Kenya has made tremendous strides toward building innovative startups and has emerged as one of the largest growing hubs for technology startups in the world. The introduction of initiatives like GST and Make in India have given impetus to the startup economy.
Kenyan Technology Startups continue to lead the upper line and are expected to increase in size and number in the coming year. It is measured that the country has got 4,500 start-ups, creating more than 85,000 job opportunities. With an investment of over $5 billion and three to four startups every day, it is projected that the number of startups in India will grow to over 11,500 by 2022, with 250-300k responses through these entrepreneurs. The number of investors has also increased manifold in the last few years.
Recent Developments with Kenyan Technology Startups
Kenyan Technology Startups have gone through many developments. From getting selected for Google’s accelerator program to raising funds through Chinese investors, the start-up ecosystem has been quite encouraging. Startups using the latest technologies like Machine Learning and Artificial Intelligence have been selected for the same.
Limitations of Kenyan Technology Startups
Despite promising statistics, only 9% of start-ups are female founders/co-founders. The focus has been on IT-enabled products and services including e-commerce, aggregators, analytics, health-tech, and online payments. A big factor behind India’s growth is software-enabled companies like Flipkart and Ola. Rarely do hardware product organizations bring success in the best possible aspect. The reason for this can be attributed to a lack of funds. There is clearly no shortage of capital in the Kenyan technology startup ecosystem. However, only a small part of this capital reaches these startups. Additionally, startups in India spend five times the amount of fund-raising effort compared to US startups.
This is wherein Government intervention is needed. Through the provision of alternative sources of funding and through a partnership between the Industry and Academia, the government may facilitate and accelerate the growth rate. Alternate debt financing instruments would help start-ups and other small enterprises to overcome the problem of lack of adequate collateral, limited cash flow, and the high risk involved. While direct support of start-ups and the right types of skills to begin and run a business is necessary, the ease of doing business in the country also matters a great deal. This involves ease of beginning with a business, obtaining relevant permits, accessing credit, paying taxes, etc. The labor laws within Kenya are outdated too. However, appropriate government policies are needed to make the start-up ecosystem reach its true potential.
Kenyan Technology Startups ensure profit assurance of your business
However, government and international organizations aim to invest in innovative ideas. Monetary and infrastructure support accelerates. Start-ups make good use of available facilities and represent a sign of good times. While a passing trend this cannot be ruled out and it is certainly going to change the way today’s markets work within Kenya. Government initiatives are also expected to play an essential role in the bright future of the startup ecosystem. For example, the Department of Commerce and Industry, Government of India, has planned to organize a South Asia region meeting of startups to encourage the exchange of new ideas and increase interaction among startups, showing confidence within startups.
However, the scenario within the last quarter suggests that the investors’ interest in funding the Indian startups remains strong. The next quarter turns out to be likely more attractive while owing to the economic reforms and their implementation. Startups now focus on cutting losses, increasing their overall valuation, and attaining operational excellence. These qualities along with the positive sentiments of the investors and support from the government can make the startup ecosystem of India reach new heights in the near future. A business startup occurs out to be a risk however it always provides a new opportunity too. It has been seen that the startup organizations that have their domain as “new technology” comes out with huge returns. The organizations are typically research-driven and bring out something new that has got a big demand, or comes out with a new way of doing something old. Make sure that you shake hands with WeeTracker for one of the best services globally. Moreover, Nigerian Fintech Startups aim to transform your business.
While Kenyan Technology Startups help makes life easier for new small to medium-sized businesses, these organizations still need to define their values and develop their sense of desire through their employees. They also need to nurture their own brand to make the right impression on their prospects. For some employees, everyone matters a lot above the employees. Before setting up a recruiting mission, startups need to define what they definitely need from those they work with and consider the characteristics that can benefit the company that they can’t live without. This means creating a strong job description that outlines the company’s requirements and the potential challenges that a new recruit may face.
The culture of Kenyan Technology Startups moves at a fast and inconsistent pace. When day-to-day realities are not communicated properly, a business can happen in a matter of weeks and even more, resources will need to be channeled into recruitment and training efforts. Current HR technology can help you make hiring easier for new and small businesses. With access to analytics, there is less speculation about what it means to find a good fit.
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