On October 8, 2024, Standard Chartered Kenya, in collaboration with @iBizAfrica-Strathmore University, awarded KES 8.75 million to seven women-led startups engaged in developing sustainable solutions across various sectors. This award marked the culmination of the seventh cohort of the Women in Tech Incubation Program, reflecting the increasing focus on technological innovation and ESG-driven business practices.
The Seventh Cohort: Driving Sustainability and ESG
The theme for this year’s incubation program, “Empowering Women for a Sustainable Future,” focused on startups that utilize emerging technologies and align their business models with environmental, social, and governance (ESG) principles.
At a time when ESG practices are gaining momentum across Africa, the Women in Tech Program sought to empower women entrepreneurs in developing businesses that benefit society, the environment, and the economy. The participating startups adopted the “People, Planet, and Profit” framework, reinforcing their commitment to sustainability while leveraging the potential of technology innovation.
Award Ceremony Highlights
The award ceremony, hosted at Strathmore University, featured key figures from both Standard Chartered and Strathmore:
- Kariuki Ngari – Managing Director and Chief Executive Officer, Standard Chartered Kenya and Africa.
- Joyce Kibe – Head of Corporate Affairs, Brand, and Marketing, Standard Chartered Kenya and Africa.
- Dr. Vincent Ogutu – Vice Chancellor, Strathmore University.
- Dr. Joseph Sevilla – Director, @iBizAfrica-Strathmore University.
Speaking at the event, Kariuki Ngari underscored the importance of women’s leadership and technology in building sustainable economic growth. “We are immensely proud to witness the graduation of the seventh cohort of our Women in Tech program. Each of these remarkable entrepreneurs exemplifies innovation and resilience, shaping the future of the tech industry and advancing sustainable practices,” Ngari said.
Program Overview: Building a Strong Foundation
The Standard Chartered Women in Tech Incubation Program launched in April 2024 and received over 130 applications from across Kenya. Of these, 15 startups were selected for a 12-week business incubation program focused on:
- Sustainability practices
- Financial and business modeling
- Product development
- ESG integration
The goal was to equip the startups with the knowledge, mentorship, and tools necessary to scale their businesses effectively while maintaining a focus on sustainability.
Each of the startups received mentorship, coaching, advisory services, and networking opportunities from seasoned entrepreneurs and industry experts. The 15 businesses also accessed seed capital and investor forums to improve their readiness for the market and to enhance their long-term viability.
Selection Process and Criteria
The seven startups awarded funding were selected after a rigorous evaluation by a panel of industry experts, entrepreneurs, and thought leaders. The criteria included:
- Female-led startups addressing critical socio-economic challenges in Kenya.
- Alignment with Sustainable Development Goals (SDGs) in their business models.
- Innovative use of emerging technologies such as IoT, AI, Cloud Computing, Blockchain, Biometrics, and Drone Technology.
The aim was to identify businesses that would not only thrive in Kenya’s market but also contribute to global sustainability goals through technological innovation.
Funded Startups: The Trailblazers
The seven women-led startups that emerged as recipients of KES 8.75 million are:
- Moma Renewable Energy – A startup focused on sustainable energy solutions.
- Hayah – Specializes in innovative solutions within the healthcare sector.
- Cradle to Bloom – Addresses agricultural and environmental sustainability.
- Zidallie – Works in technology-driven education and social impact.
- Gwiji for Women – Supports women entrepreneurs through innovative tech solutions.
- Zaoshinani AerialGIS – Utilizes drone technology and GIS for data-driven decision-making.
- PsychCare Clinic – A mental health startup providing virtual and in-person care solutions.
These startups operate across various industries, including agritech, health tech, tourism, biofuel tech, recycling tech, and e-commerce.
Impact of the Women in Tech Program
Since its inception, the Women in Tech Incubation Program has:
- Received over 2,250 applications.
- Graduated 64 women-led startups over seven cohorts.
- Provided 32 businesses with KES 1.25 million each in seed funding.
The program aims to nurture women entrepreneurs by offering access to mentorship, business advisory, coaching, networking, and seed capital. These resources enable the startups to reach international standards and become investor-ready.
Speaking on the impact of the initiative, Dr. Vincent Ogutu, Vice Chancellor of Strathmore University, noted: “Investing in women is like activating a lever that drives exponential growth, impact, and sustainability.” The collaboration between Standard Chartered and @iBizAfrica-Strathmore University has empowered women entrepreneurs, driving economic growth and innovation across Kenya.
Long-Term Goals and Future of the Program
The Women in Tech Incubation Program is more than just a funding platform. It serves as a comprehensive accelerator for women-led businesses, focusing on aligning entrepreneurship with ESG goals and sustainability frameworks. With the continued rise in ESG compliance across industries, the program seeks to create businesses that can adapt to global trends, attract investment, and drive long-term social and economic impact.
As Standard Chartered Kenya continues to expand its efforts in technology-driven economic empowerment, the success of this cohort further solidifies its commitment to advancing sustainable development goals and fostering inclusive entrepreneurship.
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