Standard Chartered Kenya, in collaboration with @iBizAfrica – Strathmore University, on October 8, 2024, awarded Kshs 8.75 million to seven women-led startups in the sustainability sector as part of the seventh cohort of the Women in Tech Incubation Program.
The award ceremony, themed ‘Empowering Women for a Sustainable Future,’ was presided over by Standard Chartered Bank CEO and MD, Kenya & Africa, Kariuki Ngari; the bank’s Head of Corporate Affairs, Brand and Marketing, Kenya & Africa, Joyce Kibe; Strathmore University VC, Dr Vincent Ogutu; and @iBizAfrica-Strathmore University Director, Dr Joseph Sevilla.
(TOP: Kariuki Ngari, MD and CEO of Standard Chartered Kenya and Africa – center – and Dr Vincent Ogutu, VC, Strathmore University – navy blue suit, center – pose with the top 7 winners of the Standard Chartered Women in Tech Cohort 7 program. Accompanying them are senior management members from Standard Chartered and Strathmore University).
“We are immensely proud to witness the graduation of the seventh cohort of our Women in Tech program. Each of these remarkable entrepreneurs exemplifies the spirit of innovation and resilience that Standard Chartered champions. As we celebrate their achievements today, we are reminded of the pivotal role that technology and female leadership play in driving sustainable economic growth. Our commitment remains steadfast in nurturing and expanding this vibrant community of trailblazers, who are not only shaping the tech industry but are also actively crafting a sustainable future for all,” said, Kariuki Ngari, MD and CEO, Standard Chartered, Kenya and Africa.
With the rising importance of Environmental, Social, and Governance (ESG) practices across Africa, there has been a surge in innovation and investment aimed at creating sustainable solutions that benefit society and the planet. This year, the Standard Chartered Women in Tech Incubator Programme emphasised ESG-driven entrepreneurship, urging women-led startups to adopt sustainable business models that align with Kenya’s and global objectives of People, Planet, and Profit through technological innovation.
The seventh cohort, launched in April 2024, attracted more than 130 applications from Kenyan women-led startups. Of these, 15 were selected for business incubation based on their innovative use of technology, sustainable solutions, and commitment to ESG principles. The startups represent various sectors, including agritech, health tech, tourism, bio-fuel tech, recycling tech and e-commerce, all sharing a dedication to the triple bottom line of profit, planet, and people.
“Through the partnership between @iBizAfrica Strathmore University and Standard Chartered, the Standard Chartered WomenInTech program has over the past 7 years graduated 64 women-led businesses, with 32 receiving seed money of KES. 1.3 million each. Investing in women is like activating a lever that drives exponential growth, impact, and sustainability” said Dr Vincent Ogutu, the VC of Strathmore University.
During the program the 15 selected startups underwent 12 weeks business incubation training, focusing on areas such as sustainability practices, financial modeling and sustainability, business modeling, product development, and ESG integration, empowering them to lead in creating impact-driven businesses.
The funding recipients were picked after a rigorous judging process by accomplished industry experts in private and public sectors, seasoned entrepreneurs, and academic thought leaders on solution innovation, availability of market opportunity, and social impact in Kenya, among other criteria.
The seven awarded women-led startups demonstrated excellence based on three main criteria:
- A female-led start-up business that solves social economic needs in Kenya
- A business model with a Sustainable Development Goal (SDG) alignment
- An innovative startup that utilises emerging technologies ie. Internet of Things (IoT), Artificial Intelligence, Augmented and virtual Reality; 3D & 4D Printing; Cloud Computing; Big Data; Blockchain; Drone Technology, and Biometrics.
The 7 women-led startups for Women in Tech Cohort 7 are:
- Moma Renewable Energy
- Hayah Cradle to Bloom
- Zidallie
- Gwiji for Women
- Zaoshinani
- AerialGIS
- PsychCare Clinic
Since its inception, the program has attracted over 2,250 applications. It has trained 77 women-led startups leveraging technology by offering mentorship, business advisory, coaching, networking opportunities, access to seed capital, and investor forums that help mold their businesses to international standards. Each of the 32 of the women-led enterprises have been awarded Kshs 1.25 million ($10,000) in seed funding over the last 6 cohorts.
@iBizAfrica is the business incubator of Strathmore University, a leading private University in Kenya. The incubator since 2012 provides a nurturing environment that builds on the potential of the youth to develop innovative solutions and businesses that work for the common good in society. @iBizAfrica over the years has provided over 1600 startup companies with training, advisory, mentorship, coaching, networking opportunities, and access to seed capital and investors. The program prepares startups to be investor-ready and launch into the market through its custom incubation and acceleration programs.
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