www.sinapisgroup.

orgrg | Courtney
Rountree
Karibu Nyaggah
Jeanette Cajide
Sunyko Im
Ying Sun
PARK 200K SOCIAL CHANGE
Hannah Lantos
STREET COMPETITION PROJECT
CHURCH PROPOSAL

12/15/2009

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 December 15, 2009

Sunyko Im

Cajide

Jeanette Karibu Nyaggah

Courtney Rountree

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 TEAM MEMBER QUALIFICATIONS AND EXPERIENCE

Name/Age University Level of Enrolled Degree

Education Program
Courtney Harvard Kennedy Graduate Student Masters in Public
Rountree, 25 School Policy 2010

Karibu Nyaggah, Harvard Business Graduate Student Masters in Business

29 School Administration 2009

Sunyko Im, 26 Harvard Kennedy Graduate Student Masters in Public

School Policy 2011

Jeanette Cajide, 33 Harvard Kennedy Graduate Student Masters in Public

School Administration, Mid-
Career 2010

I. TEAM MEMBER INVOLVEMENT

Primary Team Members

The following is a list of team members who will have graduated by June 2010 and
will have primary leadership roles in taking the project forward next year.

Courtney Rountree is a graduate student at Harvard Kennedy

School in Cambridge, MA. She plans to obtain her Masters in Public
Policy degree with a concentration in international and political
development in June 2010. Prior to graduate school, Courtney
received her Bachelors in Business Administration from the
University of Texas at Austin. Courtney has worked for McKinsey &
Company where she advised Fortune 500 companies on strategic
issues such as reducing costs in the supply chain and analyzing high potential
investments. She also worked atbrand marketing fordid Procter & Gamble doing
brand marketing for their billion dollar brands, and worked for the Michael & Susan
Dell Foundation where she developed the foundation’s expansion strategy to
Africa. Courtney has spent significant time volunteering her consulting services to

Page 4 of 35
several non-profit organizations in Texas including the American Red Cross and
United Way.

Courtney’s motivation to start Sinapis began when she was working on the Michael
& Susan Dell Foundation’s Africa expansion strategy, where she consistently heard
African development experts identify access to capital for SMEs (small to medium
enterprises) as one of the primary barriers to economic growth. In her first year at
Harvard Kennedy School, she used her winter break to perform research on this
issue in Kenya. She met with several organizations involved with SME
development, and the insights she gained led her to develop the idea for Sinapis.
Upon return, she pitched the idea to Harvard’s International and Global Affairs
center, and she was awarded funding to return to Kenya over the summer and
perform further research to refine the idea and determine its feasibility. Courtney
invited long-time friend Matt Stolhandske to help her with this research in Kenya.
Over the summer, Courtney and Matt interviewed over 100 individuals from NGOs,
banks, private equity organizations and the government, performed surveys and
focus groups with Kenyan entrepreneurs, and drafted a business plan and
financing model. They now have a team of 67 talented students and professionals
working on this endeavor and have established partnerships with several key
Kenyan organizations. Should the project receive funding, Courtney plans to work
full-time on Sinapis and split her time between Kenya and the US to help the
project get off the ground. Courtney will be the Director of Operations & Strategy.
As the team leader, she will oversee all activities related to the development of the
organization. She will also create the strategy for scaling the organization and
manage board relations.

14605Karibu Nyaggah is a 29 year old native Kenyan and June 2009 graduate of
Harvard Business School where he received his Masters in Business Administration.
Prior to business school, Karibu was an Associate at PricewaterhouseCoopers
where he worked in the Advisory practice. At HBS, Karibu was heavily involved in
social enterprise and spent his summer working at the Charter School Growth
Fund, a $100M Venture Philanthropy fund dedicated to funding the expansion of
high performance Charter Management Organizations. Karibu also spent his
summer working at the Kenya Commercial Bank in Nairobi rotating among various
divisions. Karibu received his undergraduate degree in Business at the University
of California, Berkeley. Currently, Karibu is serving a one year fellowship as an HBS
Leadership Fellow at Dillard University as the Director of Strategic Initiatives. In
this role, he is leading the school’s efforts at expanding its undergraduate business
program into a graduate program and assisting the administration with the pursuit
of the Association to Advance Collegiate Schools of Business (AACSB International)
accreditation. He is also helping the school build its social enterprise program.

Page 5 of 35
At Harvard Business School, Karibu decided his long-term vision is to start a
business school in Africa, specifically focused on training local leaders with a world-
class education. Coincidentally, he led a trip to Kenya and met Courtney who was
also interested in bringing her business acumen to bear in solving many of the
problems they both saw there. For Karibu, Sinapis is the transformation of his
dream into reality and is the perfect venue to nurture his vision. It is also a
compelling first step in his own journey to one day create an African business
program that will equip leaders with the necessary tools to effect change within
their own communities. Should the project receive funding, Karibu plans to move
to Kenya to help the project get off the ground. He will be Director of Training
Programs and his role will be to design the curriculum and logistics for the training
process.

Jeanette Cajide is a 33 year old Masters in Public Administration

Mid-Career student at Harvard Kennedy School with an expected
graduation date of June 2010. Jeanette began her career as an
investment banking analyst at Merrill Lynch in New York. After
Merrill Lynch, she joined Accenture as a Manager and was a
founding member of an international technical service group based in Dallas. She
helped build and grow the organization’s help desk product line. After completing
a Master in Business Administration in Finance and Entrepreneurship at the Kellogg
School of Management at Northwestern University, she joined Goldman Sach’s
Special Situations group where she specialized in investing in distressed
companies. She later joined CRG Partners, a turnaround and corporate
restructuring advisory firm, where she worked as an interim turnaround
manager. Jeanette is currently completing a Masters in Public Administration at
the Harvard Kennedy School. Her goal is to combine her distressed investing and
turnaround consulting skills, to invest in capital and resource constrained social
enterprise firms as a venture capitalist. She has been appointed to serve on
several non-profit boards and is a Robert Toigo Foundation Fellow Alumna. As a
Cuban-American, Jeanette was inspired to join the team based on her desire to one
day start a similar initiative in Cuba. From this experience, she hopes to contribute
her extensive experience in the finance industry and learn lessons that will once
day be transferrable in Cuba. She will assist the Sinapis Group with investment
portfolio management and fundraising.

Other Team Members

The following is a list of team members who will not be graduating until 2011, and
thus will be helping the organization next year on a volunteer basis while they are

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still in school. Once they have graduated, they may take a more full-time role in
the organization.

