National Bank of Kenya (NBK), Growth Match Africa and UK Kenya Tech Hub have partnered in a mentorship program dubbed “StartUp & Chill” to pair startups with strong mentors and advisors that have significant domain, technical or business expertise in their respective field of business to help them realize growth.
Speaking at the 2nd edition of the Start Up & Chill event, Mr. Fred Kioko the Head of Change and Integration at NBK noted that the board advisory program will ensure that the startups gain technical know-how to build their operational capacity and therefore set themselves on a growth trajectory.
“This strategic partnership will enable startups in various sectors to remove growth barriers by providing tools to identify gaps and growth areas in their businesses and therefore, scale up. With the advisors that we have, we are hoping that by the time we are done, the signed startups will be well equipped and empowered to adequately offer their services efficiently,” said Mr. Kioko.
The program involves matching the advisors with startups. The advisor profiles created by Growth Match are shared with the startups who choose which advisors they want to work with for long-term partnership based on the need in areas including sales and marketing, product development, Finance & Funding as well as Standard Operating Procedures. The program ensures budding entrepreneurs are oriented for sustainability, bankability and growth.
“We at Growth Match Africa are thrilled to see this initiative come to life. This business model benefits both the advisor and the startup and will disrupt the ecosystem, said Yobdar Bakri.
The UK Kenya Tech Hub Country Director, Sheena Raikundalia noted that they are excited to support the program. “It’s a win for both startups and advisors. Startups get access to talented experts in Kenya and advisors see what innovators are doing, how they will disrupt and create Kenya’s future jobs.’’
According to a Forbes 2019 report, 90% of startups fail due to poor management, leadership and internal processes. The program therefore seeks to prepare, nurture and grow startups to grow, be competitive and take full advantage of available markets.