5 Businesses Scoop Ksh 1,000,000 Each From Standard Chartered Bank

The Standard Chartered Bank in partnership with @iBizAfrica-Strathmore University has awarded 5 participating businesses KES 1,000,000 each in the Standard Chartered Bank Women in Tech incubation program.

The winning firms include:

• Ecila Films which produces films of authentic African stories
• Ufasiri Halisi SLI Innovations Limited focuses on revolutionizing assistive technology for the deaf and hard of hearing
• The Viwanda Africa Group improves flight safety through a cloud-based AI platform for aircraft maintenance and spare parts planning
• Runnovate helps business owners save time and reduce the cost of running their businesses by working with a team of virtual assistants.
• Mandevu Beardcare is a men’s grooming company offering a beard care product line.

The 4^th cohort of the Women in Tech program was launched virtually on 15th October 2020, attracting 111 applicants, among whom 10 were chosen to participate in the incubation program.

Over the last few months, these companies have successfully undergone training, coaching, and mentorship offered by the @iBizAfrica- Strathmore University network of key industry experts, faculty, business leaders, experienced mentors, and professionals.

Commenting on this, Kariuki Ngari, CEO & MD, Standard Chartered Bank Kenya & East Africa said, ‘’Sub Africa has a substantial number of women entrepreneurs, yet female-led tech startups only account for a very few of these. This is despite research showing that technology firms led by women experience a 35% higher return on investment.”

Adding to this, Dr. Joseph Sevilla, Director @iBizAfrica and @iLabAfrica Research and Innovation Centre, Strathmore University said, “@iBizAfrica Centre is proud to have worked with the 10 businesses participating in the 4^th cohort of the WIT Program.”

Some of the past participants of the program have recorded a massive increase in revenue since incubation and secured further independent seed funding.

Women in Tech program is part of the Bank’s community engagement strategy, Futuremakers by Standard Chartered, 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. The program is in 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. 30 start-ups have participated to date, and 15 have been awarded one million each in seed funding. 41 businesses have so far gone through the incubation process with the first four cohorts attracting 1,150 applications.