Five Kenyan startups have been awarded Ksh. 13 million each after emerging as front runners in the UK government sponsored Business Innovation Challenge that sought to identify enterprises that are using innovative solutions to create jobs for the Kenyan youth.
The five enterprises are: Nairobi-based Lynk Jobs, BuildHer, Ten Senses Africa, TakaTaka Solutions and West Pokot-based Savanna Circuit Technologies.
UK’s Foreign Secretary James Hunt, in a news report by the Business Daily, stated that the five startups emerged tops in the innovation challenge because of their potential to stimulate large scale job creation in the Kenyan market.
“We must look for ways to promote entrepreneurship since it generates incomes as well as creates new jobs while addressing various problems afflicting society. That is how we shall improve our livelihoods via higher incomes,” Mr. Hunt is quoted as saying by the Business Daily when he presided over the awarding ceremony in Nairobi last week.
Mr. Hunt was also adamant that Kenya’s need to address the overwhelming unemployment rate experienced within the country lies in developing innovative solutions that convert local problems into business opportunities.
The UK Foreign Secretary consequently called on emerging entrepreneurs to remain firm and committed to setting up businesses despite the many pitfalls that come with operating companies in Kenya’s dynamic market.
“I am also an entrepreneur who started off three businesses that failed making me incur losses but my fourth business idea worked out. It is up to you not to give up in the first instance. Business people are serial failures that later succeed by dealing with challenges realised in their earlier startups,” the UK Foreign Secretary added in the news report by the Business Daily.
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