Sunyko Im is a 25 year old native Kenyan and first year student in the Masters in
Public Policy program at Harvard Kennedy School with an expected graduation date of
June 2011. She graduated from the University of Chicago in 2005 with a degree in
International Studies and a focus on International Relations and African studies. After
working for several years as Program Coordinator for Sub-Saharan Africa at the Center
for Civic Education, Sunkyo hopes to work in development directly on the field. Her
background as the daughter of missionaries, born and raised in Kenya, motivates her to work in sub-
Saharan Africa and informs her interest in idea-stage small and medium enterprises. She hopes to be
involved with Sinapis on a volunteer basishelping to get the program off the ground, particularly in
developing Sinapis’ ministry related classes including “Revealing Christ the Entrepreneur.”.

Advisors:

Other Team Members/Matt Stolhandske is a 25 year old graduate

student at Redeemer Theological Seminary in Dallas, Texas. After
graduating from the University of Texas at Austin with a Bachelor of
Business Administration and a Master of Professional Accounting in
Taxation, Matt began working for the strategic management
consulting firm, McKinsey & Company, in Dallas, Texas. During his
time there, he consulted the world’s largest retailers, entertainment
businesses and energy giants on issues ranging from procurement to strategy to
operations in order to learn the practical business skills necessary to succeed in
the non-profit world. Matt is also proficient in seven languages and has used those
skills to build his international and cultural savvy in order to serve impoverished
people around the world. As an undergraduate student, Matt founded and served
as director of a humanitarian aid organization bringing electricity and foodstuffs to
several orphanages and shantytowns in Nuevo Laredo, Mexico where he nurtured
his growing passion to empower people in the developing world to overcome the
grip of poverty. As a graduate student, he, along with a small team, won the first
inaugural Dell Social Innovation Competition in Austin, Texas.

Matt has experienced firsthand the ineffectiveness of countless humanitarian aid

projects that, unlike Sinapis, do not focus on long-term sustainability. He is excited
about the enormous potential of a program that provides both business education
and seed capital as a stimulus for creating jobs in east Africa. Should the project

Page 7 of 35
receive funding, Matt plans to work with Sinapis full-time for one year. His title will
be Director of Partnerships & Outreach and his role will be to manage the
fundraising process in the US, manage partnerships with Kenyan organizations and
carry out marketing and outreach activities.

Ying Sun is a 26 year old first year student in the Masters in Public
Administration in International Development degree program at
Harvard University with an expected graduation date of June 2011.
She graduated from Harvard College in 2006 with a B.A. in Applied
Mathematics and Economics. From Fall 2006 to Spring 2009, she
worked as a Business Analyst in McKinsey & Company’s Washington,
DC Office, where she helped governments, multilateral agencies, and US
businesses address strategic issues in sectors such as healthcare, climate change
mitigation, and finance. While at McKinsey, she worked primarily in developing
countries such as China, Egypt and India. She spent the most recent summer
working with a Maasai community development NGO in rural Kenya. She is
motivated to support the growth of Sinapis because she believes that fostering
entrepreneurship can have a catalytic effect on economic development, as seen in
her native country China. Sinapis is also aligned with her long term career interest
in social enterprise. Should the organization get off the ground, she is interested in
being part of the management team and helping run the program on the ground in
Kenya during school vacations over the next couple of years.

Hannah Lantos is a 26 year old first year student in the Masters in

Public Administration in International Development degree program
at Harvard University with an expected graduation date of June 2011.
A graduate of Brown University, her interest in development was
sparked after working with kids from the Middle East on conflict
resolution in high school and college. She started to see economic
development as a key step to peace and conflict resolution which has
led to an interest in development much more broadly. She studied international
development at Brown, in Israel and in Egypt and then joined the Peace Corps as a
volunteer in Zambia where she worked with the Ministry of Education to train
teachers in a district in northern Zambia. After working with several women's
groups in the Peace Corps around starting small businesses and accessing capital,
Hannah saw creating opportunities in this area as the new path she wanted to
pursue. The chance to work with this incredible group on this project presented
itself at an opportune moment! The creativity the group brings to thinking about
new ways to create incentives that will create sustainable businesses is a model
she fully believes in. When the project gets fully off the ground she hopes to stay
as involved as possible through e.g. advising, reading applications, developing
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educational materials etc. She looks forward to going back to Africa this summer
and upon graduation.

Advisors

Dr. Calestous Juma is a native Kenyan and Professor of the

Practice of International Development and Director of the Science,
Technology, and Globalization Project at Harvard Kennedy School.
He also directs the Agricultural Innovation in Africa Project funded by
the Bill and Melinda Gates Foundation. He is a former Executive
Secretary of the United Nations Convention on Biological Diversity
and Founding Director of the African Centre for Technology Studies in Nairobi, and
he also served as Chancellor of the University of Guyana. He has been elected to
several scientific academies including the Royal Society of London, the US National
Academy of Sciences, the Academy of Sciences for the Developing World, and the
UK Royal Academy of Engineering. He has won several international awards for his
work on sustainable development. He holds a PhD in science and technology policy
studies and has written widely on science, technology, and environment. He
teaches courses in developmental policy as part of theMPA/ID Program. He is lead
author of Innovation: Applying Knowledge in Development. He is editor of the
International Journal of Technology and Globalisation and International Journal of
Biotechnology.

Professor Juma has been involved with this project since its inception, and he has
provided continual guidance and access to important contacts in Kenya, including
KCA University which is now one of our primary partners. He will serve as an
ongoing advisor to the project as we move forward.

Matt Stolhandske is a25 year old graduate student at Redeemer

Theological Seminary in Dallas, Texas. After graduating from the
University of Texas at Austin with a Bachelor of Business
Administration and a Master of Professional Accounting in Taxation,
Matt began working for the strategic management consulting firm,
McKinsey & Company, in Dallas, Texas. During his time there, he
consulted the world’s largest retailers, entertainment businesses and
energy giants on issues ranging from procurement to strategy to operations in
order to learn the practical business skills necessary to succeed in the non-profit
world. Matt is also proficient in seven languages and has used those skills to build
his international and cultural savvy in order to serve impoverished people around
the world. As an undergraduate student, Matt founded and served as director of a
humanitarian aid organization bringing electricity and foodstuffs to several
orphanages and shantytowns in Nuevo Laredo, Mexico where he nurtured his
Page 9 of 35
growing passion to empower people in the developing world to overcome the grip
of poverty. As a graduate student, he, along with a small team, won the first
inaugural Dell Social Innovation Competition in Austin, Texas.

Matt has experienced firsthand the ineffectiveness of countless humanitarian aid

projects that, unlike Sinapis, do not focus on long-term sustainability. He is excited
about the enormous potential of a program that provides both business education
and seed capital as a stimulus for creating jobs in east Africa. Should the project
receive funding, Matt plans to continue to volunteer his time and resources next
yearwork with Sinapis full-time for one year. His title will be Director of
Partnerships & Outreach and his role will be to help withmanage the fundraising
process in the US, manage partnerships with Kenyan organizations, and carry out
marketing and outreach activities and help build the curriculum for our ministry
related classes.

