Strathmore University and Kabarak University in a remarkable development aimed at bolstering the growth and sustainability of Micro, Small, and Medium-sized Enterprises (MSMEs) in Nakuru County and beyond, have entered into a Memorandum of Understanding (MOU) to provide vital business advisory services to MSME’s. This significant partnership was sealed during a warm and cordial meeting between the Vice-Chancellor of Strathmore University, Dr. Vincent Ogutu, and the Vice-Chancellor of Kabarak University, Prof. Henry Kiplangat, along with the management teams of both institutions.
The strategic collaboration between these two esteemed institutions of higher learning marks a milestone in the support and development of MSMEs, which play a pivotal role in the economic growth of any region. Nakuru County, renowned for its entrepreneurial spirit and diverse economic activities, is set to benefit immensely from this partnership.
The meeting held at the Kabarak University main boardroom was an expression of the commitment of the university leadership teams to pool their resources, expertise, and networks to provide holistic business advisory services to MSMEs. Here's a closer look at what this partnership entails and the potential impact it can have:
Capacity Building: One of the primary objectives of this collaboration is to enhance the capacity of MSMEs in Nakuru County and neighboring regions. Strathmore and Kabarak Universities will offer training programs and workshops covering various aspects of business management, including finance, marketing, supply chain, and innovation. These programs will empower MSMEs with the knowledge and skills needed to operate efficiently and competitively in today's dynamic business landscape.
Access to Research and Resources: Both universities boast a wealth of research capabilities and resources. Through this partnership, MSMEs will have access to valuable research findings, market insights, and industry trends. This information will enable them to make informed decisions, identify new opportunities, and adapt to changing market conditions.
Mentorship and Networking: The collaboration will facilitate mentorship opportunities where experienced professionals and academics from Strathmore and Kabarak will guide MSME owners and entrepreneurs. Additionally, MSMEs will have access to a vast network of business leaders, investors, and industry experts, fostering meaningful connections that can open doors to partnerships and growth opportunities.
Innovation and Technology Adoption: With the rapid advancement of technology, staying up-to-date is crucial for MSMEs. Strathmore University, renowned for its innovation and technology-focused programs, will play a pivotal role in helping MSMEs embrace digital tools and solutions to streamline their operations and reach new markets.
Market Linkages and Access to Finance: The partnership will work towards connecting MSMEs with potential investors, financial institutions, and markets. This access to finance and market linkages can catalyze business expansion and development.
Sustainability and Corporate Responsibility: Both universities are committed to promoting sustainability and corporate social responsibility. MSMEs will receive guidance on adopting sustainable practices, which not only benefit the environment but also improve their overall competitiveness and brand image.
The collaborative efforts of Strathmore University and Kabarak University reflect a shared vision of nurturing entrepreneurship and economic growth in Nakuru County and beyond. With their combined expertise and resources, MSMEs in the region can look forward to a brighter future, marked by increased competitiveness, sustainability, and resilience in the face of economic challenges.
As this partnership unfolds, it serves as a beacon of hope and a model for other educational institutions and organizations to follow, demonstrating the transformative potential that collaborations can have on local economies and communities. The support and empowerment of MSMEs will undoubtedly contribute to the prosperity of Nakuru County and the broader Kenyan economy.