90M FOR MOBILE INNOVATION

Nov 27, 2014 Victor Okech Computer, Kisumu, Mobile, National, News, Technology 0

90M for Mobile Innovation has been launched by the leading network provider Safaricom. The venture fund which is aimed at the acceleration in development of innovative mobile applications and solutions. Most startups focused on technology, whether mobile or web applications usually suffer from lack of enough fund or capital to propel their ideas. The 90M for Mobile Innovation comes a t a great time to give these startups the much needed boost to succeed.

If you have a start up then you are eligible to receive amounts between Sh. 6.8M and Sh. 22.5M. The fund will run for an initial two year period.

We see this as a much-needed catalyst that will help actualize our aspiration to nurture a vibrant ICT economy in Kenya. It will directly address the key start-up and developers’ pain points such as the cost and speed of accessing a platform where they can test their solutions, said the Joe Ogutu – Director, Strategy and Innovation at Safaricom.

The principal fund managers appointed by Safaricom are the international technology fund TBL Invest. Small businesses like yours and mine are the major contributors to Kenya’s Gross Domestic Product with a whooping 60%, yet these SMEs are under funded and lack access to credit facilities. Kisumu SMEs based forged on mobile technology are encouraged to take advantage of this opportunity. Below are the requirements:

1. A working prototype/product with an active user base
2. Must be locally based
3. Innovation and talent to over see the project.

• mobile applications, mobile innovation, safaricom, startups