III. TARGETED AREA WHERE PROJECT WILL BE IMPLEMENTED:

KENYA
We plan to pilot the program in Kenya because it is a regional leader for the
African continent with significant development potential in its SME sector. It is also,
however, still suffering from acute poverty and is in great need of investments in
job creation activities.

Geographical Description of Kenya/Nairobi

Located in East Africa, Kenya is often lauded as one of the most stable countries in
the region. Despite its post-election crisis in December 2007 and early 2008, the
country has rebounded and is currently working on reforms that will significantly
strengthen its infrastructure and
governance ability. Our initial focus will be
the capital city of Nairobi where we
expect most of the businesses we
incubate will be headquartered.

Over 38 million people live in Kenya, a

country whichnd in geographical size it is
Page 10 of 35
slightly smaller than Texas. Nairobi is home to about 4 million residents, making it
one of the largest cities in Africa. Of these 4 million residents, an estimated 1.3
million live in conditions of extreme poverty in two major slums ensconced in the
middle of the city. Unsupported by traditional government services such as
running water, electricity, trash pick-up or even basic infrastructure such as
schools, police officers and other civic services, residents of these slums live
marginalized lives and are forced to work in the informal sector under poor working
conditions and pay. Yet, despite this poverty, Nairobi’s infrastructure is generally
well developed with a booming real estate sector, growing young professional
class, and a competitive financial sector.

Combinations of historical, economic and political factors, to be discussed shortly,

have transformed Kenya into a prominent East African hub. Many international
NGOs including the United Nations and the World Bank have located their African
headquarters in Nairobi, and a number of prominent multi-national corporations
are located in Nairobi including Unilever, Coca-Cola, Toyota, Citibank and Standard
Chartered Bank.

Economic Conditions

In 2008, Kenya’s GDP was $34.5 billion USD resulting in a GDP per capita of about
$1,110. This economy is driven primarily by agriculture, tourism and the service
sector. Drought and the global slowdown have affected both the agriculture and
tourism sectors, and external shocks affecting commodities and the country’s
currency depreciation induced high consumer price inflation (over 20%) in 2008
which is forecasted to decline in 2009 and stabilize at 6.5% in 2010.

Income inequality in Kenya is high with over 60% of the country living on less than
$2 a day. As mentioned, almost a third of Nairobi’s residents live in the slums.
These slums continue to grow as many workers migrate from the rural parts of the
country into Nairobi seeking work. Unfortunately, with unemployment at over
203%, work is scarce. Because Kenya’s economy remains primarily driven by the
agriculturale and the service sectors, the development of other industries that are
able to support Kenya’s growing population is of vital importance.

Fortunately, the conditions for enterprise creation in Kenya are favorable. As can
be seen below, according to the Millennium Challenge Corporation’s (MCC)
rankings, Kenya performs relatively well on governance indicators compared to
other African Countries. In addition, the World Bank’s Doing Business Report ranks
Kenya high in “ease of doing business”. The average time to open a business in
Kenya is only 30 days, on par with many developed nations. Because many
corporations and international NGOs domicile in Nairobi, the supporting

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infrastructure required for enterprise development exists such as a well functioning
central bank, regulatory authorityies and transparent markets.

In 2003, the Kenyan government retained the services of McKinsey & Company to
perform an exhaustive analysis of the country’s economic position and
development opportunities. The results of this study culminated in a planning
document known as Vision 2030 – an economic and developmental blueprint for
the country that outlineds key prioritieseasy ar. Part of this plan identifies
entrepreneurship as an engine that will ultimately fuel progress towards the
country’s articulated development goals.

Political Conditions
Kenya gained independence from the British in 1964 and since then has been a
growing democracy. In March 2008, after a turbulent election in December 2007,
Kenya’s political system underwent a significant change with the institution of a
power sharing agreement that resulted in the creation of a Prime Minister office.
Yet, although Kenya has a well developed body of law and cordial relationships
with its international partners, its internal governance suffers from corruption.

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This corruption has negatively impacted enterprise development as the state has
failed to focus its efforts on encouraging large scale entrepreneurship. The result is
an economy that has largely been driven by an inefficient agricultural sector,
underdeveloped service sectors and large multi-national corporations. These
sectors and companies alone cannot supply the number of jobs demanded by the
population and required to drive economic growth.

Despite the discouraging step back in 2008, Kenyan leaders have been working on
enacting a number of promising reforms including a new constitution. If these
reforms are successful – and current indications are positiveencouraging – the
government will send a powerful signal to investors that internal governance in
Kenya is improving.

Religious Conditions

Kenya is a predominantly Christian nation with almost 80% of the population either
Protestant or Roman Catholic. As a result of Arab influence from the coast and
from neighboring Somalia, roughly 10% of the population is Muslim. Indigenous
beliefs and other religions account for the remaining religious beliefs. Religious
freedom in Kenya extends to all spheres of life. Unlike in the US where religion is a
taboo subject outside of church, in Kenya religious activities are routinely and
freely practiced in schools, offices, hospitals, and in other social and civic
institutions.

A number of Christian NGOs operate in Kenya including World Vision, Opportunity

International, and International Justice Mission. Missionaries have historically
played an important role in spreading the gospel, and. Nairobi has many churches,
large and small, from across the Christian spectrum. Still, a pressing need remains
for the church to remain relevant as a growing number of young professionals
embrace an increasingly secular perspectives.

IV. DETAILS OF PROPOSED PROJECT

Page 13 of 35
Introduction/Problem Definition

The SME sector is widely known to be one of

the most powerful engines for economic
growth. According to the Small Business
Administration, since the mid-1990s small
businesses alone have accounted for 60-80% of
net new jobs in the US. However, many
developing countries struggle to grow their SME
sectors and fail to capture similar economic
benefits. Currently, the SME sector in Kenya
contributes only 18% of the country’s GDP,
compared to 30-60% in more developed
countries. Many believe this is due to the phenomenon of the "Missing Middle”; the
fact that microfinance institutions provide financing for micro-businesses and
traditional banking institutions provide financing for large corporations, but few
institutions are willing to finance SMEs. However, SMEs face many barriers beyond
insufficient access to capital including limited business knowledge/skill of
entrepreneurs, lack of small business associations, prohibitive business regulations
and bureaucracy, limited access to accurate market information, and an
underdeveloped infrastructure.

