Nairobi’s Business Daily has reported that a Kenyan technology start-up incubator, Nairobi incubation Labs (NaiLabs) is due to be launched in May this year. Kenya has in the past few years attracted the attention of start-up investors seeking out talent and ideas to invest in.
Incubators are programs that nurture start-up companies whose ideas and teams show potential to succeed. They usually provide business mentoring, access to funding, some office space, internet bandwidth and other assistance needed by the early-stage businesses.
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According to the report, NaiLabs will provide fast Internet connections with focus on Web, mobile and social media solutions. NaiLabs will cater for 100 startups per given period and of those the most promising 10 will be incubated at the NaiLabs facilities.
NaiLabs has partnered with One Percent Club, a financing organisation whose stated objective is to connect “smart development projects with people, money and knowledge around the world”. Each startup will get funding of up to 500,000 Kenyan Shillings, the equivalent of about US $ 5,800 according to current exchange rates.
Commenting on the assistance to be provided to startups, a NaiLabs representative, Mr. Mwangi said:
Our model is not offering space for rental purposes, but we partner with developers and share the revenues after it becomes successful. We will sit on the management teams of the start-ups and literally hold their hands every step of the way
The NaiLab announcement comes just days after Google Africa announced the launch of a technology start-up incubator in South Africa.