UNIVERSITY ALUMNI RECEIVE KSH7.2 MILLION TO FUND THEIR START-UPS

The pioneer class of the Mount Kenya University (MKU) Enterprise Academy has graduated today. Nine alumni received a total of KSH7.2 million to fund their start-ups. The graduation was a culmination
of a three-month intense residential training on practical and theoretical aspects of entrepreneurship.
During the event held at the MKU Thika Main Campus, the Chairman and Founder of the University Mr Simon Gicharu shared his story of entrepreneurial success, which started almost 20 years ago with a
seed capital of only KSh20,000. “With Ksh800,000 as start up capital for each of you, I believe you are the future captains of commerce and industry.”
The Enterprise Academy is one of a kind initiative by the University that is meant to enhance practical
business skills training amongst its alumni and provide capital to start businesses. It is funded by the office of the Board of Trustees to a tune of KSh40 million spread over five years.
The apprentices who were inducted into the Academy last February underwent a rigorous interviewing and vetting process to gauge the viability of their business ideas and practicality of their business plans.
The Academy also integrated several business leaders who served as mentors to the apprentices.
These mentors included Mr Vimal Shah, the Chief Executive Officer, Bidco Oil Refineries, Mr Peter Munyiri, Chief Executive Officer, Family Bank, Ms Tabitha Karanja, Managing Director, Keroche Breweries Ltd and Prof Peter Wanderi, the Director of University-Industry Partnerships at Kenyatta
University.
“We have one million youth joining the job market every year. The Enterprise Academy is a fantastic opportunity for students to come forward and try out entrepreneurship instead of waiting for formal employment,” said Mr Shah. “Today, we have nine graduands. But we would like to see 900 next year.”
The Chair of the MKU Council Prof Grace Njoroge said that in true Biblical wisdom of “to whom much is given, much is expected,” the nine apprentices have a responsibility to work hard and ensure their
startups flourish and ultimately create opportunities for other young people. Family Bank CEO Peter Munyiri praised the competitive business spirit among some young people in Kenya, noting that the business plans by the MKU alumni were “top notch, practical and easy to implement.” They were also “well thought out and well articulated.” He said as a financial institution,
the bank was always willing to fund youth enterprises to complement initiatives such as the MKU Enterprise Academy. Dr Francis Muregi, the Director of Research and Development at MKU said the Enterprise Academy has a goal to “effect a paradigm shift in the current education system whose tenet is ‘education for a good job’ to training that spurs our youth entrepreneurial seeds to germinate.”
He said that MKU is committed to ensuring the youth in Kenya unleash their entrepreneurial potential. “Although initially we are piloting with MKU alumni, the ultimate aim is to evolve the initial fund from the University Management into an Enterprise Academy Foundation that will sponsor viable business ideas of all Kenyan youth from all walks of life that lack start-up capital.”