Page 14 of 35
The chart above is an extensive landscaping analysis of the public, private and
non-profit organizations that provide services for SMEs in Kenya. As can be seen,
although there are organizations working to combat barriers for SMEs, their efforts
are almost entirely focused on supporting existing SMEs as opposed to start-ups.
This is largely due to the higher risk of financing start-ups and difficulty in
generating quick returns. As a result, entrepreneurs with ideas for scalable, job
generating businesses are often unable to get their ideas off the ground. We
strongly believe this lack of support for start-ups is a key factor restricting growth
of the SME sector in many developing countries and contributing to high
unemployment rates.

There are only three organizations that are willing to finance ly stage start-
upsearearly stageyoung entrepreneurs in Kenya (Youth Fund/Enablis, IFC SME
Solutions Center, and GroFin), but the primary focus of each of these organizations
is existing SMEs, not start-ups. Because of this, these organizations combined
provide financing for only ~34-58 idea stage entrepreneurs every year. Thus,
nearly all if you are an early stage entrepreneurs cannot get the required financing
unless theyyour, ’ haveeinghavis if you isbusiness off the ground their your of
getting sonly hope a family members or friends who is are wealthy enough to
provide itfinancing. We plan to change this.

Purpose/Mission Statement

Our mission is to empower early stage entrepreneurs in the developing world who
have innovative, job generating ideas by providing them with a rigorous
business education, world-class consulting and mentoring services and access
to seed capital. Through these means, we strive to create sustainable employment
and an improved quality of life for many that we may glorify God in service of His
people.

About our Name

A sinapis is a "pod-bearing, shrub-like plant, growing wild,

and also cultivated in gardens." Its common name is the
mustard seed, and many believe it is the seed Jesus was
referring to in the mustard seed parable of the New
Testament. In each of the three instances Jesus speaks of
it in the New Testament (Matt. 13:31-32; Mark 4:31-32;
Luke 13:18-19), it is spoken of relating the Kingdom of
God to this seed, which though very small grows to be a
Page 15 of 35
surprisingly large tree-like plant. Similarly, Sinapis hopes to glorify God by giving
entrepreneurs the opportunity to grow small seeds of ideas into strong businesses,
which can in turn provide for many.

“He told them another parable: The kingdom of Heaven is like a mustard seed,
which a man took and planted in his field. Though it is the smallest of all your
seeds, yet when it grows, it is the largest of garden plants and becomes a tree, so
that the birds of the air come and perch in its branches."
Matthew 13: 31-32

that fiber.
We believe the kingdom of heaven encompasses many different facets and on earth,
vibrant, healthy enterprises that provide jobs and treat employees with respect are an
important part of Why We Focus on Job Creation and Entrepreneurship
In the world of
development, most of the
focus has remained on
health and education,
with little focus onnot
enterprise development.
In fact, amongst US
foundations with
programs in Africa, twice
as many donors focus on
education and health than
on enterprise
development. However,
we believe enterprise development should be a third pillar of development which is
given equal stature to education and health in the fight against poverty. These
three pillars are interdependent, and a country can only expect to eradicate
extreme poverty if it focuses on all three. After all, what good is an educated
population if there are no jobs to keep talent in the country? What good are
excellent healthcare facilities if the population cannot afford them because they do
not have a steady source of income? In addition, as can be seen in the exhibit
above, in developed countries such as the US, new jobs primarily come from start-
ups, not existing businesses. For this reason, we believe entrepreneurship should
be a primary focus of enterprise development initiatives in emerging markets.

Overall, we believe entrepreneurship is important because it:

• Produces Sustainable Growth that does not rely on never-ending

handouts

Page 16 of 35
 • Gives the poor a Stable Source of Income and allows them to afford other
basic needs such as health and education

• Naturally creates new Skill-building Opportunities for the workforce

• Stimulates Further Job Creation; Research shows 1 new job generates 25

more jobs

• Stems Brain Drain by creating new domestic opportunities for young talent

Description of Intervention
Sinapis aims to help early stage entrepreneurs in emerging markets gain access to
affordable seed capital, business knowledge, mentorship and consulting support.
Entrepreneurs are chosen through a highly competitive four stage selection
process consisting of a business idea competition and three training modules.
Evaluations are held at the end of each module, and only the highest
performering entrepreneurss advance through all three modules and
receive seed capital. In total, the training process will be 7 months in duration,
and each entrepreneur will have to earn their seed capital by proving to Sinapis
during the training process that (1) their idea is truly viable, (2) they have the skill-
set to successfully run and grow a business and (3) they are willing to make the
personal sacrifice necessary to bring their idea to fruition. In this way, we will use
our training modules and our iterative selection process both as a method of
training our entrepreneurs and as a mechanism to accurately assess the riskiness
of each investment. This is important because in Kenya there is very little market
information by which to evaluate the viability of new ideas. Thus, by assessing risk
in this way, we can avoid using traditional methods of risk mitigation currently
used by Kenyan banks such as prohibitive collateral requirements (typically 100-
150%) and interest rates (~20-25%) which prevent most SMEs from growing their
businesses and is often the cause of their failure.

Choosing Our Seeds

Finding the right entrepreneurs is critical to success. For the pilot

program, Sinapis will only be providing seed capital for 5-10
entrepreneurs in order to demonstrate “nuggets of success” to
funders. In only three weeks, we received 12550 applications
from early stage Kenyan entrepreneurs, and we are now in the
process of interviewing high potential applicants to make final
selections for our pilot program. We evaluate entrepreneurs on three basic criteria:
the merits of their business idea, the ability and drive of the entrepreneur and a
demonstrated history of integrity and ‘stick-to-it-ness’. In evaluating the merits of

Page 17 of 35
an idea, we are particularly concerned with its innovative nature, the sustainability
of the enterprise, and its ability to scale in such a way as to create jobs.
Entrepreneurs that are chosen become “Sinapis Fellows” and are each required to
successfully complete the following modules as part of the training process.

Planting in Rich Soil (module 1)

The first module will be one month of part-time classes (online, evenings and
weekends) taught by a combination of local professors and successful
entrepreneurs covering the fundamentals of business from an entrepreneurial
perspective. Fellows will also be required to successfully complete the first draft of
their business plan during this time. This will include a preliminary analysis of key
competitors and the market size for their customer base. The business plans will
be presented before, and reviewed by, a board of local and international experts,
and the Fellows will receive evaluations on their class performance by their
professors. The highest performing entrepreneurs with the most promising
business plans will be invited to advance to the second module.

Setting Strong Roots (module 2)

The second module will consist of experiential activities

that apply the theory taught in the first module. It will be
three months in duration, and the in-class training sessions
will cover the material needed for the Fellows’ out of class
assignments. Assignments will be directly related to the
launch of the Fellows’ businesses such as incorporating
their businesses, performing additional market research,
assessing potential competitors, creating a website, and
implementing an initial marketing strategy. The Fellows will
receive a small stipend to defray some of the initial costs
associated with these activities. They will also be given local mentors and
consulting support for each required assignment. Fellows will consolidate
information gathered during this phase into their business plans and make
changes accordingly. Fellows will receive evaluations onf their performance and
will re-submit their updated business plans to be re-examined by a board of local
experts. The highest performing Fellows will be invited to advance to the third
module.

