women
Standard Chartered Bank supports women entrepreneurs as it launches USD 175K Women in Tech program – cohort 6
● The program will see 15 businesses get access to incubation and 7 businesses receive over KES 1.2 million (USD 10,000) in seed money.
● The theme for this year’s cohort is Embracing Equity in Women-Led Tech Businesses.
29th March 2023 – Nairobi, Kenya: Standard Chartered Kenya in partnership with @iBizAfrica- Strathmore University has today launched the 6th Cohort of the Women in Tech (WIT) Incubator Program. The program aims at championing more diversity in technology and advancing entrepreneurial and leadership excellence for women-led businesses. Edith Chumba, Standard Chartered Head of Consumer, Private and Business Banking and Strathmore University Vice Chancellor, Dr. Vincent Ogutu presided over the event at the bank’s Head Office.
The theme for this year’s cohort, Embracing Equity, is tied to the 2023 International Women’s Day theme and calls for more inclusion in the digital and technology space.
The 6th cohort of the Women in Tech program will see 15 applicants participate in a 12-week incubation program with 7 women-led startups receiving seed funding. This is an increase from the previous cohorts, where 10 businesses were incubated and 5 startups per cohort received funding. Businesses chosen to participate in the incubation program will undergo training, coaching, and mentorship offered by the @iBizAfrica- Strathmore University network of key industry experts, faculty, business leaders, experienced mentors, and professionals. Through the incubation, all the entrepreneurs will get expert training in the areas of idea conceptualization, strategy formulation, and marketing which is key in moving the businesses from incubation to sustainable ventures.
INTERNAL
Speaking during the launch, Edith Chumba said;
“Technology and innovation are key enablers of digital transformation and socio-economic growth in emerging markets. By empowering women-led businesses in the technology space to thrive, we not only contribute to their business growth but also drive sustainability and inclusion. The Women in Tech Program has been designed to bridge the finance and capacity-building gap that women entrepreneurs face, and we are excited to further champion this cause through an additional cohort. Furthermore, we have now scaled the program to create space for more participants and to channel increased funding to women-led enterprises. We encourage all eligible businesses to apply to the program as the evidence from previous cohorts proves that this is a forward-thinking, efficient, and transformative program. We are also pleased to continue our partnership with Strathmore and are grateful for their implementation support for the past 5 cohorts.’’ she concluded
The focus areas of this cohort will be centered around women-led startups with components of emerging technologies such as Artificial Intelligence, Internet of Things; Big Data; Machine Learning; Robotics; Big Data, and Blockchain among others
Commenting on the need for equity and inclusion of women in entrepreneurship and leadership was the Strathmore University Vice Chancellor, Dr. Vincent Ogutu who stated;
‘’Women do business differently with a substantial number of them leaning towards social enterprises that make an impact on communities and economies as a whole. Driven by high work ethic and ambition, Africa holds the largest number of female-led enterprises, which highlights the need for more investment. The entrepreneurial and professional playing field is not level, which calls for more tools and systems that drive inclusion and equity, and in this regard, women entrepreneurs are setting the pace for by challenging societal biases and norms. Strathmore is proud to complement the advancements made by women entrepreneurs by providing training and capacity-building facilities that make it easier for them to access finance, scale, and innovate. We are happy to continue our partnership with Standard Chartered through the Women in Tech Program and are excited to work with the amazing businesses that apply and get to participate in the program.’’
Research indicates that female-led startups in Africa attracted less funding in 2022 compared to male-led startups in the region. Challenged by societal bottlenecks and financing limits, this points to a need for increased capacity building and focused funding toward female-led enterprises.
In the venture capital sector, nearly 85 percent of investors are men supporting male founders, while only 12 percent of VC firm decision-makers are women, but when these women do make decisions, they are twice as likely to invest in female-founded startups. Because men constitute the majority of the workforce in technical organizations, men can assist by taking up mentorship roles for women in the computing tech and engineering space.
Futuremakers by Standard Chartered
Women in Tech program is part of the Bank’s, Futuremakers by Standard Chartered initiative aimed at reducing social inequality amongst disadvantaged young people – especially girls and persons with disabilities learn, earn, and grow. The initiative empowers the next generation by focusing on education, employability, and entrepreneurship. The Women in Tech program is a partnership with @iBizAfrica – Strathmore University Incubation Centre.
