NAIROBI, Kenya, 27 Feb – Wylde International has invested Sh50 million in the first one-stop-shop entrepreneurs’ Centre in the world in Nairobi dubbed SNDBX.
The center gives entrepreneurs and SMEs timely and personalized access to round the clock business growth experts to help face challenges they are experiencing.
The center is an all-access pass to more than 20 experts including finance, human resources, tax, legal, branding, marketing, debt collection, innovation, governance and risk management among others.
Speaking during the launch Wylde International Chief Executive Joram Mwinamo says the move was necessitated by the need in the market to help entrepreneurs scale up.
“An environment where ambitious entrepreneurs have a supporting cast of seasoned professionals. The SNDBX is a First of its kind in the world, developed over 10 years of working with entrepreneurs, it’s designed to ensure sustainable models for business support through a proven methodology localize for the African ecosystem,” Mwinamo added.
The move comes even as SMEs in the country struggle to get past the five-year mark.
The latest data from the Kenya National Bureau of Statistics indicate that about 400,000 SMEs close shop annually in the country with 46 percent of them dying in the first year of establishment.
Those who close attribute it to making losses, poor investment choices and market saturation.
“SNDBX will be the engine for entrepreneur growth, we plan to launch other centers in other cities in the country and replicate it regionally,” he added.
Nairobi Senator Johnson Sakaja applauded the move adding that the concept is what we need for entrepreneurs in the country
“We are excited that this was first launched in Nairobi County, ” he noted.
On her part, British Deputy High Commissioner Kenya Susie Kitchens says the concept is very disruptive and will go a long way in helping in building big business in Kenya and the region.
Kenya’s SME sector constitutes 98 percent of the businesses in Kenya and provides 30 percent of annual employment.