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Ciku Kimeria
Writer, Adventurer, Development Consultant, Travelblogger
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piqer: Ciku Kimeria
Sunday, 23 July 2017

The Importance Of Jack Ma's Recent Visit To East Africa

My home country of Kenya has been abuzz this past week with #JackMainKenya trending for quite a few days. The significance of the Chinese billionaire's trip to East Africa — accompanied by 38 Chinese billionaires — should not be lost on us. 

The self-made billionaire, Asia's richest man and the founder of Alibaba Group could not have picked a better time for his visit. Weeks before a high-stakes election in Kenya, his visit is a reminder of the economic promise that Kenya and the region holds, and why everything must be done to ensure that such gains trickle down to the average citizen. 

Jack Ma's personal story resonates with many Kenyans and other Africans, as quoted by a recent Quartz article.

From an underdog to one of the richest men in the world, Ma’s story is one that resonates in Kenya. Ma applied for 30 jobs, including at KFC when it opened in his home city of Hangzhou. He was rejected from all of them. Unlike Zuckerberg who created Facebook from his Harvard dorm room, Ma struggled to go to college—he failed the entrance exam three times, and started Alibaba from his apartment.
“I think more people identify with him,” says Sam Gichuru of the Nailab, a Kenyan startup incubator, which Ma visited today.

As a businessman, of course his trip has to do with the economic dynamics in East Africa. 

Mobile payment platforms M-pesa, M-shwari and M-kopa are all successful stories highlighting Kenyan innovation, which has been fostered by incubation spaces such as iHub and supported by companies like IBM, Intel and Google, operations in Nairobi.

What is most exciting for those who followed his trip is the possibility of investments that could benefit entrepreneurs. 

According to Quartz's Africa Editor review of a recent report on startup investment in Africa by VC4Africa, "Of 600 startups and over a hundred investors, it found only 42% of the startups received external funding and around 96% of the ventures that secure funding get less than $250,000."

The Importance Of Jack Ma's Recent Visit To East Africa
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