Business Desk 
Safaricom, M-PESA Africa, and Sumitomo with support from PwC, Vodacom and AWS launched the “Spark Accelerator”, a platform for bold and visionary founders to grow and scale their businesses.
The program has three key pillars: access to product development and technology support, access to markets, and access to capital.
Safaricom partnered with PwC to provide technical advisory support to the startups.
During the Spark Accelerator Investor Demo Day, Isaac Otolo, Transactions Advisory Partner and East Market Area Mainland Transactions Leader shared his viewpoints during the panel session on key challenges for Venture Capitals (VCs) looking to invest in Africa, and how to navigate them.
He pointed out that some of the key challenges include lack of investor readiness, high risk perception, high valuation expectations and unclear exit strategies.
Isaac added that as startups seek to attract VC investment, there is need for the startups to put their records in order, moderate valuation expectations, work towards profitability to smoothen the investment cycle and reduce investor risk perception.
The Spark Accelerator program is designed to provide startups with access to mentorship, funding, and a network of experts to help them overcome challenges and achieve their full potential.
“The Spark Accelerator is a unique program that will provide startups with access to the support they need to succeed. We are confident that this program will help to create a new generation of successful businesses in Kenya and Africa,” said Sitoyo Lopokoiyit, M-PESA Africa Managing Director.
