2 October 2008
Nairobi — An initiative aimed at celebrating enterprise among small and medium businesses has been launched.
Nation Media Group and audit firm, KPMG, unveiled the Kenya Top 100 Club, a platform bringing together the country's fastest growing small and medium sized ventures.
The club is a product of a survey done by research firm, Steadman Group, over the last one year and which resulted in the nomination of 100 mid-sized companies in Kenya.
Sponsored by Nation Media Group and KPMG, the survey will be run on an annual basis, allowing qualifying companies one-year membership of the Kenya Top 100 Club.
The study borrows from a similar effort, Most Respected Company Award, though the latter has largely focused on big businesses and is based on a survey whose respondents are CEOs.
According to the NMG chief executive officer, Mr Linus Gitahi, the survey, and ultimately the club, is in appreciation of the great role that small and medium sized businesses play in the economy.
"At some point, we reflected and came to a conclusion that small and medium sized businesses are the real engine of the economy. We then agreed to look for a way to bring them together," Mr Gitahi said.
Statistics indicate that small and medium sized businesses contribute over 75 per cent of the country's wealth and provide over 80 per cent in terms of employment.
Even then, data on such businesses has remained scanty, making it difficult to measure their real impact, a deficiency which the initiative is likely to address.
The survey is open to businesses with an annual turnover of between Sh70 million and Sh1 billion. A three-year audited track record is a condition for entry. It is closed to firms in banking or insurance.
"We want this to be a holding club for small and medium businesses as they expand to join the big league or fall off," KPMG chief executive Richard Ndung'u said.
Qualifying companies will enjoy a number of benefits. These include business networking, advisory services, and assistance to lobby government for a better working environment.
"We think this is a great concept and moving on, we shall unveil a number of benefits that will accrue to the members," Mr Gitahi added.
The launch was preceded by a one-day workshop bringing together representatives of the qualifying 100 firms. Winners will be named at a gala dinner to be held tonight.
Assistant minister for industrialisation, Mr Nderitu Muriithi, officially opened the workshop.
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