A Jua Kali artisan at work. PHOTO/mkshft.orgTransformational Business Network that comprise blue chip companies has rolled out an initiative to mentor 17 local entrepreneurs within the next six month with the aim helping the SMEs overcome challenges they face.
The network has also pledged to offer the SMEs 200 billion shillings in funding to drive their growth.
CENTUM CEO James Mworia says the local business environment is conducive enough for SMEs to flourish.
Out of Kenya’s total population, only 14 million of them are employed, 11 million in the informal sector and 2.25 million in the formal sector, which has only 700,000 of them employed by the government and the rest 1.5 million employed in the private sector.
The situation according to CENTUM CEO James Mworia, could change for the better if among others the government and SMEs embraced what other successful nations have done to upscale businesses and create job opportunities in the process instead of seeking for lopsided advice from developed nations.
He believes Kenya is creating more jobs for other countries than herself through increased importation of consumer goods, a factor that means that even with the significant economic growth, Kenyans cannot feel its effect in their pockets.
Mworia spoke as the Transformational Business Network launched its first cohort of 17 local entrepreneurs whom it will mentor within the next six months.
This is in addition to the 200 billion shillings of funding it will avail as loans and equity.
The network has invited angel investors to take advantage of the initiative and invest in local businesses.