Investor
How to – Storytelling for start ups.
“If your stories are all about your products and services, that’s not storytelling. It’s a brochure. Give yourself permission to make the story bigger.” – Jay Baer, content marketing strategist and keynote speaker.
Many startups often confuse storytelling with showcasing statistics during their pitches or even giving their overall strategy, while on the contrary, it is about sharing your journey in the most authentic way to you that relates with your employees, customers, users, and stakeholders. Unbeknown to many, business storytelling generates a high return on investment, with a recent survey revealing it produced 28.06 more times ROI for startups that had actively engaged in marketing their brand through their story.
As part of the mentorship journey for the Standard Chartered Women In Tech Program currently in its 5th year, Standard Chartered and @iBizAfrica recently convened the first town hall in the month of September which was themed “Storytelling for Startups”. The keynote speaker for the session was Ms. Ciiru Waweru, CEO of Funkidz and FunHomez, a creative serial Kenyan entrepreneur with a passion for mentoring youth in entrepreneurship. Having begun FunHomez and Funkidz ten years ago, she is passionate about being part of a positive change in Africa for young entrepreneurs who comprise Kenya’s “jua kali” or informal sector, to push them to become a continent of industrialists. At Fun Homes and Funkidz, they utilize 3-D technology to print designs on the wooden tables, furniture, and decor pieces that are displayed at the Lavington showhouse.
Through the town hall session, a space was created for open dialogue and candid conversations among the participants which provided an avenue for the entrepreneurs to learn and build on their experiences while improving on their vulnerabilities.
@iBizAfrica Incubation Manager, Ms. Ludovica Ochieng lauded the Women In Tech Program stating that “As an incubator and academic institution, platforms like these offer spaces for entrepreneurs to gain first-hand experience, network and acquire knowledge with seasoned entrepreneurs who are already in the industry such as Ciiru. As Strathmore, we look forward to hosting more similar events for women-led startups to help them scale their businesses from local to global brands.”
Present at the event was Standard Chartered Bank Head of Transaction Banking, Makabelo Malumane who stated “As a business, you must look at your story’s context and learn how to sell your story. People buy you first before they buy the product.”
The conversations were thought-provoking and insightful with Ms. Ciiru Waweru sharing insights on the various ways of telling their brand story in a credible and authentic way but also in a manner that generated social impact. Below are some of the key takeaways from the discussion:
- Don’t overcomplicate it, just start.
Most business owners often overcomplicate the process of starting their venture, majorly owing to self-doubt and limiting thoughts. Entrepreneurs should begin with the resources available and tackle the problems as they come along. - Be authentic with your product – Fall in love with solving the problem, not the product.
Most people are afraid to create products that they believe in owing to the fact that they are afraid of going against popular opinion. Being authentic creates an emotional connection with your customers, employees, and stakeholders because it allows you to outline your vision, and uphold your brand mission while taking into account the needs of your market. - Learn how to adapt your business according to your customer’s needs.
According to a recent survey, 33 percent of customers abandon a business owing to a lack of product personalization. The same study also found that companies lost around 32 percent of their customers owing to poor customer service. Customer experience is therefore instrumental in growing brand loyalty and is sometimes responsible for 49 percent of impulse buying purchases. - Collaboration with other Kenyan startups.
Startups needed to complement each other and promote one another. Referring to the Buy Kenya Build Kenya initiative, Startups are encouraged to locally source for their products in Kenya and Africa as a region. This strategy would increase competitiveness and consumption of locally produced goods and services and in return scale their businesses.
This session was timely and instrumental in growing and encouraging women-led startups present in the previous cohorts in The Standard Chartered Women In Tech Program. If startups want to succeed, they must learn how to tell their stories so as to attract investors. According to recent research by Quartz, Africa is attracting more funding, with Kenya women-led startups attracting two-thirds of $408 million.
