Enterprise

Next Big Thing finalist targets youths with artistes' stock market

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Nation Media Group marketing manager, print division, Emma Ngutu presents ‘The Next Big Thing’ finalist Jamlick Maina with a $3,000 cheque at Nation Centre in Nairobi yesterday. Diana Ngila

Jamlick Maina, who believes his innovation will shape up as the next big thing, looks to trade local musicians at the stock market, albeit online. The 28-year-old technpreneur was yesterday awarded a Sh263,040 ($3,000) cheque by the Nation Media Group for his idea which made it to the finals of “The Next Big Thing” competition organised by the Business Daily.

His was the only category – media and entertainment – which aside from being feted, received a cash prize.

Dubbed “Jumptown Play”, Mr Maina’s idea seeks to boost interest among the youth in the stock market through music-based gaming apps and a favourite platform for the sprightly age-group.

“Instead of real shares, users (traders) will buy and sell virtual shares of their favourite artistes listed on the stock market online,” he explained, adding that subscribers would be enlightened on how to invest in the stock market. “We look to partner with stock experts who will be dubbed ‘avatars’ to offer apprenticeship to young people through webinars.”

In return, he said, the trainers will be given a platform to advertise their companies for free. Like with the Nairobi Securities Exchange, there will be initial public offerings for the counters branded with names of artistes in all genres of music, a departure from the bourse where companies trade.

The stock market will have 60 counters. Mr Maina is also developing a second app dubbed “Hisaplay” which is more closely related to the real stock market where users from the beginners app will advance to before joining the NSE.

Users of the app will trade shares using virtual currency and monitor results in real time, with the option of disposing of stocks in favour of most active counters.

The entrepreneur says that with wide use of Internet devices such as smartphones, children as young as 10 years will gain insight into smart investments at the stock market. “By the time they turn 18, they will be smart investors,” he quipped, adding that his company would be up and running before year end.

He is currently based at an incubation centre, Nailab, in Nairobi which he joined two months ago. The budding entrepreneur is optimistic his business idea will succeed and is eyeing advertisement, sale of virtual currency and possible buyouts to generate revenue.

“The sale of virtual currency will be modelled around Bitcoin,” he said. The Singapore-based Bitcoin uses technology to conduct online transactions in absence of banks.

The most traded counter, said the IT graduate from the Jomo Kenyatta University of Agriculture and Technology, would be a manifestation of the best performing artiste. “This is meant to promote local music industry and inject a sense of professionalism among artistes who will be keen to maintain active counters by being consistent.”

He said he will register with the Music Copyright Society of Kenya, to avoid run-ins with artistes who might raise issues on the use of their works.

Mr Maina was among the 11 finalists of the third edition of the annual Next Big Thing, which aims to empower innovators by linking them with venture capitalists and business executives for capital and incubation. The fourth edition of the competition begins next month.

The initiative is sponsored by NMG, Kenyatta University, Climate Innovation Centre and Nailab.

Mr Maina said the concept of a virtual stock market was borne out of need to encourage more young people to venture into stock market and demystify the long-held view that the bourse was reserved for sophisticated, well-heeled investors.

“I had difficulties understanding the stock market, a situation that prompted me to seek ways of reducing the hassles,” said Mr Maina, who last year opted out of employment to focus on the project.

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