An article by Dinfin Mulupi
ICT Entrepreneurs attended a business pitch session to expose their business to Venture Capitalists.
The Kenya ICT Board will be organizing pitch sessions for tech entrepreneurs every quarter of the year. This is aimed at exposing innovative entrepreneurs to financing from Venture Capital Funds interested in the East African state.
The Kenya ICT Board Chief Executive, Paul Kukubo, says this decision follows the success of a pitch session held on 18 October 2010.
Seven Small and Medium Enterprises (SMEs) namely Paysure Limited, Pewahewa Music, Got Issuez, Brighter Monday, Web Simba, Interpid and m-Trader pitched before a panel of fund managers in an event organised by the Kenya ICT Board, a state corporation which promotes Kenya as an ICT destination.
The five Venture Capital funds included, Fanisi Venture Capital Fund, Africa Media Venture Capital, eVA Fund, Open Capital and Grofin .
Kukubo says the fund managers expressed optimism with the outcome of the pitch sessions and gave indications of funding two of the SMEs.
It was impressive that out of seven entrepreneurs, two now stand an opportunity of getting funding to implement their business ideas and expand their operations after successfully pitching their ideas to the five Venture Capital Funds,” he said.
The open door event also gave other tech start-ups that were not pitching an opportunity to interact with fund mangers and learn what they look for before they invest in a business.
In the last few years Kenya has emerged as an ICT hub in the Sub-Saharan region with increased development of innovative solutions, subsequently drawing the attention of foreign firms.
Photo by Kenya ICT Board
UrawerSesE
October 7, 2011
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Blaine Brandle
October 17, 2011
Terrific post however , I was wanting to know if you could write a litte more on this topic? I’d be very thankful if you could elaborate a little bit more. Appreciate it!
Priscilla Isabelle Tayari
October 26, 2011
Hello, I would like to open a Day care and Nursery School; at the moment I don’t have any fund except my own salary. Where can I find some finance support? Thank you.
Africa Report
October 26, 2011
Hello Priscilla,
Please look under Get Financed and find different options that may direct you. For inspiration, look at our success stories. Many of our entrepreneurs give tips and advice on how they turned their idea into a sustainable business.
Good Luck in your venture!
Africa Report team.