Safaricom unveils fund for innovations

Safaricom Foundation, the corporate social investment arm of Safaricom Limited, has launched a Sh50 million fund targeting investors in the social innovation field who may need technical and entrepreneurship support to develop and deploy mobile technology.

The fund will empower young innovators with the potential to deliver innovations that leverage on mobile technologies. “Successful applicants will have to demonstrate that they have viable and sustainable ideas that are commercially viable for them in the long term,” said Safaricom Foundation Chairman Joseph Ogutu.

Mobile technologies have proved to be essential tools that can solve some of Kenya’s most pressing socio-economic challenges. The application process is open for the next 21 days, ending October 1, 2015. The selected projects will be incubated at Strathmore University’s iLab for three months. During incubation, the successful applicants will receive technical support, mentorship and expert training to promote their innovations.

Value for money

After the incubation phase, five innovations will progress to the next phase of the programme, which will seek to identify tangible ways that they can be scaled for success. The innovations must be mobile-based, of public benefit, demonstrate sustainable scalability, offer value for money and be in line with Safaricom Foundations strategic pillars, which include health, education, economic empowerment, arts and culture, water, environment and disaster relief.

“We believe mobile technology can be used to address some of the world’s most pressing humanitarian challenges. It is transformative and can enable us put relevant, impactful services in the hands of undeserved communities,” said Mr Ogutu.