Next Wave: Unfortunately, startups that go into administration are basically dead
- The administration of a startup often leads to the closure of the business due to financial obligations and the inability to repay creditors.
- Funding and market fit are identified as two major hurdles for startups, with a lack of financing and failure to conduct market research being common reasons for failure.
- Recent high-profile failures in Kenya's startup scene, such as Sendy, iProcure, and Copia, highlight the challenges of adapting to changing market conditions.
The high rate of startup failures in Kenya's startup scene, particularly when it comes to administration and closure, raises concerns about the challenges faced by founders. The lack of financing and failure to conduct market research are significant hurdles that contribute to these failures. It is crucial for startups to focus on profitability and adapt to changing market conditions to increase their chances of success.
