I’m at the final pitches for the 2011 Nairobi IPO48 event that’s been happening non-stop over the last 2 days. This year it’s being held at the iHub, with 12 companies working through ideas, prototypes, business plans and finally an investment for the winner. In total, they’re offering:
- 25.000â‚¬ (3.3m Ksh) in funding after 48 hours
- Mentorship from serial entrepreneurs and professionals
- Great media exposure for your startup
- Find talented people that want to join your startup
The 2011 Winner: Tusquee Systems with their SchoolSMS app (which also won their category at Pivot25)!
Kenya Startup Events
It’s only 2 months since Pivot25 and now we’re on another startup event with Human IPO back in Nairobi for the second year. The Tandaa $690k startup grants for techies have gone out to 15 companies. We didn’t have any of these events going on. None.
This is important for a number of reasons:
- Kenyan entrepreneurs are getting experience in pitching their ideas.
- Techies are finding out the hard truths about themselves as business people, and that technology alone doesn’t make a business.
- Local and international mentors are giving the entrepreneurs much needed insights and wisdom.
- Investors and international media are being catered to, they’re getting a chance to see the Nairobi startup scene up close and personal.
- Design is being taken a little more seriously (though a lot more needs to be done).
- It brings an angel and early-stage investment mentality to Nairobi that hasn’t really existed before.
In short, we need to continue with local startup competitions. The more people who learn how to think through, build and pitch their ideas, the more likely we are to continue our upward growth in mobile and web innovation. It’s only by a lot of practice, lessons learned and hard knocks that we’ll see more success stories.
The finalists in these competitions represent a small percentage of the people who apply, but don’t make it. It’s a pure numbers game, where we’ll see the 10-15% succeed and most fail. Again, that’s okay, it’s how the startup game works.
We’re only half way up the mountain, and startup competitions are only part of the equation. There’s a lot more work to do if we want to see more success stories. Thus we need the whole technology community in East Africa to continue supporting the events and the people behind them, but also get involved in the startups themselves, whether for mentoring, business or investment.