Absent In Our Own Story: Where Are Kenyan Startups?

There is so much being said right now, (again), about Investing in Kenyan founded startups vs White founded startups In Kenya.

It is not a new conversation. We seem not anything enough. From not too educated enough, to not innovative enough, not beautiful enough, not trustworthy enough, not capitalistic enough, not managerial enough, not wealthy enough…Let us agree on one thing though, Capital is Critical in the survival and growth of an idea, startup, and even whole new industries. Do not diminish it, do not reduce its importance, do not justify its absence.

When we change the environment, the conversation may become Investing in White founded start-ups Vs Black founded startups (in the US for example). When we change the environment, the conversation may become Investing in Male founders vs Female founders.

When these conversations come up two classes of people will occupy the defense position and speak out louder. They will probably be White & Male. Two classes of people may not quite be heard; Black & Female. It is at this point that I guess you want to walk away from reading this. “Not another gender lens”, again, you may think. But bear with me a little more. As a founder who is Black, Female, and Kenyan, The Triple Threat.

Two further classes will occupy the defense position; Investors & Invested In, Two classes may not be heard; Investors & Invested In. Here lies the biggest challenge in my opinion. If we do not take time to listen to the people who have the money or have attracted the money, then we lose a great opportunity to develop and grow an ecosystem that works for all in it and those that will come to it through whichever door.

We have talked at each other enough and maybe done very little listening to each other. We have asked questions but maybe not to the people who hold an answer. We, to a degree, have let people on the benches decide our formation and force. For a young ecosystem like ours, that is completely unhealthy. I say it boldly, on this matter, Your Silence is not So Golden. The silence of either Investors and Founders who have raised a little, raised a lot, or not raised at all is not precious.

I will not pretend to speak for anyone but add my voice as a Black Kenyan Female Founder (Triple Threat) of www.heri.online, an e-commerce business. The threshold is too high for one to attract capital of any kind in Kenya. Not even our financial institutions are kind to us. Our relatives are most likely more broke than us, we start life highly likely in debt already with nothing else to our name for collateral or leverage. We do not even have the currency of trust to allow us to explore the fullness of our innovative hardworking selves. Do they say Skin in the game? Most of us are on our 7 out of 9 possible lives. We have given the first 6 to prove ourselves worthy of any amount of survival capital, not even growth. And it is still not enough to “Merit” Capital. It is very easy to give up in the first year for most. Startups that are most likely to succeed are those where the founder had some initial capital to start them off or dome debt leverage like the security of sorts.

I also note that Investors will come in ready and willing and then find our Local gatekeepers. Local Gate Keepers will introduce their favorites in the ‘network effect’ spirit. Then they will find ways of slashing down the capital amounts. I wonder, how much can 10,000 USD do to take a start-up forward… way forward? Where an Investor was willing to put in 100,000 USD, they suddenly are advised that that would spread their risk to 5 startups. Struggling capital. In the west that may be a grant or pre idea money.

When we have a small view of big money we cannot build big startups. Struggling capitals will get me out of debt for a minute, pay my pending bills, get me an employee or two for a minute and then go into the solution with modest experimenting and very modest awareness. Our Gatekeepers and their ‘wisdom’ have played a role too in failing the ecosystem. They say we are products of our experiences, but that is such a subjective way of gatekeeping.

One founder told me recently that she understands how hard it is as a woman founder that she is quietly glad of the little she has received. She cannot speak up for fear of antagonizing Investor capital holders and gatekeepers. How desperate has this gap made us that any amount is enough to mask and muzzle our voices? How much are we giving for How much money? Is this not a continuity of some form of extractive capital?

We are subtracting ourselves from our own story just so that the narrative does not fall apart. We are not in our story. That photo of white founders, did you know most have Kenyan Co-founders who have not spoken up to say, that is not our story as a startup. Our silence Is not Golden at this point. Sometimes we should fight to develop the ecosystem for it is good for all of us and those to come. Bench narratives and commentators are having an unguided and sometimes untruthful field day because we have lost our outward voice.

We are not entitled to other peoples Money, Let’s not kid ourselves. They worked hard for it and want to make the best bet with their Investment. We get that the world is not one even terrain with one warm season and a single ever-present star. We know the answer does not have to always be Yes. But if we aggregate value that can make a good capital Bet, we only ask that the lenses be fair in the assessment. We ask to be given a chance to access capital and the opportunity to convert People and their ideas into wholesome wealth for all stakeholders. Not in minuscule portions that can barely make a substantive difference but with the genuineness of building together.

We have to acknowledge that the capital owners and gatekeepers are human. In reflection, some of the biases were driven by fear and familiarity at the expense of doing the hard work of discovery and understanding. Open conversations from both those who are Invested in and Not Invested in will enrich the work to be done by Investors to expand their view of the value in front of them. Look, guys, $1.16 billion was invested into Africa’s tech startups in 2018. That same year, India’s startups raised $10.6 billion, which represents almost $8 per person. U.S. startups raised $131 billion, which is roughly $400 per person. These data stand in stark contrast to Africa’s less than $1 per person in startup capital.

Rita Oyier, Founder & CEO www.heri.online