100 EMERGING ENTREPRENEURS INCUBATED AT INOORERO UNIVERSITY

Nairobi 27^th October 2011:  The Best 100 finalists in the Chase Bank Enablis ILO Business Plan competition are attending a boot camp at the Inoorero University to enhance their entrepreneurial abilities. This is in preparation to the announcement of this year’s business plan competition winners which will be done at a winners’ gala on Friday 28^th October at the Sarova Stanley Hotel. Winners in the 7 categories will walk away with a total of Kshs. 3.5 million in prize money as seed capital for their businesses. All the finalists will walk away with Chase Bank accounts and business development support from both Enablis and the International Labour Organization (ILO).

The training is focusing on Presentation skills, Financial Management, Marketing, Business Systems, Legal issues of setting up a business, Integrating ICT in Business and  aligning businesses to Vision 2030. The emerging entrepreneurs will also have an opportunity to interact with seasoned entrepreneurs as well as the winners of last year’s competition.

While welcoming the participants to the 5 day training, the Enablis Africa Chief Operations Officer, Mr. Moses Mwaura said “There are many business opportunities that can be started by finding solutions to the emerging challenges that most people face in our country.  Aligning these businesses to Vision 2030 is what will drive change and contribute to economic development of our country as all stakeholders including entrepreneurs contribute to the attainment of Vision 2030” .

“The increase in business plan entries has been exceptionally impressive, indicating that a majority of entrepreneurs continue searching for solutions to the many problems our country, especially addressing chronic food shortages experienced periodically in Kenya”, said Mr. Mwaura. 

This year, the business plan writing contest received a record 405 entries – a significant increase from the 300 entries in 2010. The Best 100 business plans were selected during an initial two-stage evaluation and judging process conducted by judging panels from Inoorero University and Chase Bank.

The competition attracted budding entrepreneurs aged between 18 and 60, with an interest in diverse sectors, including: Agribusiness & Agro Processing (25%); Arts, Sports, Leisure & Recreation (10%); Business and Professional Services (15%); Green and Ecological Business (13%); Information & Communication Technology (18%); Manufacturing and Construction (10%) and; Media, Marketing and Communication (9%).

Prior to submitting entries, 2734 prospective entrants from 20 counties across the country underwent intensive training, facilitated by Inoorero University, to help equip the emerging entrepreneurs with the best entrepreneurial strategies and tips on how to write business plans and approach banks with fundable business plans.

The Vice Chancellor Inoorero University, Professor Henry Thairu commended the efforts of the Enablis Best  100 and congratulated them for being risk takers hence contributing to solving the unemployment problem. Most people are comfortable being in employment and not creating employment as the latter involves a lot of risks and commitment. He reiterated that Inoorero University being the Enterprise University is focused on training their students on how to become job creators.

Of the 100 finalists, 71% are youth between 18-35 years.

Now on its third year, The Chase Bank Enablis ILO Business Launchpad is an initiative of the Enablis Entrepreneurial Network East Africa with support from Chase Bank, International Labour Organization, (ILO) Inoorero University, International Labour Organization (ILO), Safaricom Foundation, The Kenya ICT Board, Rhino Special Products and MobiKash Limited.