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TikTok invests $1.49m to support SMEs in Kenya

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Content and video sharing platform, TikTok, has announced plans to establish a regional headquarters in Kenya, as well as investing the sum of $1.49 million to empower local Small and Medium Enterprises (SMEs).

According to the platform, the investment will provide loans, grants, training and mentorship to Kenyan entrepreneurs using TikTok to showcase their businesses.

“The fund addresses challenges faced by SMEs in Kenya, with 83% reporting revenue declines during COVID-19 averaging 68%,” the platform posted on its website.

“In partnership with Yunus Social Business, TikTok will support SMEs in sectors like fashion, food and education who leverage the platform.”

The investment represents one of the largest by a social media company in Kenya’s SME sector, and if effectively allocated, over 500 SMEs stands to benefit, thereby creating over 100,000 jobs.

“But beyond just capital injection, TikTok recognizes Kenya’s vibrant creative community that has fueled its success.

“Kenya leads globally with 54% TikTok usage share versus 16% on average, showing immense user embrace and diverse, engaging content driving economic growth,” it said.

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AfriLabs to host ‘Annual Gathering’ in Cape Town

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Pan-African innovation hub, AfriLabs, has announced Cape Town, South Africa, as the host of its “Annual Gathering” scheduled to hold between November 6 and 8 under the theme, “Uniting Innovation”.

In the statement issued by the Executive Director of AfriLabs, Anna Ekeledo, this year’s “Annual Gathering” emphasises the importance of collaboration to drive economic growth and social development through Africa’s innovation ecosystem.

‘It will feature seven key tracks, each focusing on pivotal sectors that are essential for Africa’s future, such as makerspaces, gender and inclusion, investment, and hub solutions,” she said.

Ekeledo also revealed that AfriLabs has secured a number of partners for the event including RLabs, NASENI, Research & Innovation Systems for Africa Fund (RISA), the Technology Innovation Agency (TIA), Intel and UNFPA.

“The support of our partners is not only a testament to the global relevance of Africa’s innovation ecosystem but also to the importance of collaborative efforts in driving sustainable development across the continent,” Ekeledo added.

AfriLabs is a network organisation that is committed to driving innovation and entrepreneurship on the continent by bringing together technology hubs, startups, investors, and other key stakeholders in the ecosystem. It counts 496 hubs across 261 cities in 53 African nations as part of its network.

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Young African tech-preneurs invited to apply for 2025 Anzisha Prize

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Young tech-preneurs in Africa have been extended an invitation to apply for the 2025 edition of the Anzisha Prize, which comes with mouthwatering offers such as access to benefits, services, and prize money.

The Anzisha Prize is delivered by African Leadership Academy in partnership with Mastercard Foundation, with the aim of increasing the number of job-generative entrepreneurs in Africa.

It is designed to accommodate 35 exceptional entrepreneurs aged between 15 and 22 who will be selected for a multi-year fellowship experience, during which fellows will receive business support including business coaching, experiential learning and resources to help them develop and scale their ventures.

According to the organizers, businesses that show exemplary growth and initiative will be rewarded with benefits and services such as short courses, cloud services and cash support.

“At the end of the second year, entrepreneurs will pitch their businesses and successes for a chance to win their share of prizes to the value of $50,000,” a statement by Didi Onwu, managing editor of the Anzisha Prize, said.

“The grand prizes are split into four categories – job creation, revenue growth, storytelling, and integrating systems and processes. At the end of the fellowship, the fellows will graduate and join the prestigious Anzisha Prize alumni network.

“This year, the Anzisha Prize is placing a special emphasis on green entrepreneurs. We are looking for passionate individuals who are tackling environmental challenges with innovative and sustainable business solutions,” said Onwu.

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