Tuesday, November 26, 2024

I raised Sh. 1.6 million business capital from friends, family, savings

I raised Sh. 1.6 million business capital from friends, family, savings

Lilian Kawira is the managing director and founder of Uptyke Consulting Ltd, an Inclusive EdTech company that provides accessible and personalized learning solutions for learners with disabilities and special needs.

We started Uptyke in 2020 when the pandemic disrupted the traditional education system and created a huge demand for online learning. We saw an opportunity to provide accessible and personalized learning solutions for learners with disabilities and special needs, who often face barriers and challenges in accessing quality education.

We raised $10,000 (Sh. 1.6 million in today’s commercial bank rates) from our own savings and from some friends and family members who believed in our vision. Since then, we have grown our team, expanded our product portfolio, and reached millions of learners across the country. We offer a range of products and services, such as adaptive learning platforms, digital accessibility audits, inclusive curriculum design, and teacher training.

Co-Op post

What makes our business unique is our commitment to empowering all learners to achieve their full potential, regardless of their physical or mental challenges. We believe that every learner deserves an equal opportunity to learn and grow.

We broke even and started making a profit after one year of launching our business. We achieved this by offering quality products and services, building trust with our customers, and optimizing our costs and revenues. The main challenge we have faced is the low adoption of digital learning in Kenya, compared to the Western world.

Many people are still skeptical or unaware of the benefits of online learning, especially for learners with disabilities and special needs. We have tried to overcome this challenge by creating awareness campaigns, partnering with schools and organizations, and providing free trials and demos of our products.

Before I started Uptyke, I was employed in the corporate world in two different sectors: Asset management and EdTech. I worked as an Investment Advisor for a leading investment firm, where I managed portfolios of various clients and helped them achieve their financial goals.

NCBA


I also worked as an EdTech consultant for a global education company, where I designed and implemented innovative learning solutions for schools and organizations. These experiences gave me valuable skills and insights that helped me launch and grow my own business.

My biggest money mistake was not separating my personal and business finances when I started Uptyke. I did not have a clear budget, accounting system, or financial plan for my business. This made it very difficult to track my cash flow, manage my taxes, and measure my profitability. I also spent a lot of money on unnecessary things, such as fancy office equipment, expensive marketing campaigns, and lavish travel.

I did not have enough savings or emergency funds to deal with unexpected situations or opportunities. I learned from this mistake the hard way when I faced a cash crunch and almost ran out of business. I realized that I had to be more disciplined and organized with my money. I opened a separate bank account for my business and started using online accounting software to record and monitor my transactions.

I created a realistic budget and financial plan for my business and stuck to it. I cut down on my expenses and focused on increasing my revenue. I also started saving a portion of my income for emergencies and growth opportunities.

My greatest business moment so far has been partnerships. We have partnered with various organizations, such as the Kenya Institute of Curriculum Development (KICD), the Kenya Publishers Association (KPA), the African Publishers Network (APNET), the International Publishers Network (IPA), and content distributors. These achievements have boosted our reputation, visibility, and impact in the education sector.

If I were to start all over again, one of the things I would do differently is to get a co-founder early enough. I started Uptyke as a solo entrepreneur, and it was very challenging and lonely. I had to wear many hats and juggle multiple tasks, such as product development, marketing, sales, customer service, finance, and administration.

I also did not have anyone to share my ideas, feedback, challenges, and successes with. I realized that having a co-founder would have made my journey easier and more enjoyable. A co-founder would have brought complementary skills, perspectives, and networks to the business.

I use Money Market Funds (MMFs) and SACCOs to save my money. I find these methods effective because they are convenient, secure, and flexible. These methods help me achieve my financial goals and plan for emergencies. Previously, I used to save money in a bank account. This method was not effective because it was unproductive as I did not earn any interest or returns on my money.

I started my Shamba business with Sh. 100,000; didn’t make any money in first season

Money is not the end goal, but the means to an end. Money is a tool that can help you achieve your dreams, support your loved ones, and make a difference in the world. But money alone cannot buy you happiness, peace, or fulfillment. You need to have a purpose, a passion, and a vision for your life.

You need to have gratitude, generosity, and compassion. These are the things that truly matter in life, and money is just a resource that can help you express them. Don’t chase money for its own sake, but use it wisely and responsibly to create value and impact for yourself and others.

 

A version of this profile feature on Lilian Kawira of Uptyke Consulting Ltd was also published in the Saturday Magazine. The Saturday Magazine is a publication of the Nation Media Group.

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