A Message from Pangea Accelerator CEO
“The ShelterTech Kenya Accelerator program completed its six-month cycle on 24th May, 2019 with a Demo Day. The accelerator program has been an amazing learning opportunity and provided us with great insights. Fintech has been huge in Kenya and seeing the innovations that exist in shelter, we want to make Kenya a ShelterTech nation too!”
— Jonas Tesfu, CEO of Pangea Accelerator
Demo Day in Pictures
Exhibition and Showcase
Startups exhibited during Demo Day ahead of pitching. The businesses were able to interact with guests including decision makers such as Government representatives, investors, financial institutions and development partners. The exhibition provided an opportunity and framework for startups to showcase their innovations targeted at addressing the existing challenges in shelter, particularly affordable housing.
Roundtable Discussion on Innovation in Shelter and Ecosystem buy-in
Building on an earlier conversation we had during Nairobi Tech Week 2019, we hosted a Round table discussion as a side event to further look at how different sectors are contributing to addressing the challenges in housing. We noted from industry experts, government, innovators and development partners that there is a need to have less silos and more collaborations. It was also evident that there is need to have further discussions with entrepreneurship ecosystem enablers, especially government. On the flip side, evidence is mounting that accelerator programs in emerging markets are adding significant value in their markets and even so, are performing better than accelerator programs in higher income countries.
Pitching & Selection
The event peaked during pitching and selection where businesses pitched as they sought a chance to proceed to negotiate investment commitments with investors. We had 14 businesses pitching during Demo Day. These businesses had undergone intense training and validation of their businesses ahead of Demo Day.
From this cohort, seven businesses were selected by a pool of judges with strong industry expertise including venture capital, architectural expertise and construction. The judges deliberation saw them interlinking with Pangea Accelerator’s, Oslo Investor Program in Norway and finalizing on invest-able businesses.
The Next Step…
The selected businesses are currently in negotiation talks with investors as they finalize on investment commitments. Businesses are looking to unlock a cumulative 50,000 Euros funding from a pool of local and international investors. Additionally, Habitat for Humanity has provided additional investment of US $150,000 for selected businesses. These investment commitments will be based on due diligence processes carried out extensively on the businesses.
Upcoming Events and Activities
The Nairobi Innovation Week 2019 (NIW 2019)
We are hosting a ShelterTech Kenya Startup Pitch Competition track event for Nairobi Innovation Week 2019. The track event will see us providing an opportunity for 3 startups alongside a further 3 from the NIW 2019 main challenge. The selected startups will gain a fully funded travel opportunity to pitch and interact with investors during Oslo Innovation Week. The pitch competition aims to support disruptive innovation and provide a platform for growth in the urban tech space.
Follow the conversation and highlights for NIW 2019 on Twitter with the #NIW2019 and @Pangea_a on Twitter.