iHub, an Innovation hub and hackerspace in Nairobi has partnered with Viffa Consult, a business support service provider to startups and SMEs in Sub-Saharan Africa to provide incubation space for Kenyan startups and SMEs to bootstrap for a period of six months.
The program will afford entrepreneurs bespoke end to end business support letting them focus on their core competencies. The business support is delivered by experienced experts who are themselves entrepreneurs striking a delicate balance between street smartness and hardcore experience.
According to iHub, small medium Enterprises play a critical role in the Kenyan economy constituting 98% of all businesses, employing over 30% of Kenya’s youthful population and contributes over 30% to Kenya’s GDP.
Despite their obvious importance, 3 out of 5 SMEs do not make it past their third birthday. Some basic challenges that contribute to this high mortality are; lack of management skills, access to market challenges, access to appropriate finance, lack of information, rapid technological changes and low ease of doing business among others.
iHub will leverage their experience in running incubation programs through their entrepreneurship support centre (mlab East Africa), partners’ expertise, rich alumni network, social capital and research done over the years.
Through the program, startups will be able to access desk space and office admin support, management support and training through continuous capacity building on individual capacity, legal and financial advisory support, access to SME research, appropriate finance and a community of Kenyan and international entrepreneurs.
The program is targeting individuals who are transitioning from work or university with a business idea, prototype or MVP (Minimum Viable Product), or a company seeking to develop a new product. The individuals will also need to be able to commit to a physical program in Nairobi for at least six months starting 1st August 2019.
Interested applicants for the program can apply here.
Image Credits: iHub