Startup

Free Consultancy On Company Valuation for Startups

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Business valuation is a process and a set of procedures used to estimate the economic value of an owner’s interest in a business. Valuation is used by financial market participants to determine the price they are willing to pay or receive to effect a sale of a business. In addition to estimating the selling price of a business, the same valuation tools are often used by business appraisers to resolve disputes related to estate and gift taxation.

Before the value of a business can be measured, the valuation assignment must specify the reason for and circumstances surrounding the business valuation. These are formally known as the business value standard and premise of value. The standard of value is the hypothetical conditions under which the business will be valued. The premise of value relates to the assumptions, such as assuming that the business will continue forever in its going concern, or that the value of the business lies in the proceeds from the sale of all of its assets minus the related debt.

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Challenges in valuing a startup (social science research network, 2009)

  1. No history – Young companies have very limited histories. Many of them have only one or two years of data available on operations and financing and some have financials for only a portion of a year.
  1. Small or no revenues, operating losses – Revenues are small or non-existent for idea companies and the expenses often are associated with getting the business established, rather than generating revenues. In combination, they result in significant operating losses.
  1. Dependence on private equity – Most startups are dependent upon equity from private sources, rather than public markets. At the earlier stages, the equity is provided almost entirely by the founder. As the promise of future success increases, and with it the need for more capital, venture capitalists become a source of equity capital, in return for a share of the ownership in the firm.

@iBizAfrica and Strathmore University School of Finance and Applied Economics will provide free company valuation for startups over the next three months.

Have you run a startup for at least one year? Are you generating any revenue? Are you curious to know how much your company is worth?

Sign up now at https://goo.gl/ANZBHV to receive free consultancy on company valuation for your startup.

Deadline 15th July 2016.

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MSK GALA 2015: START-UP ENTREPRENEUR COMPETITION

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The competition invites Business Plans from Start-up firms whose technologies, services, products, or business models show original features or promise of high added value to the society.

Candidates must be the business’ sole proprietor and fit the following criteria to be eligible for the competition;

  1. In business for about 3 years or less.
  2. Must have a maximum of up to 5 employees.
  3. Must be a registered business and with the necessary licenses to operate.

NOTE: All required documents must be presented on submission entry that is; business licenses, operations permit, and certificate of registration.

Criteria used;

Entries will be evaluated in the criteria described below

  • Innovative qualities (originality and competitiveness) – the potential to create new needs and markets in the specific industries.
  • Strong Market Potential – what is the marketability, feasibility, sustainability and feasibility of the business? Judges will consider if the entrepreneur has done adequate market research. Whether he/she knows the market environment and if the entrepreneur is considering a financial balance, investment plan and room for the business to scale.
  • Evaluation of applicant – judges will look at entrepreneurs with the experience, knowledge, tenacity, confidence and overall professional acumen needed to scale a highly potential business to a market leader.
  • The price will be awarded to a business firm that shows great potential for growth and contributes to the regional economic growth and that which poses the characteristics below
  1. A new business which creates an added value to the economy through utilizing the regions resources i.e. human and nature
  2. That business which nurtures talent and attracts talent from the region.

PRIZE

The top 3 winners will be awarded by IQ Marketing an outdoor advertising contract and mentorship in marketing strategies for the business. IQ Marketing shall develop for the entrepreneur the creative concept, and content of the business’ Ads. And place the Ads at strategic street advertising locations for the business.

All entries to be dropped in MSK offices by close of business 19th October 2015. 47 Muchai drive, Off Ngong Road.

@iBizAfrica Startup Wins 100k USD Funding in Stars in Global Health Awards

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healthenetHealth-E-Net, a social enterprise that  provides patients in undeserved communities with high quality second medical opinion has won 100k USD (KShs. 8.6 M) in funding, in the Stars in Global Health Awards. The Awards are run by Grand Challenges Canada an NGO  funded by the Government of Canada and is dedicated to supporting Bold Ideas with Big Impact in global health.

Health-E-Net is currently incubated at the iBizAfrica business incubator. It is run by Dr. Pratap Kumar, Meghan Bruce and Kavin Otieno. Dr. Pratap is a neuroscientist and health economist with extensive experience in diverse aspects of healthcare. Bruce is graduate of Princeton University and the London School of Hygiene and Tropical Medicine with extensive experience in managing health interventions. Kavin is an expert on the Kenyan health system. He has worked with the healthcare system from within, as a strategist at the Moi Teaching and Referral Hospital, Eldoret, and from without, as Senior Program Officer for the GIZ. He was most recently the manager of the healthcare programs offered at Strathmore Business School and is responsible for business development in health-E-net.

Meet Team Bud Code

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Who is team Bud Code?