Each year the program trains more than 10 small and medium businesses leveraging on technology by offering mentorship, advisory, coaching, networking opportunities, access to seed capital, and investor forums that help mold their businesses to international standards. 50 start-ups have participated to date, and 25 have been awarded over KES 1.2 million (USD 10,000) in seed funding. 50 businesses have so far gone through the incubation process with the first five cohorts attracting over 2,000 applications. More details on the Women in Tech program can be found at http://www.womenintech.co.ke
About @iBizAfrica, Strathmore University
@iBizAfrica is the business incubator of Strathmore University, a leading private University in Kenya. The incubator since 2012 provides a nurturing environment that builds on the potential of the youth to develop innovative solutions and businesses that work for the common good in society. @iBizAfrica over the years has provided over 1600 startup companies with training, advisory, mentorship, coaching, networking opportunities, and access to seed capital and investors. We prepare startups to be investor-ready and launch into the market through our custom incubation and acceleration programs.
For more information, please visit http://www.ibizafrica.ac.ke.
Follow us on our social media pages @iBizAfrica on Twitter and Facebook
Standard Chartered
We are a leading international banking group, with a presence in 59 of the world’s most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn, Instagram and Facebook.
Demystifying Taxes for Startup growth
“Are you tax compliant ?”
This is a question that often brings bouts of anxiety and fear to startups, and business owners with many opting to bury their heads in the sand, whenever the topic arises. In fact, many startups are afraid to post their business on social media, for fear of the Kenya Revenue Authority (KRA) catching up with them.
However, should this really be the case? Fear, when taxes are mentioned? Where does Kenya rank in terms of taxes?
In 2021, Kenya’s Tax Revenue was reported at USD 3.968 billion as of September this was an improvement from the previous figure reported in the previous month of August of 2.344 USD billion, according to this survey. What is however shocking is that this figure taxed, only made up for 15 % of the population, according to a recent report which states that although Kenya has 19 million registered voters, only 2.5 million are registered taxpayers.
In order to break down the complexities around taxes for startups, @iBizAfrica Strathmore University in partnership with Standard Chartered Bank convened the third and final Women In Tech Townhall series themed Taxes, IP, and regulation: What every Kenyan startup needs to know, which featured Ms. Corazon Aquino, Senior Marketing and Communications officer at Kenya Revenue Authority (KRA).
It was an insightful and eye-opening session that allowed the current participants and alumni to understand more about the local regulatory landscape, the reprieves, and the incentives available for startups. It sought to bridge the gap between startups and KRA while eliminating the angst that existed on the part of startups and individuals where levies were concerned.
Ms. Corazon Aquino explained the essence of paying taxes and how they were responsible for creating a suitable business infrastructure. She mentioned that Kenya’s infrastructure was increasingly becoming conducive for startups owing to the recently introduced 5G connectivity as well as the digital tax policies being introduced to cater to startups. The conversation comprised the following takeaways;
- Tax compliance is not as difficult as it is perceived to be. In order to issue a tax compliance certificate, companies need to file their tax returns on time, even if they are NIL returns.
It is also important to note that KRA observes the principle of equality when it comes to taxes. A small taxpayer will not be taxed the same amount as a large taxpayer.
- Small taxpayers and startups are only required to pay 1% of their gross income as tax. However, for companies and individuals whose gross income or turnover amounts to KES. 24,000, these startups are automatically below the tax bracket.
- Medium-sized enterprise’s taxes are levied at 3% of their gross turnover which applies to companies earning KES.500,000 to KES. 5 million.
- Large taxpayers/corporations fall under the Corporate Tax, they, therefore, pay a 30 % tax rate of their net income against their business activities per annum.
2. KRA formulates avenues to reach taxpayers in a convenient way. Customers can now file their taxes from the comfort of their phones through mobile applications such as:
- KRA M-Service App as well as KRA Tv allowing customers to log in virtually and get assistance through online support and knowledge-sharing sessions on navigating the different types of tax.
- Ushuru Mashinani – In a bid to bring services closer to startups, individuals and taxpayers, KRA introduced the Ushuru Mashinani tour bus which has enabled different regions of the country such as Nanyuki, Marikiti among others to access the services at their own convenience. These regional visits serve as avenues for KRA to enlighten taxpayers on tax compliance matters.
3. KRA sustainability mechanisms for Youth and Women-led Startups to thrive in Kenya.
As a way of encouraging the sustainability of youth and women-led startups, KRA suppliers for tenders, priority is usually accorded to youth and women-led startups as per the constitution.
