Two of the six entrepreneurs, who made their final pitch Sunday were awarded Ksh 2 million during the Sinapis Group annual business plan competition held in Nairobi.
Now on the 6th edition, the competition is preceded by a 16 weeks mini MBA training program mirrored on Texas-based Acton School of Business MBA program and blended with practical business insights.
The executive-level business training helps the entrepreneurs to structure and grow to the next level and create a sustainable social-economic impact to the society.
Started in 2011 in Kenya, Sinapis Organisation has grown to over 7 countries with 4,000+ entrepreneurs trained through structured programs and workshops and over Ksh.2.4 billion raised in capital.
Speaking during the award ceremony on behalf of judges Ronald Osumba, CEO IGOV Africa Said, “Technical assistance and technology are key for fast-tracking the growth of SMEs to grow our economy and impact communities. Further, entrepreneurs need to align their passions with the required skills to convert ideas to fully structures businesses.”
On her part, the Sinapis Kenya Country Manager Silvya Kananu outlined the key role entrepreneurs play in the economy saying, “Entrepreneurs have the greatest potential to contribute to economic development through wealth and job creation. Beyond business skills training, we help the entrepreneurs get investor-ready, with an aim to attract growth capital in 3-5 years.”
Capacity development, alongside access to capital and a conducive business environment, plays a critical role to empower SMEs to play their role in driving the economy, as 67 -80% of new jobs are expected to be created by SMEs.
Sinapis Organisation aims to partner with government, non-government and business membership organizations to develop sector-specific training modules that will fastrack towards achieving the targeted 10,000 SMEs trained by 2022.