Do you have an idea but you are unsure of how to make it grow into a business? Have you tried the available funding organisations but have not met the requirements? Or you are just facing rejection after rejection? Well, do not despair yet as there is a new company looking to aid upcoming startups.
Centum Investment Limited has expressed its interest in aiding small businesses and startups that are otherwise unable to find financial backing, by providing them with the necessary knowledge, capital, business incubation as well as markets for their products through a new foundation.
With 2015 being the year that investors will be seeking to back startups in Kenya as it has been reported a very promising country in development due its mobile uptake, it is now becoming a reality that every company wants to be part of. Earlier this year Orange announced an entrepreneurship program aimed at Africa.
Realising that every good idea that is set to provide a solution to a real problem in the society is viable to become a successful business that will impact the economy, the foundation is inviting people with great innovations to apply for funding from the organization.
“We, at Centum recognize the large role that innovators and entrepreneurs play. As such, we have founded the Centum Entrepreneurship Foundation to promote entrepreneurs,” reads part of a post by Centum.
“The foundation will effectively identify and invest in ideas, start-up companies and existing businesses, and turn them into market leaders of tomorrow.”
It is no different from the usual funding ventures as the foundation features the usual process where a team with an idea send applications to be recognized, if selected they are nurtured through the whole idea process until a business is fully culminated.
Currently there are hubs in the country that work to help grow businesses from just an idea, including the Nailab, iHub, Nairobi Garage and iBiz Africa among others. In addition to these hubs there are various seed fund ventures geared towards helping startups, such as the latest venture fund from Safaricom.
The Kenyan telecom giant also recently introduced a more interactive portal dubbed Zindua Cafe to reach to more people across the country, as it allows for people with ideas to post their innovations on the portal for consideration in the funding support.
Under the Centum Foundation funding process for entrepreneurs, there are five stages to be undergone in the support program. First the applications are sent for review, those selected then proceed to the training and assessment stage, after which they enter the funding stage.
In the funding stage, there is a pool of investors who make decisions and make recommendations to the incubator through a committee. The entrepreneurs to be then enter the incubation stage where they are provided with resources to help them make their ideas sustainable as well as scale.
The monitoring stage is last and businesses that receive funding are followed up to determine the effects of capital injected and later advised on opportunities and markets for their products.
Applications for the funding are currently open to the young and innovative businesses that promise to solve the problems affecting the economy in a disruptive way. To apply for funding through Centum Foundation, Kenyans can visit the foundation website.