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Kenya’s ‘Shark Tank’ Launched With Ksh.10M Cash Prize For The Youth

Kenya’s ‘Shark Tank’ Launched With Ksh.10M Cash Prize For The Youth

A new initiative aimed at cultivating a saving and investment culture among the Kenyan youth, dubbed Plug Mtaani-Vijana2Invest, has officially been launched.

The programme, which has been christened Kenya’s very own version of the hugely successful American business reality TV series ‘Shark Tank’, seeks to unlock the potential of entrepreneurship amongst the younger generation.

It will involve business development and management training incorporating soft skills, and targets youth aged between 18-35 years drawn from various sub-counties across all the 47 counties.

Kenya’s ‘Shark Tank’ launched with Ksh.10M cash prize for the youth

The training and capacity building will be based on the International Labour Organization Business Management Training Program dubbed Start and Improve Your Business (ILO-SIYB) as well as a savings and investment master class.

The programme is co-created by the Kenya Investment Authority (KenInvest), Radico Kenya, Institute of Certified SIYB Trainers – ICST), and Crescent 360 Media, in partnership with Mastercard.

The Plug Mtaani-Vijana2Invest programme will culminate in a business idea competition – like ‘Shark Tank’ – that aims to support the needs and aspirations of the youth’s enterprising potential through targeted productive capacity development, funding, and linkages.

The competition will begin at the county level, where youth are encouraged to record one minute videos of their ideas to a selection panel that will then take the selected group through a 5-day workshop.

The winners from the county level will then proceed to the national level, where they will go through a 10-day bootcamp and then develop 5 minute video pitches.

A team of judges will select and recommend the national award winners, and thereafter a 12-week public voting period will be opened, culminating into the final award show in December this year.

The most popular business idea will be declared the winner amongst the other winners at the national awards ceremony, and will walk away with a cash prize of Ksh.10 million to help kickstart their business idea.

The first runners up at the national level will receive Ksh.5 million, while the second runners up will pocket Ksh.2 million.

There will also be winners at the county level, with the winner taking home Ksh.50,000, while the first and second runners up will walk away with Ksh.40,000 and Ksh.30,000 respectively.

The Plug Mtaani-Vijana2Invest launch was attended by, among others, Youth Affairs, Sports, and Arts Cabinet Secretary Ababu Namwamba, Nairobi Deputy Governor Njoroge Muchiri, and KenInvest Acting Managing Director June Chepkemei.

Digital Strategist Dennis Itumbi, who was also present, announced that the patron of the programme would be State House Chief of Staff and Head of Public Service Felix Koskei.

“We’re under very clear instructions from President William Ruto that the agenda of the youth of Kenya, is the primary agenda of this administration. He knows that he is President today courtesy of the youth of Kenya. He believes that it’s the youth that hold the promise of realizing a new Kenya,” said CS Namwamba.

Muchiri, on his part, noted: “Plug Mtaani-Vijana2Invest is not just an event, it is a powerful stride towards creating a more inclusive, empowered and financially resilient youth community.”

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