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Strathmore Enterprise Development Centre partners with NIC Bank to Empower SMEs

(L-R) Dr. David Wang'ombe Dean School of Management and Commerce, Prof. John Odhiambo Vice Chancellor Strathmore University, Mr. John Gachora Group Managing Director NIC Bank, and Robert Kibaara Director Retail Banking NIC Bank

50% of businesses fail within the first two years of operation. It is with this in mind that Strathmore Enterprise Development Centre (SEDC) under the Strathmore School of Management and Commerce (SMC), in partnership with NIC Bank Kenya, this morning signed a partnership and re-launched the NIC Business Club; a platform to contribute to empowering SMEs for business competitiveness.

The new partnership will see NIC Business Club members benefit from knowledge sessions on various business matters through quality training, conducting researches and receiving value added support to enhance their businesses, courtesy of the SEDC programs. NIC Bank will provide these members with unique and customized business solutions through financial access and more.

The event was graced by Prof. John Odhiambo – Vice Chancellor Strathmore University, who shared his excitement about the new partnership. He stated that this new venture would continue to strengthen entrepreneurship and is testimony that the university is keen on nurturing entrepreneurship, especially through linkages with industry partners.

Experience over the years has shown that entrepreneurs, in addition to training, require support services to help them implement their growth plans. SEDC’s primary objective is to help owner managers of SMEs develop their competencies to effectively manage the growth of their ventures. The motivation for establishing the Enterprise Centre is consistent with Strathmore University’s Vision: Becoming a leading outcome driven entrepreneurial university in the region, offering world class and accessible high quality university education and training.

Group Managing Director NIC Bank – Mr. John Gachora, lauded the University for their Entrepreneurship Programs such as those offered by SEDC, which provide the much needed knowledge for SMEs. Mr. Gachora was emphatic that SME owners  would benefit strongly from joining the NIC Business Club, not only through gaining knowledge but also through exposure and learning from business gurus globally.

Dr. David Wang’ombe – Dean SMC encouraged SMEs to analyze their businesses, urging them to factor in the role of technology, considering the current world trends. He spoke this while presenting on Business Competitiveness, “How many entrepreneurs have embraced technology? How many have a website? You need to know your customers, and they need to know who you are. When you’re doing your analysis pay attention to detail. To complete your business profile consider the aspects of finance, HR, marketing and IT.”

Mr. Aly Khan Satchu – CEO Rich Management Limited discussed ‘Disruption and Digitization’ in the SME sector in Kenya. In his presentation, Mr. Satchu discussed examples of leading trend setter companies, such as Apple and Amazon, who embraced disruption and the digital era through being well informed. “Wealth creation is happening in IT, research tells us. Infomediary – information is a currency and in fact the most valuable currency of all. Ask yourself what’s not going to change in the next 10 years, build your business around that,” Mr. Satchu said.

The SEDC program is a hands-on participant centered program. Through the use of locally developed business case studies, participants are engaged in discussions enabling them to develop problem solving and good decision making skills. After each module participants are required to implement key learning and give feedback on their experiences. There are three intakes in a year; January, May and September. For further details contact the office through sedc@strathmore.edu or visit the webpage here.