U.S.A ENTREPRENEURS OUT TO PARTNER WITH KENYAN COUNTERPARTS

Research reveals that 70 percent of small and medium enterprises (SME) go out of business within 3 to 5 years of operation, Kenya included.


The second annual Savanna East Africa Entrepreneur Finance Seminar was held at Nairobi to address “the frustration in financing your small business and are passionate about creating capital opportunities for promising business with genuine market opportunities,” says Philip Verges, CEO, Savana East Africa (SEA) & Director, Small Equity Initiative.


The seminar focused on providing entrepreneurs with education and training on the capital formations options available to entrepreneurs in East Africa through reverse merger and PIPEs (Private Investment in Public Equity) in the over – the - counter market in the United States.


Kenyan entrepreneurs had an opportunity to present their business plan to representative of various companies and entrepreneurs from the USA for consideration for partnership in financial, skills and experience. "We are out to partner with any enterprise/company with services to offer and has put in place marketing strategy, yes we consider even business concepts that are viable," says Verges.


Some of the participating organizations and companies were Small Equity Initiative (SEI) dedicated to educate, advocacy, and activism to improve capital market for both small business entrepreneurs and investors. SEI is out to improve access to capital for small, start – up, and early stage business and improve the return on investment potential for the individuals and institutions that invest in the small business sector.


Newmarket Technology, Inc was represented by Verges, the SEA director. Its a global small business incubator alongside providing operations system integration, technology infrastructure services and emerging technology, especially to emerging and developing economies with high growth rate potential where technology purchasing is on the raise.


The United Nations International Strategy for Disaster Reduction (UNISDR), programme officer in business partnership, Kiki Rebecca Lawal, was here to unveil entrepreneurship opportunities afforded by disaster reduction as they have kept an increase trend over the years.


Kenya is among the 33 countries that have that have joined the world disaster reduction campaign. Entrepreneurs need to join hands with the government and other organization in this campaign, says Lawal. The Nyayo Stadium tragedy, buildings that collapse, fires that have been razing down properties and lives, polluted rivers, among others, are ventures for entrepreneurs as they match forward to be part of the answer to curb future disasters, she pointed out.


Edward Bollen, the managing director of Paladin Resolutions, says 70 percent of the SME hit the ice berg even before taking off as the entrepreneurs start business without carrying out research, lack of plan for financing, and wanting leadership development team, explaining that some times some one with a business idea may not have leadership a ability to steer the enterprise.


Bollen further says that some entrepreneurs don't understand their market – thus resorting to costly marketing strategies while forfeiting to harness networking and information technology as a research tool. “Entrepreneurs must be informed for them to remain relevant and smart,” he says, adding “the most most important thing in the business world is an idea and the ability to predict tomorrow's market using business intelligence/competitive intelligence as you espouse new technologies and adding value to your products.”