Hello, Bud Code is a team of three young Techpreneurs. My name is Sam Nujoma, I am the lead developer. I work with Lucy Wanjiru who heads Marketing and Harris Mwangi our UI/UX designer.

What is the name of your startup and what is the idea behind it?

Our startup is called Bud Code Software and we develop mobile apps to improve everyday life in our society. We are currently working on a service that helps clients to access and contact medical specialists with ease from their mobile device. We entered the application for the App Wiz challenge.

The idea came up when one of our team members, Lucy shared her difficult experience in finding a medical specialist for her problem, having seen many doctors and specialists yet the problem persisted.  We discovered there was a gap in finding information about finding the right specialist. People depend on word of mouth or directory services like the yellow pages in which case you must at least know the title of the specialist. We wanted to provide an easier, faster way of accessing medical specialists.

How does the service work?

Our solution is called Find A Specialist (or Bud Doctor) and we developed an Android application that helps clients search for medical specialists through a variety of parameters. These include by ailing body part e.g foot for a podiatrist; known medical field e.g mental health for a psychiatrist; by medical specialty if it is known to the client or by the name of the specialist. Not only can you find this specialist’s exact location but also call text or email them to book an appointment or make an enquiry. The application can be downloaded from the Google play store. We also acquired the website kenyandoctors.com. Here we list various medical specialists with their contact information and other details. The site is synchonised with the Android App such that you can access the same info through your mobile phone.

How is the usage so far?

The website records an average of 4000 hits per day, with majority being from Kenya. We have 50+ download for the mobile app.

Who is your competition?

In the challenge, we have similar teams doing apps in the health category. In Kenya we have Med Africa, directory services and the yellow pages as our competition. Safaricom also have a medical service via sms and voice dial. Our Service is however geared towards connecting people in need of specialized treatment to specialists in the fastest and easiest way possible using an Android device or the web.

What has your experience been like in the app wiz competition?

Initially it was challenging. At some point we thought our idea was not strong enough for the competition! However, after talking to people about it we got more approval than discouragement. We decided to give it a shot.

We learnt a lot about what it takes to build a successful business. We also met great mentors. We hope to win in the health category and even the grand prize.

What are your future plans beyond this competition?

We intend to bring health services closer to the people. We are in the process of finalizing the registration of our business. We also intend to work with the Kenya Medical and Dentistry Board to bring more doctors on board and help in the verification of qualified doctors. For us this competition is just the beginning.

How can one get in touch with you?

You can reach us via social media:  Twitter @budcode

Meet the Rebel Dev. Group from the @iBizAfrica Business Incubator

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Please introduce the Rebel Dev Group

My name is Kenneth Mbuthia, I am a student here at Strathmore university taking BBIT. I am currently in my 3rd year. I am one of the co-founders of Rebel Dev. Group. Rebel Dev Group is a team of young techies who started out in November 2012. We started developing apps and websites for fun. Initially we were four, all students. I started together with Marvin Njoroge, Samuel Ngoda and Joe Muthoka who were all undergraduate students then. We are all still students at the moment. The team has since grown and now we are eight.

What motivated you to start Rebel Dev Group?

We love coding. Initially we were just coding for fun until we discovered @iBizAfrica. At the business incubator we learned that we can code for fun and money too!

Tell us about the first application you developed as Rebel Dev?

The first application we did was Pesa Manager, an Android mobile wallet application. The app keeps track of all your mobile money payment. The application is a utility for storing, backing up, restoring and sorting mobile transaction messages. With this application, you will never have to worry about keeping track of your business mobile transaction payments if you lose your phone or if your inbox thread gets deleted.

How can one get access to this application and what is unique about it?

The application can be downloaded from the Google Play Store. Pesa Manager is unique in that it supports multiple mobile payment services. Currently we support M-Pesa, Airtel Money, Equity Bank, COP Bank and KCB.

What other applications has Rebel Dev Group developed?

We also have two more spectacular apps out on the store. First is Eclan (Event Clan), an events application that keeps you up to date with detail on what’s going on around you. The app Provides details about events in a clean and user friendly way. The application works for any location around the world.

We have also developed an application that helps users locate disability centers in Mauritius. The app is called GRF and is available for free download on the Google Play Store. This app was special to us because we developed it for the Global Rainbow Foundation, a charitable trust that supports persons with disabilities in Mauritius.

How has your experience been at @iBizAfrica?

@BizAfrica has helped us focus! We now have plans to make money and have expanded our developer team. The business Incubator has provided us with a great environment for our work.

Why the name Rebel Dev Group?

The name Rebel Dev Group signifies a different, unique and new perspective in the way we develop apps. We like to inspire people to think differently and that is the philosophy we follow in our work.

What are your future plans?

