In Kenya’s fast-evolving entrepreneurial landscape, women are emerging as powerful drivers of change, building ventures that not only impact their communities but shape the nation’s economy. Yet, despite this progress, only 2.3% of African startup funding goes to solo or all-female founders, highlighting a persistent gap in resources and support. On November 4, 2024, @iBizAfrica Incubation Centre- Strathmore University, in collaboration with Standard Chartered, hosted the Standard Chartered Group Board Visit. This unique event aimed to bridge this gap by celebrating the strides of women entrepreneurs and fostering an environment of shared learning, bringing together alumnae from the Women in Tech (WiT) program and participants from the Access to Finance initiative, Somo Africa.
Building a Future through Women-Led Enterprises
Dr. Joseph Sevilla, Director of @iLabAfrica, opened the event by emphasizing the center’s commitment to empowering both women and youth entrepreneurs. He stated, “At @iLabAfrica, we have @iBizAfrica, our business incubation center, where our goal is to promote innovation and entrepreneurship while creating an environment where young people and women can thrive. Through our partnership with Standard Chartered, we launched the Women in Tech Incubator to provide women-led startups with the necessary support, guidance, and resources to build successful businesses that can drive meaningful change in society.”
Building on Dr. Sevilla’s message, Dr. Vincent Ogutu, Vice-Chancellor of Strathmore University, highlighted the broader implications of supporting women-led enterprises. “When we support women-led businesses,” he noted, “we are not only investing in individuals but in the future of entire communities.” He pointed out the significant contribution of women to Kenya’s economy, stating, “According to a report by The CommonWealth, nearly half of Kenya’s SMEs are led by women, contributing approximately 20% to the nation’s GDP.”
A Commitment to Empowerment
Joyce Kibe, Head of Corporate Affairs, Brand & Marketing at Standard Chartered Bank, highlighted the bank’s commitment to supporting women-led businesses through initiatives like the Women in Tech (WIT) and Somo Africa. “All proceeds from the Standard Chartered Marathon are channeled towards initiatives like these,” she shared, emphasizing the bank’s mission to empower entrepreneurs by providing essential resources and knowledge. By channeling support into these programs, Standard Chartered aims to drive meaningful change, in line with Global Entrepreneurship Monitor (GEM) findings that show financial literacy and targeted mentorship significantly enhance success for women entrepreneurs.
Showcasing Entrepreneurial Journeys and Successes
The event featured an exhibition where Standard Chartered board members experienced firsthand the transformative journeys of women entrepreneurs supported by the WiT and Somo Africa programs. From sustainable fashion lines to GIS Mapping, these entrepreneurs showcased how mentorship, funding, and training have fueled their ventures’ growth. The diversity of innovations on display underscored the broad impact of women-led enterprises in Kenya and reinforced the importance of tailored support for sustainable success.
Fireside Chat: Learning from Real Journeys
A major highlight of the event was the Fireside Chat, moderated by Jaine Mwai, Chief Technology Manager at Standard Chartered Kenya. The session featured women entrepreneurs who shared their journeys, offering participants insights into the innovative solutions they developed and the challenges they faced in harnessing technology and sustainability in their ventures.
Among the insightful discussions, Naom Monari, founder of Benacare, emphasized the transformative power of technology in healthcare, stating, “Through technology, we are reaching people who would otherwise have limited options.” Her perspective illustrated how tech solutions are vital for bridging gaps in service accessibility, especially for underserved communities in Kenya.
Joyce Kibe, co-founder of Green Innovation Ventures, highlighted the role of women in sustainability, saying, “Women have the unique power to drive innovation in the green economy. The program (WIT) showed me that our voices and ideas are crucial in creating sustainable solutions for the future.” Studies show that companies with women in leadership roles are 20% more likely to invest in sustainable practices, reflecting the significant influence women like Joyce have in shaping a greener economy.
For other entrepreneurs, the fireside chat offered insights into shared challenges and collective growth. “The chance to hear each other’s stories made me realize we all face similar obstacles, but with different solutions,” shared Nancy Wachiuri, founder of Aerial GIS. “Being part of this network has helped me see new approaches to problem-solving that I would not have thought of alone.”
The Standard Chartered Board Group Visit highlighted more than just business success; it illustrated the power of shared stories and mutual support among women entrepreneurs. As Kenya’s ecosystem for women-led enterprises continues to grow, such platforms for mentorship and collaboration are essential. Standard Chartered and Strathmore University are committed to fostering this ecosystem, paving the way for more inclusive growth, stronger communities, and a thriving entrepreneurial future.
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