4. KRA Voluntary Tax Disclosure Program.
In 2021 KRA launched the Voluntary Tax Disclosure Program which was aimed at allowing taxpayers to confidentially disclose tax liabilities that were previously undisclosed for the purpose of being granted relief of penalties and interest of the tax disclosed.
“We began the Voluntary Tax Disclosure Program last year as a way of allowing individuals /startups to receive waivers on payments. Last year we gave a 100% waiver to those who enrolled, we did not charge penalties, they only paid principal,” Ms. Corazon stated “This year, KRA will be offering a 50% waiver on unpaid taxes. “
The session was the final of a three-part series aimed at bringing together participants of the program to understand more about taxes, IP, and regulation ahead of their graduation slated for December 14th, 2022 whereby 5 women startups out of the 9 startups who went through 9 months of incubation @iBizAfrica will be funded with USD 10,000 to scale their businesses.
Since 2017, @iBizAfrica, Incubation Centre – Strathmore University has been a key partner of Standard Chartered Bank through the Standard Chartered Women in Tech Incubator Programme. The program has attracted over 1,150 applicants through 4 Cohorts. 20 businesses have been able to receive seed funding for their businesses.
10 women led businesses picked for incubation and training in the 2022 Standard Chartered Women in Tech Incubator
- Women in Technology Incubator Kenya is Africa’s leading incubator programme for female founded businesses, aligning with calls for more diversity in technology, entrepreneurship and for more opportunities for women to develop entrepreneurial and leadership excellence.
- @iBizAfrica- Strathmore University and Standard Chartered have selected top 10 women led business for the 5th cohort of the program
- 10 Kenyan companies will access 12 weeks of incubation which will culminate in 5 of them getting KShs 1,000,000 million in funding to grow their businesses.
30th June 2022, Nairobi Kenya: Standard Chartered Bank in partnership with @iBizAfrica- Strathmore University have shortlisted 10 start- ups for the Women in tech program. The Program targets women led start-ups that are looking to scale up their business through technology.
Standard Chartered Women in Tech (WiT) support female-led entrepreneurial teams with business management training, mentoring and seed funding. This year’s top 10 teams were selected from a pool of over 350 start-ups that had applied for the program. The entrepreneurs will go through 12 weeks of mentorship @iBizAfrica where they will be offered expert training in the areas of business idea conceptualization, strategy formulation and marketing which is key in moving the businesses from incubation to sustainable ventures.
Dr. Joseph Sevilla, Director of @iBizAfrica- Strathmore University said: “This incubator program female led Startups in the ICT sector are envisaged to transform Kenya through innovation. “It’s remarkable how far we have been able to come on this journey of nurturing women-led entrepreneurial visions from the idea stage to marketable and scalable ventures through our coaching and mentoring sessions on entrepreneurial skills. This program, which is in its 5th cohort, has helped transform Kenyan women-led startups into fully-fledged businesses that are thriving and contributing to the country’s economy.” Dr. Joseph Sevilla, Strathmore University.
Since its inception the Women in tech program has attracted over 1,800 applicants, trained over 40 entrepreneurs and funded 20 women-led startups from the through partnership with the Standard Chartered Bank. The program seeks to further educate, mentor, coach and fund more African female entrepreneurs and innovators whilst also providing women-led startups with practical support to grow and develop their businesses beyond East Africa.
Commenting on the program, Joyce Kibe, Head Corporate Affairs, Brand and Marketing Kenya and EA said: “The programme is designed to help address gender disparity in the technology sector and to use technology to tackle social challenges faced by communities. They are an important part of our entrepreneurship offering within Futuremakers by Standard Chartered, our global initiative to tackle inequality and promote economic inclusion and aligns with our stand to lift participation by creating opportunities for women to contribute to the society and economy”.
The enterprises were shortlisted based on criteria such as demonstrated capacity to execute, clearly defined roles, balanced skill set (team lead, business development, product development and marketing), leveraging technology, availability of Market opportunity and potential socioeconomic impact in Kenya.
‘’Representation matters and more so in the technology industry which continues to be a key driver and enabler of growth and innovation. However, women, who constitute a higher percentage of the global population are still underrepresented in this sector owing to financial and capacity barriers. Over the last 4 years, the Women in Tech program has successfully contributed to filling this gap through capacity building and financing, which has seen participants of the program register sustained growth, create jobs and foster innovation through technology. We look forward to supporting this year’s cohort and congratulate the 10 businesses that have been shortlisted,’’ added Ms. Kibe.