Food Africa Accelerator Demo Day
You are cordially invited to The Food Africa Accelerator Virtual Demo Day on 27th November 2020 from 3.00p.m EAT to 4.30p.m EAT. This event marks an important milestone in the acceleration process towards the acquisition of investment for the enterprises that participated in the first cohort of the programme.
During this highly interactive event, businesses from the program will exhibit and pitch before an investor panel to gauge their investor readiness as they kick off potential investment conversations with program investors. This being an important milestone for the businesses and program, it will also provide an opportunity for key players in the agriculture industry including company founders, venture capitalists, investors and industry partners, to network and engage.The demo day will be hosted by Make-IT in Africa – GIZ, @iBizAfrica and Pangea Accelerator.
Kindly RSVP by responding to rkilonzo@strathmore.edu, by Friday, 20th November 2020. We will follow your confirmation with a Google Calendar invite.
Event Details:
Click Zoom Invite to register.
WOMEN IN TECH 2020 INTAKE OPEN
The Search for Women led businesses is back! @iBizAfrica-Strathmore University in Partnership with Standard Chartered Bank Kenya is excited to Launch the Fourth Cohort of the Women in Tech 2020 program. The call for applicants is now open for women led small and medium businesses leveraging on technology and new business models to drive change and grow communities.
Globally, studies show that sub-Saharan Africa boasts the world’s highest rates of women entrepreneurs, at 27%. But female-led tech startups still have some of the lowest numbers across the continent, despite technology firms led by women experiencing a 35% higher return on investment.
The program theme for this year, “Accelerating the Digital Economy through Women Owned Businesses” reinforces the importance of scaling the gains of female focused entrepreneurial programs and expanding their mandate in bridging financing and industry gaps for early stage ventures.
The Top five participants will win Kes 1 million in seed funding. The teams will be taken through a 12week incubation mentorship and training through the Bank’s Employee Volunteering program. Through the incubation, all the entrepreneurs are offered expert training in the areas of idea conceptualization, strategy formulation and marketing which is key in moving the businesses from incubation to sustainable ventures.
Eligibility Criteria
- The business must be based in Kenya i.e. be aligned with the needs of Kenyans and operating in Kenya
- The company must be a tech-enabled and/or leveraging on emerging technologies, including but not limited to; Internet of Things (IoT); Artificial Intelligence; Robotics; Augmented & Virtual Reality; 3D & 4D Printing; Cloud Computing; Big Data; Blockchain; Drone Technology and Biometrics.
- The company must be founded or cofounded by a woman with an equal or majority stake.
- The founder or co founder must be over 18 years old and Kenyan
- Business models must have a clear focus on sustainability and alignment to the Sustainable Development Goals (SDGs).
- 3 months to less than 2 years of operations.
- Seeking support for proof of concept, customer, product and business model development.
- Pre-revenue with early traction (users).
- Post revenue is an added advantage, with the creation of a new business module.
Program Thematic Areas
Companies solving for any of the 17 SDGs with operations within, but not limited to the following sectors are eligible to apply for the programme;
- Agriculture
- Healthcare
- Education
- Manufacturing
- Information Technology
- Financial Services
- Logistics
Programme Benefits
- 12 weeks of an immersive learning experience
- Access to a leading network of coaching experts
- Access to B2B networking opportunities
- Personalized mentorship sessions to address your unique business needs
- Opportunity to join a supportive Women in Tech Alumni Network
- KES 1,000,000 equity-free grant seed funding for the top five finalists
- 9 months ongoing support from Standard Chartered and @iBizAfrica to assist with the go-to market and scale for the top five finalists.
The Women in Technology Incubator program is Africa’s leading women in tech incubator, that supports local tech businesses and calls for more diversity in the Information technology landscape by providing opportunities for women to develop entrepreneurial skills and leadership excellence.
To register Click here
Know more about the program Click >> https://www.womenintech.co.ke/
Women in tech – Last call
WIN KSH 1,000,000 FOR YOUR BUSINESS!