Nurturing and Pruning (module 3)

The third module is also three months in duration. Fellows will be given an
incubation period in which to launch their businesses and will also receive a low
interest loan (~$5,000) for launch activities. The Fellows will be allocated a
Page 18 of 35
dedicated consultant and local mentor and may also receive shared office space.
During this time, they must prove that there is demand for their proposed product
or service. At the end of the third module, the Fellows’ progress during this time,
final business plans and overall performance will be reviewed. The highest
performing Fellows will receive additional capital for launch activities as deemed
appropriate by their growth projections and capital needs. The total capital for
each Fellow will not exceed USD $30,000, and it will not be given in one
installment. The entrepreneurs will have to continue to demonstrate progress to
receive each new installment. Funds awarded to Fellows are loans which will be
repaid to Sinapis through a long-term revenue sharing and/or debt arrangement.
The repayment schedule will be flexible and at a significantly lower cost to
entrepreneurs than could be received through traditional financing institutions.

Encouraging Further Growth

GFellows who raduates of the Sinapis program will continue to receive consulting
and mentorship support for up to three years. They will be required to give
quarterly presentations on their progress during this time and act as mentors for
new Sinapis classes of entrepreneurs. Those that demonstrate successover time
will be invited to showcase their businesses before a group of international
investors looking for emerging market growth financing opportunities. Sinapis is
working hard to build a network of such investors as we believe the Fellows who
graduate from our program will soon be the CEOs of leading corporations in Kenya.
Evaluation Process

We will evaluate the progress and performance of each entrepreneur during the
three training modules relative to their peers in the program. Though we do not
expect the entrepreneurs to have fully launched and scaled their businesses
during the 7 month process, we will expect them to have demonstrated that there
is a clear demand for their proposed product or service. We will also be evaluating
them in regards to their personal motivation and determination, strategic thinking
ability, and creativity in finding new solutions to the challenges they face. Most
importantly, we will be evaluating them according to their personal character as
we want Kenya’s future business leaders to be men and women of compassion and
integrity.

Why Sinapis is Distinct

The Sinapis model is distinct in four critical ways. First, unlike other SME focused
organizations (e.g. IFC SME Solutions Center, GroFin, Acumen Fund, Endeavor,
Technoserve) that generally support only established SMEs, we focus on idea stage

Page 19 of 35
entrepreneurs as this group is the most underserved in the financial and
entrepreneurial pipeline.

Second, because we understand that the entrepreneur’s skill-base is often of more

consequence to a business’s success than the business idea itself, our program
also includes a rigorous business education specifically designed for idea stage
entrepreneurs.

Third, we are unique in that instead of using prohibitive collateral or interest rates
to mitigate the risk of funding start-ups, we use a multi-stage training and
selection process to force entrepreneurs to demonstrate their entrepreneurial
prowess before being awarded capital and provide us with a more accurate
prediction of the riskiness of the investment.

Finally, unlike traditional NGOs, we aim to be self-sustainable over time without

continued donor funding by using a debt and quasi-equity model of financing which
we believe will eventually cover our costs and allow us to grow on an on-going
basis.

The exhibit below outlines how we will be different from other organizations in
Kenya. Because these organizations are primarily focused on existing SMEs, they
cannot provide athe holistic intervention thatrequired to addresses the unique
needs of start-ups.

Resource Requirements

Page 20 of 35
Faculty/Mentors

Beyond funding, our most critical resource will be faculty who will serve as the
backbone of the program. We expect to adopt a hybrid instruction model using
both academics and business professionals as teachers. We estimate needing
between roughly 5 instructors for the pilot program and thereafter, 10-12
instructors once the program has been scaled.

We have also established key partnerships with faculty members at KCA University
and Strathmore University – both credible institutions that offer graduate level
programs in business. We will offer interested and qualified faculty members a
stipend to lead the instructional activities. We also plan to continuously evaluate
them and provide feedback on how they can improve their techniques. We will also
look for local business managers and executives who are willing to lend their
practical perspectives to the curriculum.

During the last phase of our training program, we pair Fellows with mentors and
consultants who provide guidance as Fellows focus on launching their enterprises.
They will help the entrepreneurs with everything from the legal environment to
staffing to capital budgeting. We plan on using successful local entrepreneurs to
facilitate a transfer of real world experience.

Technical Requirements

Our technical requirements fall into the following categories:

• Legal. We need local legal expertise to draft the various agreements that will
be mandated including the matriculation agreement, the Sinapis seed capital
agreement and the agreements between faculty/mentors and Sinapis.
Fortunately, we have secured the support of Skadden & Arps to provide pro
bono legal advice on these matters in the US.
• Financial. Although we have a strong team with an extensive background in
business, we will need specialized knowledge on how to construct the
financing arrangements between Sinapis and entrepreneurs to make sure
that incentives are not only aligned, but that we are also adequately
protecting Sinapis’ capital. Given our discussions with VC experts, we
anticipate using a hybrid debt/equity model to deploy capital.

Page 21 of 35
 • Market Intelligence. We will need a panel of in-country experts who are able
to properly evaluate ideas within the local contextfor merit and can provide
additional insights that would not otherwise be obvious to a foreigner.
• Technology. We will need access to market research databases, office
productivity software, and other typical technological needs that a small
business may require to better equip our entrepreneurs. Through existing
partnerships, we have identified universities and NGOs that are willing to
share their software and facilities with us. However, as the program expands,
we would likely need to purchase our own technological facilities and
software.

Benefits/Community Impact

Beneficiaries

We believe our program will benefit three groups of people:

1) Sinapis Entrepreneurs: Entrepreneurs who go through this program will

undergo an intense learning experience, gaining a number of valuable
business skills and a powerful network of peers.
2) Sinapis Job Beneficiaries: As the new enterprises grow, they will employ more
people. These people will benefit on two levels; first, they will have a job that
directly improves their economic situation and second, they will be treated
bybenefit from employers who recognize their value as human beings and
provide an environment where their skills and talents are nurtured.
3) Broader Youth Community in Kenya: As an the entrepreneurial culture
among youth has proven to be a necessary component of long-term growth
in many countries, we hope to use our program to inspire youth in Kenya to
think of entrepreneurship as a viable career option.

