow path of their goals.

Companies that have benefited from the programme include Perfection Plus Ltd, which produces functional craft items on which inspirational messages are inscribed. Others are Finch Travels, a specialist in tours and travels; Digital Vision EA, a web solutions company; and Edonai Caterers.

The programme teaches how to turn ideas into a concrete venture, develop business plan and business development support services. Young entrepreneurs are also exposed to the practical world of business by visiting experienced businessmen who have benefited from the training.

Other organisations providing business mentorship are Sinapis Group and Intel.

SINAPIS GROUP
Sinapis Group guide aspiring entrepreneurs to come up with innovative ideas. To motivate potential business people to translate their ideas into business, the firm provides winners of its competition with $10,000 seed capital.

Sinapis played a major role at the Global Entrepreneurship Summit 2015, by training entrepreneurs. They also gave a chance to successful entrepreneurs to voice their experiences at the GES summit.

Sinapis focuses on helping start-ups access seed capital, building thriving ventures and creating business leaders. The Group executive director and co-founder Ms Courtney Mills said on average entrepreneurs nurtured by the organisation grow revenue by 166 per cent annually.

Upon going through Sinapis Entrepreneurship Training Programme, firms are also able to create three new jobs in a year and raise 15 times more in investment capital.

“Sinapis entrepreneurs make an average annual revenue of $7 million,” Ms Mills said.

At the latest Sinapis Business Plan Competition in July, local organic agriculture start-up Miyonga Farms won $10,000.

Ms Yvonne Otieno, the owner of Miyonga Farms, grows and sells French beans and sweetcorn. She started the business on a one-acre piece of land in Ruai but has since grown to 10 acres in 18 months.

INTEL CORPORATION

Technology firm Intel Corporation is also leading the way in empowering women entrepreneurs to apply technology and take their businesses to the next level.  “We run a project in Kenya that involves the launch of a web-based online earning platform under the Intel She Will Connect (ISWC) programme,” said Ms Marne Dunn, Intel’s head of Digital Literacy Strategic Program.

The Intel programme uses a number of techniques such as storytelling and networking to impart knowledge.

Africa, especially Kenya is the main focus of the programme because of the rapid uptake of technology. The initiative targets about 5 million women.
Those who have undergone the training can now connect to the internet through mobile phones and get markets for their products abroad.

They are also able to interact and share ideas with their counterparts in various countries.

During the GES, women and youth emerged as the biggest winners. Billions of shillings were set aside to boost their businesses. Private sector companies committed over Sh100 billion to train and mentor over one million entrepreneurs.

Chase Bank Kenya, United States Firm Village Capital (VilCap) with seed funding support for entrepreneurs and Coca Cola Foundation on youth empowerment.