, NAIROBI, Kenya, Aug 21 – Bidco Africa CEO Vimal Shah has challenged young entrepreneurs to refine their ideas in order to access investments and partnership required to take their business to the next level.
Speaking at an awards ceremony for 25 under 25 entrepreneurs organized by KCA University and African Garage Shah told upcoming entrepreneurs that making their ideas better will make it easier to work with investors.
“There is a difference between a good business idea and a bankable business idea. A good idea needs work; a bankable idea needs action,” he said.
“Investors do not like to do the work of making a good idea a bankable one. They prefer to make deals and sign cheques,” he added
Four young entrepreneurs received a cash prize of Sh100,000 each for being the best of the 25 in their categories.
Rose Kwamboka (Social Enterprise) Kegan Ochieng’ (Business Leadership Category) Mutethia Mbaabu (IT Enterprise) Humphrey Janji (Commercial Enterprise) each walked away with the prize money.
Shah who is the chief mentor of the African Garage program also advised young entrepreneurs to welcome criticism and keep improving.
“Successful entrepreneurship over the long haul is about improvement. It’s about becoming a better version of yourself, your idea and your business. It’s a process that happens every day, every week, every month and every year.”