Performance Indicators and Estimated Impact

We will measure the performance of Sinapis across 87 dimensions: number of

entrepreneurs trained, number of businesses financed, success rate of new
businesses, number of jobs created, number ofjob beneficiaries from new jobs,
success rate of new businesses, total revenues/profits of new businesses, progress
towards financial self-sustainability, and impact on entrepreneurial culture.

Estimated Impact

Page 22 of 35
Once scaled, we aim to train 100 entrepreneurs and finance ~30 new businesses
every year with a business success rate of 65%. Our goal is that the 20 expected
successful businesses (65% of 30) in every class would become mature SMEs in 5
years and grow to employ an average of 35 employees with revenues of $500,000.
In this way, we hope to create over 3,500 new jobs, impact over 7,000 people
(given that most Kenyans support at least one other person), and create $50M in
economic activity every 5 years. We also hope to be financially self-sustainable
within 10 years without donor funding through our financial agreements. Our aim
is to improve entrepreneurial culture among youth such that we receive 1,000
applicants per year from individuals under 35. After achieving proof of concept,
we plan to expand to other countries whose early stage entrepreneurs face similar
constraints.
.
we present a holistic view of entrepreneurship and a complete understanding
of what the good news of Christ encompasseson how to align their business
to Kingdom principles, ,God to start a businessa specific call fromwho feel,By
expending resources to train entrepreneursDifferent people are called to
different areas of ministries. Some will be pastors while others will be
teachers, doctors or entrepreneurs. These callings speak to the different
spheres of society that are each a critical part of a healthy community and
as such, carry equal weight.
be a vital conduit to helping people “repurpose” their businesses for Christ.
In this regard, we are grateful to Christian business people who have
pioneered the paradigm of “business as mission.” The following principles
inform this view:
also course will Thisis certainly a key component. to come to Christ, although
thisThis course is not just about giving people an opportunity nalyzing
proposed venture with a paradigm of the Kingdom of Christ
Realife
your decision impacts the How Invitation to accept Christ
Key teachings related to money, service, and human resource management
rinciples He used to grow his organization
Timeless pRevealing Christ the Entrepreneur
Significance of the Cross
Background of the Son
Explaining Christ the Son of God
Christ:
does not assume people have prior knowledge ofthroughout our curriculum.
For those who are interested, we will also offer an optional class that more
explicitly integrates the business skills we are teaching with Christian
principles. This class will be structured as follows and principles of Christ, we
Page 23 of 35
 plan on integrating the our entrepreneurs to follow Christhile we cannot
compelIn addition, wwhich will create sustainable businesses under which
many can find the refuge of a stable income and the ability to provide for
their families.
sseedusing our business knowledge and skills to plantus by s calling forWe
are following God’We believe the best way to promote the good news of
Jesus Christ is to model our organization on Christ who exemplified the
values by which we ought to live. The greatest value Christ espoused was
service – to our fellow men and to God. preading the Good News
S
Because the future business leaders in a country like Kenya will have an
important impact on their society, we hope to train godly leaders who will
fight to end poverty, corruption and despTo effectively help entrepreneurs
who willingly embrace the challenge of repurposing their business for Christ,
we plan to partner with a number of organizations that have developed
comprehensive material in this area including rep (formerly equip, .
airHYPERLINK "http://www.repurposing.biz"www.repurposing.biz), Pioneers’
Business as Mission program (HYPERLINK
"http://www.pioneers.org"www.pioneers.org) and Harvest Evangelism
(HYPERLINK
"http://www.harvestevan.org"www.harvestevan.orgentrepreneurs.
l leadership and training to). These organizations understand marketplace
ministry and have developed unique tools and approaches to provide spiritua
Timeline

The following timeline details our activities for the next 18 months – the most
critical period in our growth.

Targeted Community Involvement

We realize we can only be successful with the support of the Kenyan community.
For this reason, we have established partnerships with several key local
organizations that have enthusiastically provided us with resources and advice.

Sinapis Partners:

Page 24 of 35
IFC SME Solutions Center has offered to give free classroom space
to pilot the business training and is partnering with us in providing
incubation space for module three of our training program

KCA University in Nairobi has provided us with workspace,

classroom space for our training sessions, professors for guidance
with curriculum development and access to their business contacts

Strathmore Business School in Nairobi has provided us with

professors for guidance with curriculum development and access to
their business contacts

Technoserve Kenya is helping us with outreach to entrepreneurs

and developing the curriculum. They have also given us access to
their talented interns.

Tujuane has provided us with free advertising and access to their

entrepreneur network which consists of over 3,500 entrepreneurs

Skadden international law firm is providing us with pro bono legal

advice on obtaining 501c3 status and international tax compliance
as a non-profit organization

Harvard Kennedy School has provided founder Courtney Rountree

with two grants for travel to Kenya which she used to develop this
proposed intervention. In addition, HKS Professor Calestous Juma
from Kenya has been a key advisor and supporter throughout this
process

Enablis has provided us with free advertising and access to their

entrepreneur network

BiD Network has provided us with free advertising and access to

their entrepreneur network

GroFin has provided us with free advertising and access to their

entrepreneur network

Page 25 of 35
In addition, we plan on involving the local business community in significant ways.
Beyond engaging them through fundraising, we will be asking them to donate their
time and expertise as mentors to our Fellows. Through the mentoring relationships
that are created, we hope to not only enable a thriving knowledge sharing
environment, but to create a sense of collaboration and partnership among the
business community and the non-profit sector. Sinapis will rely heavily on a
number of partnerships and essentially act as a critical hub in bringing together
various stakeholders. As the business community comes together for this purpose,
we expect deeper relationships to form organically between various participants
and pave the way for future organizational and community benefits.

Spreading the Good News

We believe the best way to promote the good news of Jesus Christ is to model our
organization on Christ who exemplified the values by which we ought to live. The
greatest value Christ espoused was service – to our fellow men and to God. We are
following God’s calling for us by using our business knowledge and skills to plant
seeds which will create sustainable businesses under which many can find the
refuge of a stable income and the ability to provide for their families.

