St Paul’s University students won the global finals of the 2022 Hult Prize for their business innovation last night.
The students beat five other finalists in the finals as Eco-Bana Ltd and were awarded $1 million (Sh120 million) to help their business.
Eco-bana Ltd is a new company that manufactures biodegradable sanitary pads from banana fiber. The concept seeks to eliminate period poverty by providing biodegradable sanitary pads.
Lennox Omondi, Keylie Muthoni, Dullah Shiltone, and Brian Ndung’u make up the team.
The event took place in New York City, US, during the Clinton Global Initiative Annual Meeting. The keynote address was given by former US President Bill Clinton.
“The Hult 2022 Prize was such a joyful celebration of innovation and sustainability in business. All our finalists did incredible pitches today, but there could only be one winner. Huge congratulations to Eco-Bana Ltd,” Hult Business School said in a tweet.
Muthoni, however, did not make it to New York due to a visa hitch.
“With $1 million (Ksh120 million), we’re confident that we will be the best and become number one producers of biodegradable sanitary towels in Kenya and East Africa,” Mr Omondi told Daily Nation in an interview before they left for the finals.
He also serves as the company’s chief technical officer. He is a third-year mass communication, public relations, and marketing student.
“Today, at exactly 1.58 pm New York time, Eco-Bana is here to ask for one million dollars to make our dreams come true. We predict to sell more than three million pads, generating over $50 million and employ more than 2,000 people by 2024,” Mr Ndung’u said during their pitch.
The product has already been introduced to the market, and plans to expand into the Egyptian market have begun.
Mr. Omondi revealed that heavy-duty machines, which are expensive, are required for mass production.
Muthoni is the chief operations officer, while Shiltone and Ndung’u are the chief financial and marketing officers. The students qualified for the final after winning the regional summit in Johannesburg in May and finishing second in the Global Accelerator in Boston, Massachusetts in August.
“We’re a team with a mind for business and a heart for the world. We’ll continue creating sustainable enterprises that will shape the future of the sanitary towels industry that will drive entrepreneurship growth,” Mr Omondi said.
Breer from Hong Kong, Savvy Engineers from Pakistan, Openversum from Switzerland, Cooseii from Taiwan, and Flexie from Australia are the other five finalists. The six teams have won each of the regional summits.
“At the point where I was founding the company, I had difficulties balancing with my studies. With proper guidance from my mentor, I’ve learnt how to balance by creating a weekly study plan and a work plan. That way, I’m able to know when I have to leave the office and go to class or do my assignments and still get to be with my friends and teammates,” Mr Omondi said.
His goal is to study for a masters degree at the University of Oxford.
