Eight founders from diverse fields, including IT, the service industry, and communications, celebrated their graduation from the inaugural KOMA Training Program on August 30, 2024. This significant event marked the culmination of an intensive eight-week journey designed to equip small and medium-sized enterprises (SMEs) with essential systems and processes, laying the groundwork for future scalability and success.

Funded by ABSA Bank and facilitated by Strathmore University, the KOMA Training Program is more than just a traditional educational initiative. The program, hosted at the Strathmore Centre for Value Investing (SCVI), part of the Strathmore Institute of Mathematical Sciences (SIMS), represents a unique collaboration between academia and industry. This partnership is key to driving sustainable growth and development within the SME sector, a crucial component of the Kenyan economy.

The name “KOMA” aptly reflects the program’s core philosophy, which means “pause to take stock” in Swahili. Over the course of eight weeks, the founders were encouraged to shift their focus from working in their businesses to working on their businesses. The KOMA program’s unique approach focused on two key strategies: encouraging founders to step back from daily operations and optimizing existing systems and processes. This methodology aims to create self-sustaining businesses that can thrive independently of their founders.

During the graduation ceremony, Erastus Muthura, Head of SME at ABSA Bank, congratulated the founders on their achievements and highlighted the enhanced collaboration between academia and industry that the program has fostered. “The KOMA training has empowered SMEs by providing them with the tools they need to become sustainable enterprises,” Muthura remarked, underscoring the importance of such initiatives in driving economic growth.

Dr. Edward Mungai, Strathmore University’s Deputy Vice-Chancellor (Partnerships and Development), encouraged the graduates to apply the knowledge they gained from the program. He also urged ABSA and Strathmore University to continue supporting these SMEs on their journey to success.

“Universities play a key role in setting the development agenda of any country, and partnerships like this between academia and industry are vital to this mission,” Dr. Mungai stated. He emphasized the importance of embracing technology and data analytics to capitalize on opportunities across various sectors.

Dr. Godfrey Madigu, Dean of SIMS, also addressed the graduates, encouraging them to leverage the expertise within the university to develop models that can help them run their businesses more efficiently. “As academia, we are motivated when our programs have a real-world impact,” Dr. Madigu said, reflecting on the significance of the KOMA Training Program in bridging the gap between theory and practice.

The founders shared their experiences from the program, expressing how it has transformed their businesses. Emily Njoroge, founder of Receivable Management Services Ltd, highlighted how the program taught her the importance of delegation and implementing systems that will ensure the sustainability of her business. Stanley Irungu of SoftByte Technologies LTD spoke about the mind shift he experienced, gaining a deeper understanding of SMEs and building valuable networks through the program.

With plans to expand the program to accommodate more SMEs in future cohorts, Strathmore University and ABSA Bank are poised to make an even greater impact on Kenya’s entrepreneurial landscape. This initiative is set to empower more entrepreneurs with the tools and knowledge necessary to achieve lasting success.

Article written by Stephen Wakhu