In addition, while we cannot compel our entrepreneurs to follow Christ, we plan on

integrating the principles of Christ throughout our curriculum. For those who are
interested, we will also offer an optional class that more explicitly integrates
Christian principles the business skills we are teaching with business skillsChristian
principles. This class will be structured as follows and does not assume the
Christpeople have prior knowledge ofentrepreneurs are practicing Christians:

• Explaining Christ the Son of God

○ Background of the Son
○ Significance of the Cross
• Revealing Christ the Entrepreneur
○ Timeless principles He used to grow his organization
○ Key teachings related to money, service, and human resource
management
• Invitation to accept Christ
○ How the decision impacts your life
○ Reanalyzing proposed venture with a paradigm of the Kingdom of
Christ

Page 26 of 35
This course is not just about giving people an opportunity to come to Christ,
although this is certainly a key component. This course will also be a vital conduit
to helping people “repurpose” their businesses for Christ. In this regard, we are
grateful to Christian business people who have pioneered the paradigm of
“business as mission.” The following principles inform thisour view:

• Different people are called to different areas of ministries. Some will be

pastors while others will be teachers, doctors or entrepreneurs. These
callings speak to the different spheres of society that are each a critical part
of a healthy community and as such, carry equal weight.
• By expending resources to train entrepreneurs, who feel a specific call from
God to start a business, on how to align their business to Kingdom principles,
we present a holistic view of entrepreneurship and a complete understanding
of what the good news of Christ encompasses.
• Because the future business leaders in a country like Kenya will have an
important impact on their society, we hopebelieve it is critical to train godly
leaders who will fight to end poverty, corruption and despair.

To effectively helptrain entrepreneurs who willingly embrace the challenge of

repurposing their business for Christ, we plan to partner with a number of
organizations that have developed comprehensive material in this area including
rep (formerly equip, www.repurposing.biz), Pioneers’ Business as Mission program
(www.pioneers.org) and Harvest Evangelism (www.harvestevan.org). These
organizations understand marketplace ministry and have developed unique tools
and approaches to provide spiritual leadership and training to entrepreneurs.
Beyond the localized impact in Kenya, we hope to have a broader impact on the
international community for Christ by being an example of how the church and
Christian community can and should work in and through the business community
to both fight against poverty and spread the good news of Christ. Imagine if
businesses in the US were run with the principles of Christ in mind. Imagine if our
most influential business leaders were avid and open followers of Christ. We
believe that if this were true, our society would not see calamities like Enron which
shook the American public to its core. There is a clear need for the church to step
in and introduce Christ to the future business leaders in Kenya and other
developing nations. We hope to take this opportunity and help create a Christ-
centered business community in Kenya that will be an example to their youth of
tomorrow.

Page 27 of 35
. We also plan on working closely with other domestic and international Christian
organizations that either do similar work (e.g. Opportunity International, Agros
International) or that we can learn from to strengthen elements of our program
(e.g. World Vision, Habitat for Humanity). As we gain competency as an
organization, we hope to learn and share best practices with other Christian
organizations to extend our collective impact on the Kingdom of Christ.
unique contexthope to attract talented Christians into this field. In the mid-long
term, we plan to expand to other developing countries and adopt our model to
their earnestly We Ancillary Impact

V. COSTS OF THE PROJECT

Requested Gift

According to our start-up budget (see below), we need ~ $178,880 to cover all
costs required to launch Sinapis excluding the initial start-up capital requirements
for entrepreneurs which we hope to obtain from individual investors. This includes
salaries and all other overheads. We are fortunate in that we have been offered in-
kind donations from Kenyan organizations who believe in our mission. These in-
kind donations which are reflected in the budget. We understand that Park Street
may not be able to provide funding to cover all of our financial needs, so we will be
fundraising from other sources as well. The first donation, however, is always the
most difficult to obtain, and thus we would be extremely appreciative of any gift to
help us defray these initial start-up costs.

Start-Up Budget

Assumptions Total Cost In Kind

Directors’ Salaries 3 people at $40,000 each $120,000.00

Driver in Nairobi 1 person at $400/month $4,800.00

Page 28 of 35
Trainers/ 720 hours, $35 per hour $25,200.00
Consultants

Health/ Travel Insurance abroad- 3 people at $3,000.00

Insurance $200= $600; Health insurance
US - $100 per month, 2
people= $2400
Legal Expenses 100 hours, $200 per hour $20,000.00 $20,000.00

Airfare 6 trips to US/Nairobi $9,000.00

Printer/ Copier $600 per month $7,200.00 $7,200.00

Phones 4 phones, $50 each $200.00 $200.00

Supplies $100 per month $1,200.00

500 copies, $4 each + $1,000

Events/ Advertising for fundraising events $3,000.00

Website 1 website $1,000.00 $1,000.00

Fundraising Videos 2 videos $2,000.00 $2,000.00

Air shipment for important

Postage/ Shipping documents to/from US $500.00

500 square feet, $1.5 per unit,

Rent 12 months $27,000.00 $27,000.00

$70 per month, 8

Incubation Space entrepreneurs, 3 months $1,680.00

Water/ Trash/ $267 each per month

Electricity $9,612.00 $9,612.00

Internet/ Telecom $2,000 per month $24,000.00 $24,000.00

Entrepreneur Seed 5 entrepreneurs, $30,000

Capital each $150,000.00

Audit 1 end of year audit services $3,000.00

1 used car for transport in

Used car Nairobi $5,000.00

Incorporation Fees US and Kenya fees $2,000.00

US and Kenya banking fees for

Banking Fees small businesses $500.00

SUBTOTAL $419,892.00 $91,012.00

TOTAL NEEDED $328,880.00

Page 29 of 35
Other Sources of Revenue

Sinapis is currently in the process of applying for other fellowships and grants from
the Gates Foundation and Echoing Green. In addition, Sinapis will likely be applying
to the following foundations that have a focus on international economic
development in east Africa in the next few months:

The Sooch Foundation

Cottonwood Foundation
Izumi Foundation
Oak Foundation
Rotary Foundation
Virtual Foundation
African Development Fund
Abell Foundation
Abraham Foundation
Bauman Foundation
Carnegie Foundation
Christensen Fund
Christiana Foundation
DeMoss Foundation

Lastly, we have met with the heads of SME financing at 10 large to medium size
financial institutions in Kenya who are considering supporting Sinapis.

