Startup advisory firm The Founders Hive is bringing its MVP Demo Day series to Nairobi, Kenya, with future events planned for Rwanda, Tanzania and Uganda as the company looks to encourage startups to gain feedback on their products and solutions.
The Founders Hive has previously held MVP Demo Days in the United Kingdom, and will be bringing the series to Africa for the first time with an event at Strathmore University’s @iBizAfrica incubator on July 15.
The company said MVP Demo Days are the perfect opportunity for startups to get feedback on their products, with entrepreneurs presenting their startups to a diverse audience of mentors, advisors, and fellow entrepreneurs. Pitches last ten minutes with the audience then having another ten minutes to offer feedback and ask questions.
“Entrepreneurs gain insight into possible ways they can improve their businesses, gather realtime feedback, connect with a community that truly cares about their progress, and walk away feeling like they have advanced their business as well as gaining new supporters for their products,” The Founders Hive said.
The top three startups at the first event – as voted for by the audience – will gain automatic entry into the Fundz community, offering them an opportunity to gain microfinancing to enable them kickstart their projects into a viable business.
Disrupt Africa reported earlier this month Israel-based startup Fundz had launched a platform focusing on microfunding and guiding startups in emerging markets in Africa and Asia.
The Founders Hive founder Sean Obedih said events like MVP Demo Day are crucial to startups as they offer a safe environment for founders to get honest feedback from potential customers and users, as well as start building relationships with early-stage investors.
“Building a viable product is a real challenge, and family and friends are always biased because they don’t want to hurt your feelings,” he said.
“Having a conversation with like minded people always helps you to see a different dimension that sometimes alters the future of the project.”
Follow-up events will take place in Rwanda, while The Founders Hive is also exploring partnership opportunities to take the series to Uganda and Tanzania as well. Those interested in becoming local ambassadors are invited to reach out to The Founders Hive.