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Seventh Kenya tech start-up goes under on lack of funding

“Another emerging problem is that some entrepreneurs are focused on building businesses for valuation and hoping for big buyouts. The days for that kind of operational model are long gone.” On the concerns that rogue entrepreneurs could be running a fraud syndicate scheme to milk money from donors and divert it into unintended use, Gadhia dismissed it as far-fetched asserting that “no entrepreneur would tarnish their reputation by engaging in such behaviour.” The funding drought for startups in developing economies has revealed a lacklustre tendency by venture capitalists, especially from the developed world, to push forth investments due to fears of recession and interest hikes. The continued bullish strengthening of the dollar against the local currency has also had devastating effects on local companies that have been competing for talent with giant multinationals such as Meta, Google and Microsoft.

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