With 80 percent of Kenya’s population owning a cellphone and having some with internet connectivity, the future of this platform has never been safer and more popular. And because of this popularity, ICT entrepreneurs are queuing up to cash in on it with their new innovations and software that they will introduce to the Kenyan market first and the world later on.
The biggest problem for these entrepreneurs though, is having the funding needed to start their enterprises and get into the marketplace. And that’s where Tech Ideas Challenge comes in.
We started the Tech Ideas Challenge mainly as a forum for IT startups and IT entrepreneurs to meet with venture capitalists,” says Paul Kukobo. Here’s just one example: “Basically what we are is an online restaurant portal for Nairobi. The restaurant pays to be on our website and visitors get comprehensive restaurant listings, everything from menus and photos, videos, customary reviews. It’s coupled with a booking platform, which allows somebody to make a reservation straight from the website.”
According to Kellie Murungi of Open Capital Advisors LTD, venture capitalists have a strong idea of what they’re looking for: there must be a valid and viable business idea that will show how they intend to go forward in the business, and scalability because the businesses are Africa-based.
Our internet usage isn’t that high yet, so it’s very attractive to venture capitalists if a business idea can be applicable to the rest of the world.
Sourcing venture capitalists who want to invest in these ICT businesses is made easier through the Tech Ideas Challenge, as the entrepreneurs are given access to people who are of relevance to them and building their businesses. They are given access to venture capitalists who have international experience with these kind of companies and know how they work and how they can assist with the business.
There’s also the perfect entrepreneur candidate.
The ideal entrepreneur has a sort of split personality. He should be stubborn and not give in too easily and listen and believe in his own idea, but he must also be coachable,” says Kellie.
The world needs to keep an eye on Kenya’s ICT entrepreneurs, they mean big business in 2012 and they’re getting the funding to do it!
With 80 percent of Kenya’s population owning a cellphone and having some with internet connectivity, the future of this platform has never been safer and more popular. And because of this popularity, ICT entrepreneurs are queuing up to cash in on it with their new innovations and software that they will introduce to the Kenyan market first and the world later on. 