Sustainability
We believe that, just as in the private sector, the performance of a non-profit
organization must be closely tied to its survival. Our financial model predicts that if
we secure sufficient funding in the first five years, our operations will turn positive
in year 10 as can be seen below. After our operations become positive, we will be
able to slowly reduce our need for donor funding and eventually becometo beThus,
we aim self-sustainable without donor funding within ten years through our
revenue sharing and debt repayment process. as can be seen below.accomplish
thisOur financial model predicts that we will be able toBy aiming for self-
sustainability, we accept that our survival as an organization depends upon our
performance in choosing the highest potential entrepreneurs and providing them
with the most relevant training and support. While a for-profit model may be
unattainable in Kenya due to the nature of funding start-ups (high risk and inability
to generate quick returns would force us to use prohibitive collateral and interest
ratesas a for-profit organization), we at Sinapis believe that a self-sustainable non-
profit model can certainly be achieved and will deliver the best results in terms of
total job generation and economic development in the long-term.
Page 30 of 35
 Ye ar 1 2 3 4 5 6 7 8 9 10
V aria b le O p e x $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
To tal C o sts $ 1 7 8 , 8$8 0 1 8 7 , 8$2 4 1 9 7 , 2$1 5 2 0 7 , 0$7 6 2 1 7 , 4$3 0 2 2 8 , 3$0 1 2 3 9 , 7$1 6 2 5 1 , 7$0 2 2 6 4 , 2$8 7 2 7 7 , 5 0 2
I n v e s t m e n t s $ 1 5 0 , 0$0 0 7 5 0 , 0$0 0 7 5 0 , 0$0 0 7 5 0 , 0$0 0 7 5 0 , 0$0 0 7 5 0 , 0$0 0 7 5 0 , 0$0 0 7 5 0 , 0$0 0 7 5 0 , 0$0 0 7 5 0 , 0 0 0
In v e stm e n ts R e p a id $ 3 0 , 0 0$ 0 1 4 3 , 4$0 0 2 4 6 , 9$3 5 3 7 8 , 3$5 3 5 0 2 , 6$5 9 6 2 4 , 6$0 9 7 5 4 , 1$9 8 8 9 5 , 0$2 2 1 , 0 5 0 , 7 7 8
A d m issio n F e e $ 3 0 , 0 0$ 0 3 0 , 0 0$ 0 3 0 , 0 0$ 0 3 0 , 0 0$ 0 3 0 , 0 0$ 0 3 0 , 0 0$ 0 3 0 , 0 0$ 0 3 0 , 0 0$ 0 3 0 , 0 0 0

O p e r a t i n g P r o f i$t ( 3 2 8 , 8$ 8 0 () 8 7 7 , 8$ 2 4 () 7 7 3 , 8$ 1 5 () 6 8 0 , 1$ 4 1 () 5 5 9 , 0$ 7 7 () 4 4 5 , 6$ 4 2 () 3 3 5 , 1$ 0 7 () 2 1 7 , 5$ 0 4 )( 8 9 , 2$6 6 ) 5 3 , 2 7 6
R u n n i n g O p e r a $t i n g( 3P2r8o , f8$i 8t 0( 1) , 2 0 6 $, 7 0( 41 ), 9 8 0 $, 5 1( 92 ), 6 6 0 $, 6 6( 03 ), 2 1 9 $, 7 3( 73 ), 6 6 5 $, 3 7( 94 ), 0 0 0 $, 4 8( 64 ), 2 1 7 $, 9 9( 14 ), 3 0 7 $, 2 5( 46 ), 2 5 3 , 9 8 0
I n t e r e s t R e v e n u$ e 5 3 , 6 9$ 0 2 2 7 , 7$5 9 1 8 4 , 0$7 4 1 4 4 , 3$8 9 1 1 1 , 2$1 4 8 4 , 4 6$ 0 6 4 , 4 0$ 8 5 2 , 1 6$ 0 4 9 , 1 9$ 2 5 7 , 3 8 9
F u n d Size $ 6 7 1 , 1$2 0 2 , 8 4 6 ,$9 8 62 , 3 0 0 ,$9 2 91 , 8 0 4 ,$8 6 21 , 3 9 0 ,$1 7 51 , 0 5 5 ,$7 4 6 8 0 5 , 0$9 9 6 5 2 , 0$0 3 6 1 4 , 8$9 7 7 1 7 , 3 6 5

VI. APPENDIX
Research Completed to Date in Kenya

University Interviews:

 Strathmore Business School

 Dr. Mulengani Katwalo- Professor, Director of Institute of Strategy and
Competitiveness
 Dr. Ruth Kiraka- Director, Strathmore Enterprise Development Center
 Dr. Maureen Nafula- Professor
 KCA University
 Dr. Oruoch- Vice Chancellor
 Professor Kairo- Professor of Capacity Development
 Jacqueline Nyandeje- Director of KCA Capacity Development Institute

Banks/Venture Capital Interviews:

 KCB- Wilfred Musau, Head of SME banking

 FINA Bank- Christopher Migunde- Head of SME banking
 Standard Chartered Bank- Charles Ndambuki- Head of SME banking
 GroFin- Guido Boysen- Managing Director
Page 31 of 35
 Barclays Bank- Carol Mbuvi, SME Finance
 Imperial Bank- Sanjeet Shaw, Head of Relationships
 KWFT- Pauline Ngari, COO
 Investeq Capital- Melissa Mwiti
 Commercial Bank of Africa- Jeremy Ngunze, Head of SME banking
 TBL Mirror Fund- Sara Ngamau
 PTA Bank- James Kabuga, Head of SME banking
 Acumen Fund- Amon Anderson
 Business Partners International- Sally Gitonga, CIO
 Alliance Capital Partners- James Kaniaru, Executive Director
 Fanisi Capital- Ayisi Makatiani, CEO

Government Interviews

 Ministry of Finance, Justus Nyamunga, Director of Economic Affairs

 Ministry of Planning & Development- Stephen Wainaina, Economic Planning
Secretary
 Kenya Association of Young Entrepreneurs- Ephraim Njega, Executive Chairman
 Kenya Private Sector Alliance- Kevit Desai, CEO
 Youth Fund- Umuro Wairo, CEO
 Kenya Assoc of Manufacturers- Moses Kiambuthi, Senior Executive Officer

Entrepreneur Interviews

 Gavin Bell- CEO, Kengeles

 Aly-Khan Satchu- CEO of Rich Management
 Oscar Kimani- Director, TransTech Solutions
 Panel/focus group with 50 Kenyan entrepreneurs from Tujuane Network
 Email correspondence with Top 100 Mid-Size companies in Kenya entrepreneurs

NGOs/Development Org Interviews

 IFC SME Solutions Center- Caroline Nkatha Michira

 USAID- Alan Fleming, Director, Agriculture, Business and Environment Office
 World Vision- Robert Kisyula, Deputy National Director
 Tujuane Network- William Makatiani, Executive Director
 Center for Development and Enterprise- Klaus Niederlander
 FSD Kenya- James Kashangaki, Head GrowthFin
 Technoserve- Fred Ogana, Managing Director
 Enablis- Moses Mwaura, CEO; Betty Kariuki, Entrepreneur Development
Associate
 Nairobits- Anne Ikiara, CEO
Page 32 of 35
 AED- Liza Kimbo- Regional Representative
 European Commission- Carmelo Cocucza

Surveys

 Online survey with Tujuane Network of Entrepreneurs (3,500 members)

 KCA university student survey (100 students)

Survey/Interview Results

Overview of Challenges Facing SMEs in Kenya According to Interviews with Experts

Page 33 of 35
Top Barriers for Start-Up SMEs According to Survey of Entrepreneurs

Page 34 of 35
Challenge of Finding Financing and Where Financing is Sourced According to
Survey of Entrepreneurs

Page 35 of 35