Five women led small and medium businesses working in technology and new business models are set to benefit from Sh5million facility to change and grow their businesses.
This after Strathmore University entered into a partnership with Standard Chartered Bank Kenya to launch the fourth cohort of the women in tech 2020 program.
The program theme for this year, "Accelerating the Digital Economy through Women Owned Businesses" reinforces the importance of scaling the gains of female focused entrepreneurial programs and expanding their mandate in bridging financing and industry gaps for early stage ventures.
“As a bank we are committed to supporting small business through provision of finance, especially during this pandemic, and most importantly with the necessary business management skills through our Financial Literacy programs,” said Standard Chartered Chief Operating Officer, Peter Gitau.
“Over the last three years we have seen a large number of women led businesses apply for the Women in tech program, the businesses have received support in the form of training, mentorship and coaching,” said Joseph Sevilla Director of @iBizAfrica- Strathmore University.
Globally, studies show that sub-Saharan Africa boasts the world’s highest rates of women entrepreneurs, at 27 per cent.
However female-led tech startups still have some of the lowest numbers across the continent, despite technology firms led by women experiencing a 35% higher return on investment.
Apart from the Sh1 million seed funding each of the top five participants receive, the teams are taken through a 12week incubation mentorship and training through the bank’s employee volunteering program.
Through the incubation, all the entrepreneurs are offered expert training in the areas of idea conceptualization, strategy formulation and marketing which is key in moving the businesses from incubation to sustainable ventures.
The launch of the women in tech fourth cohort provides an opportunity to reflect on the representation of women entrepreneurs and determine pathways to enhancing their participation in the ecosystem.
