The Quantum Leap Program- QLP, seeks to improve the livelihood of Kenyans by increasing SMEs access to opportunities that would empower entrepreneurs economically.
Precious Connections LTD, in partnership with the Kenya National Chamber of Commerce and Industry, KNCCI, and Ajua/SME Connect, has launched the Quantum Leap Program- QLP, a business coaching program that aims to support small and medium size businesses.
The Quantum Leap Program is the brainchild of Precious Connections LTD, a business coaching and mentorship enterprise. Seeking to unlock opportunities for women, youth, and people with disabilities, PWDs led businesses, the program will address inequalities in the small enterprise’s sector.
Specifically, the program envisages direct technical support to local actors thereby enabling them to improve the business environment and market access for SMEs, enable SMEs access financial support and create employment opportunities for the informal sector.
Gender and minority group dynamics are factors that contribute to failure of SMEs to take up available business opportunities and resources. The QLP program will fill the gaps of knowledge and identification of such opportunities by adopting an SME-specific approach to address inequalities in the small enterprises sector.
Speaking about the program, Precious Connection LTD’s Founder and Director, Sabrina Ejore, mentioned that most small and medium sized entrepreneurs lack the knowledge on how or where to seek guidance in growing their businesses.
“Often, small and medium enterprises lack the knowledge and ability to identify market potential for their products and the skills necessary to start, improve and expand their businesses successfully,” said Sabrina. “The QLP Program seeks to engage, equip, connect, sensitize and impact businesses to scale and reach their full potential.”
SME Connect provides solutions for business owners by connecting SMEs to consumers through the use of technology to shorten the process of consumer-SME interaction.
According to a study conducted by Ajua, majority of SMEs in Kenya are currently facing 2 major challenges that have been further compounded by the COVID-19 pandemic.
The first being the lack of access to capital that has hindered many from replenishing their stock. By April 2020, up to 63% of SMEs had experienced loss of market for their goods resulting in minimal resources to cope with the current economic situation.
Speaking on the problems SME Connect is solving, Dr. Gilbert Saggia, Ajua stated, “Over 65% of micro-SMEs in Kenya have less than 40 days of cash runway. SME Connect gives SMEs with limited capital access to cheaper goods directly from Manufacturers on the app. Furthermore, SME Connect will soon be launching inventory financing within the app, as well as advertising that fetches new markets for SMEs.”
“These critical value features enable SMEs to compete with more established businesses thus leveling the playing field and enabling them to scale faster and reach their full potential. These factors cannot be more important now that we need to work together for economic recovery where the majority of businesses are, impacting more lives”
Participation in the QLP program will enable SMEs to access business opportunities through networking, growth through access to funding partners and become sustainable so as to create more jobs and incomes for employees.
The 2-year program will be piloted in Nairobi and is expected to expand into other counties. In Kenya, micro, small and medium-led enterprises account for the vast majority of businesses, providing employment opportunities to 14.9 Million Kenyans.
Speaking about the impact of the COVID-19 pandemic on SMEs in Kenya, KNCCI President, Mr. Richard Ngatia said that there is need to support and empower SMEs in the country, in the wake of a pandemic that caught everyone by surprise.
“The COVID-19 pandemic has caused a major disruption of the economy worldwide. At KNCCI, our agenda is to empower entrepreneurs and to unlock opportunities that help businesses grow. We recognize that in Kenya, SMEs are the most affected by the COVID-19 pandemic and initiatives like the Quantum Leap Program will help in reversing the effects of the pandemic by producing successful and confident entrepreneurs.” said Mr. Ngatia.
According to the Central Bank of Kenya, 75% of SMEs in Kenya were facing closure by end of June 2020. MSMEs in Kenya contribute approximately 40 percent of the GDP, with the majority falling in the informal sector.
