In a significant boost to female entrepreneurship and sustainability efforts in Kenya, Standard Chartered Kenya, in collaboration with @iBizAfrica-Strathmore University, has awarded KES 8.75 million to seven women-led startups operating in the sustainability sector. This initiative is part of the seventh cohort of the highly successful Women in Tech Incubation Program, which focuses on empowering women entrepreneurs through technological innovation and sustainable business models.

Celebrating Women Entrepreneurs for a Sustainable Future

The award ceremony, held on October 8, 2024, was centered around the theme “Empowering Women for a Sustainable Future,” a reflection of the growing global emphasis on ESG (Environmental, Social, and Governance) principles. The startups selected for this year’s program were chosen based on their ability to drive technological innovation while adopting business practices that prioritize not only profit but also the well-being of the planet and its people.

Standard Chartered Kenya’s CEO and Managing Director for Africa, Mr. Kariuki Ngari, presided over the event, along with Ms. Joyce Kibe, Standard Chartered’s Head of Corporate Affairs, Brand, and Marketing for Kenya and Africa. Also in attendance were Dr. Vincent Ogutu, Vice Chancellor of Strathmore University, and Dr. Joseph Sevilla, Director of @iBizAfrica-Strathmore University, underscoring the collaborative nature of this initiative between the bank, academia, and entrepreneurship.

Ngari lauded the participants, stating:

“We are immensely proud to witness the graduation of the seventh cohort of our Women in Tech program. These remarkable entrepreneurs exemplify the spirit of innovation and resilience. They are not only shaping the tech industry but are also actively crafting a sustainable future for all.”

The Surge of ESG-Focused Initiatives in Kenya

Kenya has become a fertile ground for sustainability-driven entrepreneurship, particularly as global investors and corporations emphasize the importance of ESG practices. This has led to a surge in initiatives aimed at creating sustainable solutions that benefit society and the environment. The Standard Chartered Women in Tech Incubator Programme is at the forefront of this movement, urging women-led startups to develop business models that align with the triple bottom line—people, planet, and profit.

This focus aligns with Kenya’s broader sustainability goals, such as promoting clean energy, reducing carbon emissions, and creating sustainable economic opportunities for marginalized communities. By investing in women-led startups, Standard Chartered and its partners aim to ensure that these entrepreneurs not only drive economic growth but also contribute to the global push toward sustainability.

Highlights from the Seventh Cohort

The seventh cohort, launched in April 2024, attracted over 130 applications from women-led startups across various sectors, including agritech, health tech, biofuel tech, recycling tech, and e-commerce. Of these, 15 startups were selected to undergo 12 weeks of rigorous business incubation. The training focused on several key areas:

1. Sustainability Practices: Teaching the startups how to incorporate sustainable practices into their business models.
2. Financial Modelling and Sustainability: Helping them create financial models that ensure long-term viability while maintaining a focus on ESG goals.
3. Product Development: Guiding the entrepreneurs in developing innovative, tech-driven products that can solve real-world problems.
4. ESG Integration: Ensuring that the startups’ operations and business strategies align with global ESG standards.

During the program, the startups also had access to mentorship, business advisory services, and networking opportunities with industry experts, investors, and seasoned entrepreneurs. This comprehensive support system enabled the participants to fine-tune their businesses and prepare for the challenges of scaling up.

The winners of the KES 8.75 million award were selected after a rigorous judging process that took into account several factors, including the availability of market opportunities, potential for social impact, and the startups’ alignment with Sustainable Development Goals (SDGs). The judging panel included representatives from both the private and public sectors, ensuring a diverse range of expertise and perspectives.

The Winning Startups

The seven startups that received funding demonstrated excellence in leveraging emerging technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), blockchain, and cloud computing to solve social and economic challenges in Kenya. Here are the winning startups:

1. Moma Renewable Energy: Specializes in providing clean, affordable energy solutions to underserved communities in rural Kenya. Moma Renewable Energy focuses on solar power systems that can be used in homes and small businesses, contributing to Kenya’s goals of expanding clean energy access.
2. Hayah Cradle to Bloom: A health tech startup dedicated to improving maternal and child health outcomes through the use of AI-driven platforms. This company provides personalized healthcare solutions to pregnant women, new mothers, and healthcare providers.
3. Gwiji for Women: Focuses on creating job opportunities for women in marginalized communities by connecting them to the gig economy. The startup offers a platform that links women to jobs in various sectors, including manufacturing, hospitality, and service industries.
4. PsychCare Clinic: A mental health startup that offers telemedicine services and online therapy sessions, particularly targeting women and youth. The clinic also provides workshops and mental health awareness campaigns to promote mental well-being in communities across Kenya.
5. Zaoshinani: This e-commerce platform enables small-scale farmers to sell their organic products directly to consumers, reducing the need for intermediaries. Zaoshinani is helping to promote sustainable agriculture by ensuring fair prices for farmers and offering fresh, locally grown produce to customers.
6. Zidallie: A biofuel tech startup that converts agricultural waste into clean, sustainable energy sources. Zidallie aims to reduce Kenya’s reliance on fossil fuels by providing eco-friendly alternatives to rural and urban communities.
7. AerialGIS: Utilizes drone technology and GIS (Geographic Information Systems) to provide mapping and data analysis services to sectors such as agriculture, urban planning, and conservation. AerialGIS’s technology helps stakeholders make data-driven decisions to improve efficiency and sustainability in their operations.

The Broader Impact of the Women in Tech Program

Since its inception in 2017, the Standard Chartered Women in Tech Incubator Program has grown to become one of Kenya’s most prominent platforms for nurturing women entrepreneurs. Over the past seven years, the program has attracted more than 2,250 applications, with 77 women-led startups successfully completing the incubation process. Of these, 32 startups have received seed funding of KES 1.25 million (approximately USD 10,000) to help them scale up their operations.

By supporting these startups, Standard Chartered and its partners are not only fostering technological innovation but also contributing to the creation of sustainable jobs, reducing inequality, and promoting economic development in Kenya. This initiative also aligns with the Kenyan government’s Vision 2030 development blueprint, which seeks to transform the country into a newly industrialized, middle-income economy by focusing on key sectors such as ICT, manufacturing, and clean energy.

Dr. Vincent Ogutu, Vice-Chancellor of Strathmore University, emphasized the importance of investing in women entrepreneurs, stating:

“Investing in women is like activating a lever that drives exponential growth, impact, and sustainability.”

Looking Forward: The Future of Women in Tech

As the world continues to grapple with the challenges of climate change, inequality, and economic uncertainty, initiatives like the Women in Tech Incubator Program offer a promising path forward. By supporting women-led startups that prioritize sustainability, Kenya is not only positioning itself as a leader in ESG-driven innovation but also creating a more inclusive and resilient economy.

With Standard Chartered’s continued commitment to empowering women entrepreneurs, the future of sustainability in Kenya looks bright. As more women enter the tech and sustainability sectors, the impact on the country’s economy and society will only grow, paving the way for a future that prioritizes both profit and purpose.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

10th October, 2024