Business Networking Night CEO and founder Ridwan Mohamud /HANDOUTKenyan entrepreneurs are looking beyond traditional bank loans to finance growth, with partnerships, investors, joint ventures and new business networks becoming important ways of accessing capital and expanding markets.
The shift comes as businesses seek alternatives to borrowing to fund expansion, acquire customers, enter new markets and develop new products.
Business leaders, entrepreneurs and investors are expected to discuss the changing approach to business growth when the second edition of Business Networking Night (BNN) is held in Nairobi on September 20.
The event, organised by Somali Magazine, will bring together entrepreneurs, chief executives, investors, executives and professionals at the Argyle Grand Hotel Nairobi.
Unlike traditional financing, where businesses approach banks for loans and repay the money with interest, partnerships can allow entrepreneurs to combine capital, expertise, technology, distribution networks and access to customers.
For small and growing businesses, such arrangements can also provide a way of expanding without taking on large amounts of debt.
Business Networking Night CEO and founder Ridwan Mohamud said relationships are becoming increasingly important in determining how businesses find opportunities and grow.
“Capital, ideas and technology are important, but meaningful relationships are what often turn opportunities into lasting partnerships,” Mohamud said.
He said the networking platform was created to bring entrepreneurs, investors and business leaders together to identify areas where they can work together.
The growing focus on partnerships comes as Kenyan businesses face pressure to control borrowing costs while still finding ways to expand.
Entrepreneurs can use strategic partnerships to gain access to new customers, suppliers, technology and expertise, while investors can use business networks to identify companies with growth potential.
Joint ventures can similarly enable companies to share the cost and risks of entering new markets or developing new products.
BNN organisers say the second edition will focus on creating opportunities for participants to meet potential investors, partners, clients and other decision-makers.
The event will be invitation-based and is expected to attract participants from different sectors of the economy.
Rather than centring the evening on presentations and speeches, the organisers say the focus will be on direct interaction between participants.
For entrepreneurs, this creates an opportunity to pitch business ideas, identify potential collaborators and establish relationships that could develop into commercial partnerships after the event.
The networking event also comes as Nairobi continues to strengthen its position as a regional centre for entrepreneurship, investment and business services.
For established companies, access to a wider network can provide opportunities to identify new suppliers, distribution partners and investment opportunities. For startups and smaller enterprises, relationships with larger businesses can provide access to customers, expertise and markets that would otherwise take longer to build.
BNN’s second edition will be held on September 20 from 6pm at the Argyle Grand Hotel Nairobi along Mombasa Road.
Organisers say the objective is to create a platform where business relationships can develop into partnerships, investments and other commercial opportunities.
