The Global Entrepreneurship Week in Kenya by Jasiri was organized in conjuction with Wide Reach Africa consultants. This report was also written by our consultants.
The world has marked the culmination of the Global Entrepreneurship Week (GEW), an international initiative that introduces entrepreneurship to young people. Closer home in Kenya, the week was commemorated through an event steered by Jasiri, one of the programs of Allan & Gill Gray Philanthropies in Eastern Africa that invests in, guides and supports entrepreneurs and early stage startups who benefit society by creating high impact businesses on the African continent. Jasiri hosted an event that brought together a diverse mix of founders, policymakers and leaders from government institutions among other ecosystem builders.
The event that contemporaneously took place virtually and physically in Nairobi comprised two panel discussions as well as reactions from the audience seated at the plenary and attending online. The first session which was moderated by Dr. Roselyn Marandu-Kareithi, Jasiri Kenya Country Lead, was dedicated to Carbon Credits. It featured insightful discussions led by experts including Capt. Job Kareithi CEO and Lead Consultant at Capacity Building Consultants Ltd.; Mercy Nzuve, the Project Lead for Kenya and Sub Saharan Africa at Varaha; Priscilla Wakerera, the CEO and Co-founder and RHEA, a Jasiri venture; And Joseph Kamau, the Co-founder of Anziboo, also a Jasiri venture. They delved into the nuances of carbon credits, environmental credits, and the role of startups in these sectors. The panelists shared their experiences and insights, offering valuable knowledge that could see entrepreneurs delve in the world of sustainability.
The panel explained Carbon credits as permits or certificates that represent the right to emit a certain amount of carbon dioxide or other greenhouse gases. It shed light into into different types of environmental credits, such as renewable energy certificates, biodiversity credits, and water quality credits. The current top environmental credits were noted as those related to large-scale renewable energy projects, reforestation efforts, or conservation programs in biodiverse regions.
In addressing the process of securing payment for carbon credits in Kenya, the panel outlined the steps involved in carbon credit generation, verification, and sale. They explained that typically, one needs to start the process before generating credits, by planning and registering a project that reduces emissions. The payment process could involve selling credits on a carbon market or through direct transactions with businesses looking to offset their emissions. They also touched on the key players in the Kenyan carbon market, such as government agencies, private companies, or international carbon trading platforms.
They also noted several opportunity gaps for startups in the carbon credit sector including developing innovative technologies for carbon capture, creating projects in untapped areas like small-scale agriculture or community forestry, and offering consulting services to help other businesses navigate the carbon credit market. They noted the need for partnerships with established players, seeking funding from environmental grants, and leveraging technology to create cost-effective carbon reduction solutions.
On their part, he Jasiri ventures emphasised how their solutions contribute to reducing carbon footprints and enhancing resilience in practices. They spoke into the support that Jasiri is offering them by investing in early stage, high potential startups that may still be too risky for commercial funders to invest in.
The second session was moderated by Njoki Riguga, Jasiri Kenya Program Manager. It comprised government representatives from Kenya Revenue Authority (KRA), Kenya Bureau of Standards (KEBS) and office of the president who joined the attendees in sparking conversations that were particularly significant for highlighting the unique aspects of Kenya’s entrepreneurial ecosystem, demonstrating how best it could assist businesses to thrive.Njoki noted the need to support and celebrate entrepreneurs who have boldly ventured into the realm of MSMEs, bringing innovative products and services to improve communities.
The panel emphasized the importance of a robust regulatory framework in creating a stable environment for entrepreneurs. It was highlighted that such frameworks are essential in ensuring fairness, predictability, and safety in the market. A key point of the discussion was the need to balance regulatory requirements with innovation. It was mentioned that overregulation could stifle innovation, whereas insufficient regulation might lead to instability and unfair practices. The discussion underscored the necessity of compliance for both startups and established businesses. Compliance was noted as crucial for legal integrity and building trust with stakeholders, which is vital for long-term success.
The panel explored how taxation can be both a challenge and an opportunity for entrepreneurs. While acknowledging that high taxes might hinder growth, a well-structured tax system was recognized as essential for providing services and infrastructure beneficial to the entrepreneurial ecosystem. In response to concerns about the complexity of the tax system for SMEs, KRA representatives discussed initiatives to simplify tax regulations and provide clearer guidelines. Efforts to reduce the compliance burden and associated costs were highlighted. The panel discussed the need for regular workshops, seminars, and online resources to educate entrepreneurs about tax responsibilities, updates in tax laws, and available tax incentives.
In response to feedback about lengthy and opaque processes, KEBS outlined steps being taken to make standardization processes more transparent and simplified to encourage compliance and improve business efficiency. KEBS emphasized its commitment to making standardization a more consultative process, involving various industry stakeholders in the development and review of standards to ensure they are practical and relevant. The panel discussed strategies for aligning Kenyan products with international standards while minimizing costs which included leveraging technology, optimizing supply chains, and engaging in international collaborations to enhance competitiveness.
As the event concluded, there was a palpable sense of optimism and determination among the attendees. The sessions had not only addressed key challenges faced by entrepreneurs but also highlighted the vast opportunities available in Kenya’s evolving entrepreneurial ecosystem. Jasiri’s role in investing and supporting early-stage, high-potential startups had been underscored as vital in this ecosystem, nurturing businesses that promise not just economic growth but also societal impact. As the Global Entrepreneurship Week comes to an end, the impact of the discussions and insights shared resonated deeply with all who had gathered. The event had not only been a platform for knowledge exchange but also a beacon of inspiration and a call to action for Kenyan entrepreneurs and those supporting them. It set the stage for continued collaboration, innovation, and growth in the Kenyan entrepreneurial landscape.