Pangea Trust’s Connect Program call for applications is open to interested companies
Accelerating start-ups is no longer a new concept in Kenya. The market is already served by companies looking to solve the problem of developing and scaling startups. One of them, Pangea’s confidence, serves as an empowerment entity and its presence in the country is notable following a series of fairs, some of which have been held on online platforms, which it has organized here.
It also emerged, as a consensus, that startups have put in place some temporary solutions to meet the new demands placed on them, and faster than they thought possible before the pandemic.
However, an online event run by Pangea’s confidence, and moderated by security engineer Dr. Bright Gameli, focused on obtaining key insights and finding effective solutions to address funding opportunities for startups, as well as Islamic finance as a sector.
[Note, Islamic Finance is not limited to specific people, so any group can access it]
The platform also saw the launch of Call for applications Pangea Connect and idea sharing, as it has since emerged that some startups have problems seeking donor assistance, or lack the expertise to engage potential investors. The issue was addressed by the moderator, who also pointed out that there are many investors in the industry, but they have not been able to select the best options, possibly due to a communication issue. .
Many other questions were raised by the panelists and members present. For example, some startups are unable to develop scalable business ideas. Some are unique but have failed to leverage uniqueness for cost effectiveness.
Panelists also noted that some companies have brilliant ideas, but they don’t solve the real problems.
Combined with other missteps, such as the aforementioned problem of choosing the right financing option, most of these businesses close within a year of launching.
Coming back to the call for applications, interested startups should know a few tips. First of all, it’s basically a channel that seeks to connect startups with investors and funders.
Startups can then access diaspora networks and technical expertise that should play a key role in building a scalable business.
Companies can also get a fresh perspective from other African Diaspora donor communities who have extensive industry knowledge.
Pangea also mentions that smart investments can range from $ 20,000 to $ 150,000.
To this end, Pangea expects more than 500 applications, which will then be assessed for eligibility. Some of the selection criteria include domain expertise, being a technology-based startup, presenting market opportunities, and exemplifying a robust impact angle.
Note, applications have been in progress since July but will be closed before the end of the month (September).
The selection process is also ongoing at the moment, but at different levels.
Then before October, 10 finalists will be selected from the pool.
The finalists will then be selected and prepared to face the investors.
Finally, investment decisions will then be taken in December.