Seven Kenyan women-led startups received Kshs 10.5 million ($70,000) through the Women in Tech Program. This was during the conclusion of the sixth cohort of the tech incubation program.
The Women in Tech program is a partnership program between Standard Chartered Bank and Strathmore University’s @iBiz Africa.
“To date, sixty-four start-ups have participated in the Women in Tech Program and thirty-two have been awarded over Ksh38.4 million in seed funding,” a press release seen by The Kenya Times noted.
The Standard Chartered Bank Board Member, Imtiaz Khan presided over the award ceremony, themed Leveraging Technology for Impact.
Additionally, Standard Chartered Bank Kenya CEO, Kariuki Ngari, the Strathmore University Vice Chancellor, Dr. Vincent Ogutu, and @iBizAfrica Incubation Centre Strathmore University Director, Dr. Joseph Sevilla graced the event.
“The 6th Cohort of the Women in Tech Program was launched in March 2023. It attracted a pool of over 250 startups from sectors such as agriculture, finance, transportation, health, and construction industry,” the press release further stated.
Fifteen women-led startups were shortlisted to undergo a 3-month incubation training which was modeled around the fundamentals of business idea conceptualization, strategy formulation, Internet of Things (IoT), marketing, Big Data, and Artificial Intelligence.
The Women In Tech Top 7 startups that won the prize money were Sign-With Us, Saidiwa, Imani Health and Know Learning Ltd.
Additionally, PanaCare, Rhea Soil Health Management and Instruct Africa were also among the women led startups that won big.
Women in Tech lacking in Africa
“As we celebrate the graduation of this Women in Tech Cohort, it’s important to recognize the role of technology in our daily lives,” Dr. Vincent Ogutu, the Vice Chancellor at Strathmore University, stated during the award ceremony.
“Recent study has shown that only 14.6% of Startups in Africa are founded by women. However, there is hope for a bigger representation. If women receive the right mentorship, training, and coaching the tech ecosystem in Africa will thrive even more,” Dr Vincent continued noting the gap in startups led by women in the continent.
“Currently, according to recent statistics 30.9% of all new tech roles are filled by female candidates, showing a slight increase from 29% in the previous year,” Dr Vincent further stated.
Furthermore, Dr Vincen Ogutu noted that academia and the private sector need to collaborate more for programs that support women-led businesses.
These fifteen teams are an increase from the previous Women in Tech cohorts. Notably, in the sixth cohort, ten businesses were incubated and 5 startups per cohort received funding.
“Entrepreneurship is a key pillar of our community initiatives. At StanChart, we understand that start-ups are drivers of employment and economic growth. Through the Women in Tech program, we help women led start-ups to thrive,” Imtiaz Khani, Board Member, Standard Chartered Bank Kenya & East Africa noted during the pinnacle event.
Also Read: 6 Jobs Employers Hire More Women than Men
Notably, the funding recipients were picked after a rigorous judging process undertaken by accomplished industry experts.
How the startups were screened
These experts were from both private and public sectors, seasoned entrepreneurs, and academic thought leaders on solution innovation, availability of market opportunity, and social impact in Kenya, among other criteria.
The seven awarded women-led startups demonstrated excellence based on three main criteria.
One of the gauges for the awards included a female-led start-up business that solves social economic needs in Kenya
Additionally, an innovative startup that utilizes emerging technologies was another measure of success for the startups.
These innovative technologies included Internet of Things (IoT), Artificial Intelligence, Augmented and virtual Reality, 3D & 4D Printing, Cloud Computing, Big Data, Blockchain, Drone Technology, and Biometrics.
Finally, a business model with a Sustainable Development Goal (SDG) alignment was the concluding excellence-based criteria that was gauged.
About @iBizAfrica, Strathmore University
@iBizAfrica is the longest serving business incubator in Kenya at Strathmore University, leading private University in Kenya.
The incubator since 2012 provides a nurturing environment that builds on the potential of the youth to develop innovative solutions and businesses that work for the common good in society.
Also Read: Reasons Behind Startup Failures in Kenya and Africa
@iBizAfrica over the years has provided over 1600 startup companies with training, advisory, mentorship, coaching, networking opportunities, and access to seed capital and investors.
Moreover, the program prepares startups to be investor-ready so that they can launch into the market through custom incubation and acceleration programs.
About Standard Chartered
Standard Chartered Bank is a leading international banking group, with a presence in 57 of the world’s most dynamic markets and serves clients in a further 64 countries.
The bank’s purpose is to drive commerce and prosperity through unique diversity, heritage, and values. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
