StanChart Invests In Women-Led Start-ups

Standard Chartered Kenya and @iBizAfrica – Strathmore University awarded $67,820 to seven women-led start-ups in the sustainability sector. The seven are part of the seventh cohort of the Women in Tech Incubation Programne.

“Through the partnership between @iBizAfrica Strathmore University and Standard Chartered, the Standard Chartered WomenInTech (WiT) programme has graduated 64 women-led businesses over the past seven years. 32 have received seed money of $10,000 each,” said Dr Vincent Ogutu, Vice-Chancellor – Strathmore University, adding that “Investing in women is like activating a lever that drives exponential growth, impact, and sustainability.”

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 start-ups to adopt sustainable business models that align with Kenya’s and global objectives of People, Planet, and Profit through technological innovation.

“We are immensely proud to witness the graduation of the seventh cohort of our Women in Tech programme. 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,” stated Kariuki Ngari, Managing Director and Chief Executive Officer, Standard Chartered, Kenya and Africa.

The seventh cohort, launched in April 2024, attracted more than 130 applications. 15 were selected for business incubation based on their innovative use of technology, sustainable solutions, and commitment to ESG principles. The start-ups 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.

The programme featured 12 weeks of business incubation training with @iBizAfrica- Strathmore University, focusing on areas such as sustainability practices, financial modelling and sustainability, business modelling, 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 start-ups 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 start-up that utilises emerging technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), augmented and virtual reality (AR/VR), 3D & 4D printing, cloud computing, big data, blockchain, drone technology, and biometrics.

The seven are:
– Moma Renewable Energy: Producers of liquid renewable fuels derived from food waste and by-products.
– Hayah Cradle to Bloom: An innovative AI-powered platform directly addressing the need to educate and empower mothers and enhance their well-being
– Zidallie: Transportation service provider dedicated to delivering safe and efficient solutions for student pick-up and drop-offs.
– Gwiji for Women: A tech-driven social enterprise empowering marginalised and underprivileged women from slum communities who are employed as casual cleaners.
– Zaoshinani: A fintech driving agricultural transformation using technology and data to steer financial inclusion among smallholder farmers in rural Kenya.
– AerialGIS – A web application that seamlessly fuses subdivision maps with interactive mapping and VR technology to virtually transport property seekers to the property location on the map.
– PsychCare Clinic: A conventional clinic seeking to revolutionise mental health care in Africa by seamlessly extending the therapeutic alliance beyond the clinic walls by leveraging technology.

Since its inception, the programme has attracted over 2,250 applications, training 77 women-led start-ups leveraging technology by offering mentorship, business advisory, coaching, networking opportunities, access to seed capital, and investor forums that help mould their businesses to international standards.