Ms. Diana Mutua, Public Relations Manager @iBizAfrica- Strathmore University said: “Access to finance for women has been and still continues to remain a challenge, with a recent study indicating that 68 per cent of Women-led MSMEs in developing countries lack adequate access to finance, representing a 1.5 trillion financing gap. Women-led enterprises account for 48 per cent of all micro-small and Medium-sized enterprises (MSMEs) which contribute 20 per cent to the overall GDP of Kenya. When we launched this year our theme was “Advancing Global Trends in women-owned businesses”. These trends combined with capacity building, coaching and mentoring will provide opportunities for startup businesses to upscale provide better product solutions”
The Women in Tech Incubator Program is committed to being digital by design, to support female entrepreneurs with technology to grow their businesses.
The 10 enterprises who will be starting the 12 weeks of mentorship @iBizAfricathe Women in Tech 2022 are: –
1. Pure Purple: A contemporary footwear and accessories brand based in Nairobi Kenya that adds premium value to locally sourced leather, thus creating communal impact.
2. SIAGO: An e-commerce fashion store that makes and sells unique, luxury, free-size dresses targeting the 30+-year-old, plus-size, career woman.
3.Aurora Health Systems: A wearable medical device that uses wireless technology to continuously monitor heart rate and abnormal ECG findings. Data is generated in real-time and linked to smartphones for a period of 21 days thus preventing acute cardiac conditions.
4. SowPrecise: A farm management system tailor-made for the African farmers to communicate with farm labourers and help them keep track of farming activities.
5.Learning Differently Limited: A learning intervention platform tailor-made to support students/learners with learning disabilities. The courses/training equips parents, teachers, and caregivers with practical learnings that they can incorporate to support their learners.
6.GoBEBA Everything Ltd: GoBEBA offers online retail of household essentials delivered within an hour. They use technology to provide convenience, reduce costs as well as use machine learning for demand planning and delivery optimization.
7. ON MY MIND: A Women’s startup supporting breastfeeding moms with low milk supply to meet their breastfeeding goals, while also promoting their health and wellness by value addition to organic and wholesome products i.e. (herbal teas and lactation cookies)
8. Keyara Botanics: A skincare label that creates products that take care of your skin naturally with raw materials sourced from African farmers which are rich and of healing quality.
9. Sello Designs: A social business that designs and makes sustainable, durable, and timeless bags using leather and kitenge fabric.
10. DigiPath Africa: A Digital Marketing agency that helps organizations and individuals navigate their way online and take their products and services to existing/ new customers using digital marketing.
About @iBizAfrica, Strathmore University
@iBizAfrica is the business incubator of Strathmore University, a leading private University in Kenya. The incubator since 2012 provides a nurturing environment that builds on the potential of the youth to develop innovative solutions and businesses that work for the common good in society. @iBizAfrica over the years has provided over 1200 startup companies with training, advisory, mentorship, coaching, networking opportunities, access to seed capital and investors. We prepare startups to be investor-ready and launch into the market through our custom incubation and acceleration programs.
For more information, please visit www.ibizafrica.ac.ke.
Follow us on our social media pages @iBizAfrica on Twitter and Facebook
We are a leading international banking group, with a presence in 59 of the world’s most dynamic markets and serving clients in a further 85. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.
For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.
WOMEN IN TECH 5th COHORT LAUNCHED
The Standard Chartered Bank in partnership with @iBizAfrica – Strathmore University has launched the 5th Cohort of the Women in Tech incubator program. The program aims to support women in entrepreneurial and leadership skills through technology by allocating funding and incubation support.
This year’s theme, “Advancing global trends in women owned businesses” gives an indication that more focus will go towards women owned businesses to come up with corporate global trends which include; emerging technologies, sustainability, and digital economy accelerance.
Speaking during the event, Maureen Mbaka, Chief Administrative Secretary, Ministry of ICT, Innovation and Youth Affairs, said, “Since the onset of the COVID-19 pandemic, many women-led businesses have mushroomed to become important contributors to the economy and this is because women have responded to the COVID-19 crisis with resilience and innovation.”
Makabelo Malumane – Head of Transaction Banking, Standard Chartered Bank said, “What makes the Women in Tech program powerful is not just the seed funding it provides, but the long term mentorship/training that the businesses receive. Over 40 women-founded start-ups have walked this journey with us.”
