On the 8th of July 2016 four startups at Sote Hub were selected for grant funding. Apart from the grant the startups are also to undergo a six month incubation process.
The incubation process was due to be held every Monday and Friday at Sote Hub with it having been officially kicked off on 1st of August 2016. The trainer is Jennipher Mkombola. The first session was on marketing principals. Start-ups were trained on what entails marketing, its environment and how to effectively market their company to potential customer.
The second session was on pricing strategy. During the training the startup got to clearly understand the importance of setting good prices for the products or services that they are offering, guidelines on how to set good prices and factors affecting pricing.
The following session was on competitors’ analysis and Human Resource. Startups got to identify their competitors and set strategies on how to counterpart them. They also learnt on factors to consider when employing staff.
The startups were then taken through financial documentation. They prepared their budget, sales projection, income statement, cash flow and Statement of financial position.
This being just the beginning of the incubation process there is already a vivid improvement on management of the startup with some of the startups already making sales. More improvement is yet to be shown as they are taken through more training in preparation of market