Standard Chartered in partnership with @iLabAfrica has launched a search for the third cohort of women-led technology startups which will see five entrepreneurs win Sh1 million each.
The program combines world class startup support with local and international experience to provide Africa’s most competitive and attractive startup incubation program focusing on immersive learning, mentorship, building and growing Africa’s next iconic startups taking on the continent’s most relevant challenges and opportunities
- be a woman
- be the CEO with equal or majority ownership in the company
- 18 and above
- of Kenyan nationality
- Agribusiness
- Education
- ICT
- E-Commerce
- E-Health
- Fintech
- Three months incubation at Strathmore University’s leading business and innovation incubator- @iBizAfrica
- Mentorship from world class mentors
- Coaching by top business, technology and legal professionals
- Immersive, world-class entrepreneurship curriculum
- Networking and exposure to expand your business networks
- USD 10,000 or KES 1,000,000 equity-free grant seed funding for the top 5 winners
- 9 months ongoing support from Standard Chartered and @iBizAfrica to assist with go-to market and scale.
- Participants must be physically available to attend the program over the three months incubation
- Participant accommodation costs are not catered for
| Application deadline | 4th November 2019 |
For more information Click here
To Apply click here
The Rockefeller Foundation-Acumen Student Social Innovation Challenge
Are you a university student that wants to solve problems that matter? You’re in the right place.
Acumen with support from The Rockefeller Foundation have launched a global challenge platform for university students to come together and develop innovative solutions to problems associated with poverty
The organizations will equip students with the skills, guidance, and resources needed to develop innovative solutions for some of the world’s most intractable social problems.
The best ideas will win up to $20,000 in funding as well as an invitation to an exclusive community of experienced entrepreneurs, investors, and change agents, who will help transform these ideas into successful enterprises.
To learn more on this challenge. Click here
Apply: Nairobi Innovation Week 2017
NIW.Startups is a program initiated by the Ministry, working with stakeholders to identify promising startups from all counties in Kenya, to strengthen and nurture them and facilitate their scaling. Various Seed & Growth Capital Investors and Incubation hubs will participate in the program.
The purpose of NIW.Startups is to prepare home grown localized innovative and scalable startups to be investor ready and to either give them access to seed stage funding or growth phase financing options. Access to funding is one of the pressing challenges faced by startups globally. In contribution to the overall objective of NIW 2017 of strengthening the innovation ecosystem, NIW.Startups seeks to create common platform through which various support institutions can systematically address the funding challenges of startups.
PRE-EVENTS
- Coaching to get your startup investor ready
- Professional pitch training
- Briefing meeting with participating Investors
- Selection of 10 startups for on-stage pitching
ELIGIBILITY
Your Startup should be less than 5 years old and at the early startup stage where internal resources have been mobilized and regulatory requirements fulfilled to start the company.
The eligible Startup will provide employment opportunities and solutions to improve the livelihoods of children, youth, women, elderly through a variety of sectors including but not limited to the following sectors: Agriculture, Healthcare Solutions, Education, Water and Sanitation and Hygiene, Protection, Waste Management & Recycling, Manufacturing, Energy, Transport and Logistics, Financial Inclusion, Information and Communication Technologies.
In addition, the startup should subscribe to the Principles of Innovation www.digitalprinciples.org
FINANCING CATEGORIES
- Seed Stage Investor Readiness Support – To be eligible for NIW.Startups you need to be startup solving a genuine challenge using an innovative and validated solution and actively looking for funding to launch the business.
- Growth Capital & Investor Readiness Support – To be eligible for Growth Capital, you must have established a credible team, have clear processes for scale and demonstrate evidence of impact from monitoring the performance of the product/service against set targets.
DEADLINE: 13th January
To apply, learn more and be part of this challenge, kindly visit this page.
@iLabAfrica 