RE:“Startups awarded in inaugural financial technology competition” (The New Times, February 20)
Stimulating entrepreneurship in all sectors is a really noble idea. However, I wish to express some concerns on all these ‘startups competitions’ and the due diligence applied in vetting them.
I have lost count of the number of ‘ICT startups’ that made headlines but like the proverbial moth attracted to the light, few months later one does not hear of them anymore.
Do the organisers make an effort to follow up, especially where there has been money payout?
As an organiser what is your success factor in these initiatives?
Is it to just award money and make a ceremony around it? Or is it to create credible businesses that will create jobs in turn and/or create much needed value chain spillovers? A good example is Hellojob.
A quick google shows that in 2016, it was created by a Samantha Manywa from Gashora Girls having won the Miss Geek competition. Same app, same idea, same concept. How is it now by another entrepreneur?
There is little to show for the others when you go on their website.
My observation is that the organisers either need to change their approach or there is need to carry out some due diligence in ensuring these monies are used for exactly the intended purposes.