Business Insights: A Glimpse into BD's Headlines
Manu Chandaria's only regret at 95. Now he’s retired. He’s a man in a chair, in a quiet house, playing Patience. At 95 years of age (and in reasonably rude health), there isn’t much to do after doing and giving the world so much.
Manu Chandaria's lifelong dedication to philanthropy and recognition with the Carnegie Medal of Philanthropy highlights the transformative power of giving back. His commitment to education, healthcare, poverty relief, and environmental causes in Africa underscores the potential for businesses to make a profound difference in society. Chandaria's philosophy that 'business is only a means' emphasizes the importance of values and ethics in addition to financial success. His legacy serves as an inspiration for other African businesses to follow suit and create foundations that contribute to positive societal change, fostering a culture of giving back to the community.
At least eight Kenya-born tech start-ups have closed down in the past two years while a ninth one appears distressed despite having raised close to KES35 billion in investor funding in total.
Kenya's tech startup landscape is facing significant challenges, with several startups closing down despite raising substantial amounts of funding. While funding constraints are often cited as the primary issue, it's clear that other factors, including the viability of business models and the ability to address real-world problems, play a crucial role in the success of tech ventures. This highlights the importance of not just seeking investment but also ensuring that startups have a clear and sustainable path to delivering unique solutions in the competitive tech space.
Ideally, the strategy-making process would be a blend of solid hypothesis-driven, more analytical diagnosis and a touch of ‘out of the box’ creative thinking, that serves as a catalyst to growth.
In today's fast-paced, ever-changing world, traditional top-down strategic planning often falls short of delivering tangible results. Instead, an innovative approach to strategy is emerging—one that embraces bottom-up, iterative experimentation akin to start-up practices. This shift challenges the notion that strategy should be a rigid, long-term plan and encourages organizations to be agile and adaptable in response to unpredictable opportunities and challenges. As Louis Pasteur wisely said, 'Chance favors the prepared mind,' emphasizing the importance of staying open to new possibilities and being ready to pivot when necessary in the strategy-making process.
Local branches of multinational banks –Stanbic Holdings, Standard Chartered Bank Kenya, and Absa Bank Kenya— are the most efficient lenders among the top-tier institutions.
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Bank-owned stockbrokers and investment banks have edged their standalone rivals in the profit race, riding on alternative revenue streams enabled by their parent companies at a time when the traditional income from trading commissions has shrunk.
Bank-owned stockbrokers and investment banks are outperforming standalone rivals in the Kenyan market by diversifying their revenue streams beyond traditional trading commissions. As trading volumes decline due to various factors, including reduced foreign investment, these institutions are relying on alternative income sources such as advisory and consultancy fees, fund management, and wealth management. This shift highlights the importance of adaptability and a diversified business model in the ever-evolving financial services landscape, allowing these firms to remain profitable in changing market conditions.
Safari Boots and Toughees do very well in this market but an emerging success story is the Power sneakers. We brought it from China initially but now I am glad to tell you that the factory here will be producing the sneakers in Kenya and the production line is ready to go live very soon.
Bata's commitment to investing $2.5 million in the Kenyan market in 2023, despite challenges posed by the pandemic, signals its long-term confidence in the country. The company's focus on providing footwear at various price points and exploring franchise partnerships demonstrates its adaptability in a competitive environment. Bata's ability to manage foreign exchange pressures through local production and sourcing highlights its resilience. The success of products like Safari Boots, Toughees, and Power sneakers in Kenya underscores the brand's popularity and its efforts to meet diverse consumer needs. The move to produce Power sneakers locally reflects Bata's commitment to the Kenyan market and its potential for growth.
Base Titanium, which operates a mine in Kwale County, raised its expenditure on domestically sourced materials by 14.93% to $66.2 million (KES9.67 billion) in the year ended June, benefiting suppliers of diverse goods.
Smartphone manufacturers are now focusing on quality pictures to boost sales, taking a big slice of the camera market, especially among young Kenyans who prefer portable gadgets.
The rapid rise of smartphones as primary tools for photography is reshaping the camera market, with traditional camera sales declining in Kenya and globally. While smartphones now offer image quality comparable to many cameras, there's still a distinction for professional users. Cameras with specialized features like zoom lenses and superior low-light performance maintain their relevance for professional photographers and videographers. As technology continues to evolve, it's essential for camera manufacturers to innovate and adapt to the changing landscape, focusing on unique features that meet the needs of both casual and professional photographers.