Safaricom has set aside Ksh 5om ($500,000) social entrepreneurs out there but to the many who still believe in welfare, this is a great move for them as Safaricom Foundation announces a Ksh 50m fund for social entreprises.
VC and PE firms see entrepreneurship as business and every business should make a dime of whatever service it offers. Like economists of the old and markets, VC’s see startups as business that should be left alone to meet demand with their own supply. Innovation has to solve a problem and people have to be willing to pay for that solution if it’s really fitting.
Safaricom says the Sh50 million Technology for Good Fund will empower young innovators with the potential to deliver significant and impactful solutions that leverage mobile technologies.
“Our overall aim is to enable transformational innovation for young developers who may not have access to the technical support they need to bring their ideas to life. Successful applicants will have to demonstrate that they have viable and sustainable ideas that are commercially viable for them in the long term,” said Joseph Ogutu, Chairman, Safaricom Foundation.
Mobile technologies have proved to be essential tools for the development of solutions that can solve some of Kenya’s most pressing socio-economic challenges.
The application process is open for the next 21 days, ending October 1,2015 and forms are available on the Safaricom Foundation website- www.safaricomfoundation.org
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