In the 5th cohort of the Women in Tech program, 10 applicants will be chosen to participate in the 12-week incubation program. These companies will undergo training, coaching and mentorship offered by @iBizAfrica- Strathmore University network of key industry experts, faculty, business leaders, experienced mentors, and professionals.
Through the incubation, all the entrepreneurs will get expert training in the areas of idea conceptualization, strategy formulation and marketing, which is key in moving the businesses from incubation to sustainable ventures.
Speaking during the launch, Mr. Emmanuel Kweyu, Deputy Director @iLabAfrica Research and Innovation Centre, Strathmore University said, “A healthy startup ecosystem is a diverse startup ecosystem. SMEs drive innovation and champion local entrepreneurial growth but women-led businesses tend to face more bias in their entrepreneurial journey. @iBizAfrica recognizes this and wants to give all women entrepreneurs the platform and exposure that they deserve to make them strive to create supportive communities that give them the tools and resources necessary for success. Providing equal opportunities to women-led startups is only the start. By participating in this program, we are certain that these women-led businesses will create and sustain a diverse startup ecosystem to tap into the full potential of emerging technologies and business models.”
Among the thematic areas that will be covered in the 5th cohort is post Covid-19 recovery, along with its intersection with the growth of internet media, AI & Big Data, gender diversity in businesses and green businesses. The 5th cohort provides a unique opportunity for women with unique innovations to grow their entrepreneurial success through capacity building, mentorship, coaching and access to financial support.
The Women in Tech program is part of the bank’s community engagement initiative, Futuremakers, that aims at tackling the issue of inequality and promoting greater economic inclusion for young people in various communities and economies, with a focus on girls and women.
Since the launch in 2017, the Women in Tech program has attracted over 1,150 applications supporting 4 Cohorts. Of the applicants, 41 businesses have gone through the program with 20 teams being awarded USD 10,000 each in seed money. Winning teams have ranged from ecommerce platforms to food supply and nutrition, beauty care, education, insurance, and more.
Women in Tech Cohort 5 will provide a unique opportunity for women with unique innovations to grow their entrepreneurial success through capacity building, mentorship, coaching and access to financial support. It aims to attract businesses using technology and digital resolutions to respond to global trends. 75 businesses will be mentored, 10 incubated and 5 businesses awarded with seed money.
Aiding cervical cancer treatment through technology
According to the World Health Organization (WHO), cervical cancer is the fourth most common cancer in women, in 2018 an estimated 570 000 women were diagnosed with cervical cancer worldwide and about 311 000 women died from the disease with 85% of the cases being traced to low and middle income countries.
In a deal that will see Strathmore University’s Research and Innovation Centre @iLabAfrica collaborate with IBM research Lab-Nairobi, the Centre will work closely with the Kenyan Ministry of Health to detect, monitor, treat, and prevent upsurge in cervical cancer cases by collecting data for purposes of making evidence-based decisions after analysis. This will be done through the use of modern technology for purposes of diagnosis and treatment of the disease.
Cervical cancer develops in a woman’s cervix and is caused by an infection with high-risk human papillomaviruses (HPV), an extremely common virus transmitted through sexual contact. The disease accounts for a majority of women deaths in developing countries, in sub Saharan Africa, where Kenya belongs, 53 in every 100,000 women are suffering from cervical cancer.
The Deputy Director @iLabAfrica Mr. Emmanuel Kweyu led a team of ten to the successful implementation of an Open Source Laboratory Information System (LIS) in public hospital laboratories in Kenya. The set-up is aimed at providing affordable and sustainable laboratory information system and services for developing countries which will help in early diagnosis and treatment of the killer disease.
The IBM research project will also work to improve on the commitment of University students to their respective communities of origin by engaging them in the raising of awareness on cervical cancer and collection of data on community demographics on the disease for purposes of creating an electronic health database.
When diagnosed, cervical cancer is one of the most successfully treatable forms of cancer, as long as it is detected early and managed effectively. Cancers diagnosed in late stages can also be controlled with appropriate treatment.
In the new system developed by @iLabAfrica, an online database will be created containing all details and test results of patients as tested in Kenyan hospital labs with real time access by health officials, an analysis will be easily conducted periodically on cervical cancer patients to fast track their early treatment processes which can aid in slowing down its spread while saving lives.
With the use of technology to store data on patients’ information, health practitioners will be in a better position to respond quickly due to the existence of data on previous tests, treatments and diagnosis, this will significantly improve the quality of healthcare offered in Kenya.
To know more about the project and what the @iLabAfrica e-Health Department is doing click here to Know more.