Startup ecosystem of the week: Kenya Kenyan startups have the potential to expedite the country’s digital transformation by up to 70%, according to Communications Authority CEO Ezra Chiloba. Unfortunately, a majority of startups (around 80%) face significant obstacles such as financial constraints and regulatory restrictions, leading to their closure within the first year of operation. To overcome these challenges and boost survival rates, industry experts emphasize the importance of partnerships and collaborations. According to Communications Authority CEO Ezra Chiloba, startups in the East African nation of Kenya have the potential to hasten the country’s digital transformation by up to 70%. The CEO noted that significant obstacles including finance and regulatory restrictions cause the majority of them to close their doors in less than a year. “Close to 80 percent of startups often die within the first year of operation, while only three to five percent make it beyond the one-year period of survival,” Chiloba stated. He went on to say that the remaining 15% are in the uncertain group, with very slim possibilities of survival. To address this, Chiloba suggested that entrepreneurs in the nation, particularly fintech, collaborate with investors from all industries. "Leveraging partnerships means the firms will […]
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