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M:Lab, World Bank ink deal to mentor tech entrepreneurs
Techies at iHub in Nairobi. PHOTO | FILE
A regional mobile apps incubator has partnered with the World Bank Group to launch Traction Camp, a new initiative to support emerging digital and tech entrepreneurs across the region.
M:lab East Africa, with support from the World Bank, will see the Traction Camp expand its capacity and service portfolio by ensuring innovative digital products are developed and scaled into sustainable and profitable businesses.
In East Africa, there is limited support for companies with a market-ready product. Entrepreneurs who graduate from incubators lack the necessary skills to grow their businesses by attracting financing from different sources and building links to a wider value chain.
“Entrepreneurial skills, business acumen, access to networks, and good knowledge of financing mechanisms are critical to scale start-ups,” said Ganesh Rasagam, manager for Innovation and entrepreneurship at the World Bank.
“Now is the time to seize the moment and help entrepreneurs bridge the gap through increased training and technical support in those areas.”
The first call for applications will be published in the coming days and will stay open until the end of January. The programme will consist of two weeks of intensive training followed by up to six months of personalised coaching, tailored to each entrepreneur’s needs.
Participating firms will receive technical aid to improve their marketability to early stage financiers. The curriculum will cover key topics, such as investment readiness and investor engagement, along with negotiations, regulatory environments, and product internationalisation.
Local tech hubs have been the launchpad for multiple startups. Innovation hubs including iHub, iLab Africa, mLab and Nailab are curriently hosted in Nairobi with an estimated 3,000 software developers.
Other than offering a fertile ground for nurturing innovations, the tech hubs have also attracted local and foreign equity firms that have helped commercialise some of the innovations.
Backing from organisations such as the World Bank’s infoDev programme and the governments of Norway, Sweden, Finland and Kenya, is expected to spur the growth of the field and improve access to resources for upcoming developers.
Through its centres, infoDev, a World Bank multi-donor programme that supports high-growth entrepreneurs in developing economies, connects entrepreneurs with the knowledge, funding, and market opportunities they need to launch and scale their businesses.
Institutions of higher learning too have taken up the challenge to support startups including Strathmore University, Kenyatta University, Nairobi University and Catholic University.
