Over the weekend Stanbic Bank Zim launched their very own Incubator Hub.
Whilst we were not in attendance, the launch of the Incubator Hub (yeah, the name is pretty unimaginative) was covered by Stanbic Bank via their Twitter account and from their coverage we got some interesting details regarding the hub.
It will run under 5 pillars;
- Financial inclusion
I’m not sure what the ecosystem pillar will specifically look to address in this case but according to Stanbic all 5 pillars are supposed to “address the challenges that are faced by the youths when they need to start or scale up their businesses.”
Some of the challenges Stanbic’s hub will address include:
- Access to the right funding,
- access to Markets,
- financial literacy, access to advisory services,
- coaching and mentoring.
Stanbic acknowledged the plight of many a startup founder: Funding. They said this will be part of the hub’s core focus:
The type of funding advanced to an entrepreneur can promote or break their business. As part of the activities that we will engage in, we will be sourcing the correct and relevant funding for the business.
Considering that Old Mutual also recently launched the Eight2Five Innovation Hub, it’s easy to question why banks are going down this route. Stanbic’s explanation on Twitter didn’t offer much in the way of clarity:
Some may wonder why we decided to go the incubator route instead of just banking and giving loans to the targeted group of people. We devised solutions that will make a real difference while paying close attention to their needs, challenges and requirements. #StanbicIncubator
The Incubator Hub will be located at Hebert Chitepo and sixth in Harare’s CBD and will be open from 8am to 6pm during the week and on Saturday from 8am till noon. The bank has invited entrepreneurs and interested parties to pass by the hub if they have any questions.