I would like to welcome the Minister for Trade – Hon. Amb. Chirau Ali Mwakwere to Kenyatta University and more specifically to preside over the launch of the Chandaria Business Innovation and Incubation Centre. Honourable Minister, the University is honoured by the fact that you have found time out of your busy schedule to attend this function. I would also like to welcome the partnering organizations of this important initiative, the distinguished mentors and professional colleagues from Kenyatta University.
Our Chief Guest, the initiative being launched today is a product of public private partnership. Elsewhere in the industrialized countries where new knowledge is rapidly transformed into commercialisable products and services, it is known that this is as a result of the close partnership existing between universities and the private sector organizations. Such collaborations harness financial and material resources as well as skills that are abundant in a university setting. As Kenyatta University, we feel privileged to partner with key organizations and individuals that are present here today. As entrepreneurs, government agents and businesses, you are the engine for growth and job creation in this country. Together, our efforts can make a significant contribution to the socio-economic development of this country hence helping to bring progress and stability.
Honourable Minister, Business Incubation is a support process that accelerates the successful development of start-up and fledgling companies by providing entrepreneurs with an array of supportive resources and services. Technological progress and entrepreneurship are dramatically changing the global economic landscape. Incubators nurture young firms, helping them to survive and grow during the start-up period when they are most vulnerable. Incubators provide hands-on management assistance, access to financing and planned exposure to critical business or technical support services. Some incubators also offer entrepreneurial access to equipment, communication (including fax, telephone and email), shared services and expandable space.
An incubation program’s main goal is to produce successful graduates –businesses that are viable and stable when they leave the incubator, usually in about one year. Effective business incubation is characterized by an aspiration from the incubator to have a positive impact by maximizing the success of emerging companies. Additionally, the incubator itself is a dynamic model of a sustainable, efficient business operation. Incubator graduates have the potential to create jobs, revitalize neighborhoods, commercialize new technologies and strengthen local and national economies. Mentorship in incubation helps incubatees to gain experience from successful entrepreneurs. They provide:
access to first-class business expertise;
business consulting services when needed for specific problems;
professional mentoring to help companies identify problems and develop solutions;
coaching on business presentations to potential customers, financiers and venture capital firms;
Honourable Minister, the Chandaria Business Innovation and Incubation Centre which is being launched today aims at annually assisting about 50 young innovators/entrepreneurs towards a gradual and systematic growth of their ideas to maturity. A team of experts from within Kenyatta University and distinguished mentors outside the University will vet and select the proposals for incubation. After an average of six months to one year incubation, the products and services will be rolled into the market place. The overall mission is to provide encouragement and an enabling environment for innovative ideas to flourish and thereby spur national development as envisaged in Kenya Vision 2030. The University would like to see her Alumni create wealth for themselves, their families, their communities and other Kenyans through creation of jobs.
Once the construction of the Centre is complete, the number will go up to 100 incubatees at a time. The completion of the Centre in the next one year will enable Kenyatta University to extend the services offered by Chandaria Business Innovation and Incubation Centre to Kenyans outside the University Community. Kenyatta University is strongly committed towards enhancing creativity and self reliance. The pioneer incubatees are:
Name of Lead Innovator
Title of business Idea
Gituma Johnson Mwangi Ben and Johnson Inventions
Richard Machomba Functional Art Design
Mungai Samuel Mwangi Online Supermarket
Ernest Mwangi Sports and Events Betting and Social netwroking
Sheila Kerubo Recycling plastics, glass, paper & electronic waste
Victoria Muchiri Political and Corporate Strategy Consultancy
Israel David Bwire Intrusion Alert System
Antony Mwiraria Art Safarian
On behalf of Kenyatta University Community and my own behalf, I wish to thank the Chandaria Foundation for the contribution of Kshs 25 million which will be used as part of the cost for the construction of the Centre.
Our Chief Guest, it is now my pleasure to invite the Chairman of Council – Mr. Benson Wairegi to make his remarks.
Thank You.
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