In the short term, we expect to do more aggressive marketing for our brand and applications. We also intend to buy dedicated server space as we scale and get more clients. In the long term we want to have our own building and become a Research and Development powerhouse in Kenya.

App Wiz Challenge Apps Presentation

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The Safaricom AppWiz Challenge is finally coming to an end. @iBizAfrica and Safaricom invite you to the Appwiz Apps Presentation. 17 mobile application development companies will showcase their latest innovative mobile apps and give Demos to participants. Come and Applaud our innovators!

Apps in the following categories will be showcased:

  1. Financial
  2. Health
  3. Education
  4. Gaming
  5. Public Utilities
  6. Agriculture

The event will take place at Strathmore University Auditorium on 29th October from 9am to 1pm. You are welcome to come along and bring your friends too!!

Kindly register your participation at this link: https://appwizpresentation.eventbrite.com

Tech Newbies Develop a Swahili Teaching Puzzle Game for Kids

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Not so many people would get a business idea from observing a child run to and fro the kitchen asking the mom inquisitive questions about the difference between orange the color and orange the fruit! Kevin Mukhwana’s idea bulb immediately lit up after he observed this interesting phenomenon during a visit to his cousin who has a young daughter in class one. “The child kept running to the mom who was cooking and she asked one question after the other until the mom gave the kid her mobile phone to play a game. This was the only trick that kept her from burning the food she was preparing to crisp with the constant interruptions from the knowledge thirsty young princes”, explained Kevin, one of the founders Tichaa. When Kevin shared this with Allan and Jacqueline, they brainstormed and knew they were onto something.

The Team

                                         Jacqueline                                                                                                                            Kevin 

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                                          Allan

Allan

 Allan Mukhwana, Jacqueline Njue & Kevin Mukhwana are one of the participants in the Safaricom App Wiz Challenge currently running at @iBizAfrica, the business incubation center of @iLabAfrica Strathmore University. The six months long competition is at its final stage, the incubation stage where participants are developing products to be launched in market by October 2013.

Kevin remembers receiving a call from Safaricom, informing him about the competition. He was contacted as a past participant in the Safaricom App Star challenge. “As a past participant in the developers’ completion, I felt this was another great opportunity to try my luck at building another super application and win some good money in the process. However, the competition has really changed my outlook towards application development because now they have introduced a business aspect to it”, narrated Kevin, a techie with his own web and software development company called Webstar Kenya.

Kevin got the idea to join the competition as a team with his brother, Allan and their friend Jacqueline. Together they enrolled and were among the 18 startups that made it through to the final stage of the completion. Allan, a third year computer science student at JKUAT recalls how they made it through the submission and hackathon stages of the competition.  On his take about the competition, Allan said “the competition was really tough because many young techies had brilliant ideas and were very good at coding. We made it through tough interviews and practical programming tests. It’s been a challenging but amazing experience. We are really grateful for all the business skills we have learnt here on how to monetize mobile applications”.

Tichaa is a really simple puzzle game, targeting children between the ages of 3 to 9 years. It runs on any Android mobile phone and tablet. The child will see an outline of an image. She will be required to slide and snap colorful puzzle pieces into place to reveal the image.

Once the kid completes the puzzle, the Swahili word will appear at the bottom of the image, a voice will read the word aloud to teach the child and the child will also be congratulated for completing the puzzle.

“We realized that there are so many educational games for kids but very few for teaching Kiswahili. Young kids learn by repeating words or sounds they have heard. Children also love games and gadgets, they love the mobile phone. We figured this was a unique opportunity to make a game that would not only be fun for the kids but an educational tool as well” explained Jacqueline a second year student at JKUAT.

“During the incubation period, we have managed to develop and test several prototypes of the application. In fact, we carried out a pilot test with some kids who gave us really cool ideas on how to improve the user experience. For example we added a sound replay feature that repeats the name of the object created in the puzzle game every time the child tapped on the complete puzzle. This helped the child to memorize the name until it stuck in the mind.  Another thing we have been able to accomplish in the program is to test and measure through Analytics. This has helped us track the application usage and identify patterns of use. We now know that on average, users complete 8 puzzles per session and use it more than once a day.  In just the past four days of releasing the application, we have 44 downloads” narrated a very enthusiastic Kevin.

The Lite version of Tichaa is already available for free download on the Google play store. Currently the app is free and we plan to have it in the Samsung app store as well as Amazon in the coming week. “Our product has international appeal, as Swahili is now a language of interest in other non-African Countries in Europe, Asia and America. We hope to release a paid version of the application with more features when we have established a solid user base” said Kevin in conclusion.

Check out the video demo  on YouTube and features of Tichaa on the Tichaa website!

Follow Tichaa on Social Media: Facebook | Twitter | Google Play