Kenya needs to establish more business incubation centres to nurture young entrepreneurs who can become tomorrow’s Chief Executive Officers (CEOs).
This need was underlined when, during a demo day for four technology start-ups incubated at the Nairobi Incubation Lab (Nailab), it was revealed that former alumni are raking in KES 7mn per month.
It was also the gist of a statement by the Nailab CEO and Co-founder, Sam Gichuru that those who make up the ICT tech ecosystem continue to work with and support start-ups.
“Since its founding in 2010, Nailab has seen over 30 start-ups go through its incubation program and has 14 start-ups making part of the existing alumni with an average revenue of slightly over KES 500,000 per month each,” said Mr. Gichuru.
Acting ICT Authority CEO Victor Kyalo said the government will continue to explore and support young entrepreneurs through similar programs. The Government is currently in a US$ 1.6mn three-year contract to support the Nailab.
Mr. Gichuru said the ideas and solutions showcased by the four tech start-ups address real customer needs and issues, help in local job creation and assist the young people become financially independent.
The four tech start-ups include Hisa Play, a mobile stock simulation game whose developers hope, will encourage the more youth between 18 years and 35 years to start saving at the Nairobi Securities Exchange; TasKWetu, an online errand running and trucking platform allowing users to order their tasks for a fee, and follow the progress of the same. Some of the tasks include bill payment, passport renewals and tax remittances; Mode Mara, a fashion hub platform for designers to share ideas relevant to their field. The platform also offers a market place for them to showcase and sell their creations to fashion lovers locally and internationally and Young Freddie Collections, a fashion design company incubated to develop an ecommerce platform for its already existing physical store.