Endeavor Kenya, a non-profit organization committed to nurturing high-impact entrepreneurs, has officially launched its first cohort-based initiative, the ScaleUp Program. This groundbreaking program is set to identify and assist ten high-growth ventures located in East Africa, offering them an unparalleled opportunity to scale their businesses with comprehensive support.
The ScaleUp Program extends over a period of 28 months, during which the selected entrepreneurs will have exclusive access to the Endeavor ScaleUp methodology. This methodology is a blend of expert mentorship, immersive business development training, fundraising support, and a robust peer network comprising successful high-impact entrepreneurs. These resources are geared towards facilitating clarity and direction in the entrepreneurs’ scaling journey.
Ms. Maryanne Ochola, the Managing Director of Endeavor Kenya, emphasized the significance of scaling high-growth companies within the ecosystem. She remarked, “The Endeavor ScaleUp program presents a golden chance for ambitious local founders to leverage our global expertise and curated services, thereby turbo-charging their path to scale.”
Ms. Ochola further highlighted the role of the Endeavor Kenya network in fostering a culture of experienced founders supporting the next generation of entrepreneurs. She stated, “We aim to create a multiplier effect, where the success of one founder positively impacts the entire start-up ecosystem.”
Eligibility criteria to join the ScaleUp Program
- Location: Must be based in East Africa.
- Business Model: Must have a tech or tech-enabled business model.
- Product Viability: Must have a viable product.
- Revenue Requirements: Must have a minimum of $500,000 in annual recurring revenue.
- Growth Rate: Must demonstrate year-on-year growth of at least 50%.
- Impact: Working in creating jobs or providing responsible financial services at scale.
Moreover, these businesses are expected to undergo considerable growth during the program, ranging from seed to pre-series A or series A to series B stages.
Ms. Ochola expressed optimism about the potential of these startups, stating, “Our vision is that the ten startups chosen for the ScaleUp program will expedite their business growth and emerge as the next Endeavor Entrepreneurs.”
This initiative aligns with findings from an Endeavor Insight report, which revealed that the top 10% of entrepreneurial software firms in Nairobi were responsible for creating over 70% of jobs in the local software sector. Endeavor Kenya’s ScaleUp Program thus stands as a testament to the significant impact that a small number of high-growth firms can have on the productivity and vibrancy of entrepreneurship communities.
