Kenya - Startup under 3 years old

Describe your project or startup in a few words

Hundreds of billions in SME capital is trapped as dead-inventory despite the products being good quality. WymBee uses networks of business communities to provide deadstock re-distribution services to isolated small businesses.

01.01 Describe your startup in more detail

We offer a comprehensive suite of services designed to address the challenges faced by MSMEs across Africa where 84% of small businesses fail within the first 5 years of launch. Our primary service is providing dead-inventory redistribution services. Rather than supplying new products to our customers, we scour the market for high-quality products that businesses have been unable to sell for a long-time with the objective of allowing other businesses in higher demand locations to restock. This allows us to provide inventory liquidity in the cash-driven MSME sector. We're more than just a marketplace for surplus goods. Our model of business collaboration proves our committment to circularity and sustainable development since it helps businesses create & join localised business communities for enhanced collaboration & partnerships, informal welfare support, and knowledge sharing. Our work allows businesses to unlock the value of their unsold inventory and convert idle assets into cash.

01.02 What is the main problem you are trying to solve?

Over 70% of small businesses in developing economies struggle with ultra-low sell-through rates for slow-moving consumer goods SMCGs because many often sell similar products to the same target market. This results in a crippling 30% deadstock rate, trapping billions in capital & wasting valuable shelf space. Unlike FMCG products, SMCGs like electronics, auto-parts, fashion products among others may take small businesses well over a year to sell. The trapped resources represent missed opportunities for growth and hinder the development of vibrant local markets.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

Unlocking Capital and Maximizing Profitability: Our dead-inventory redistribution services allows businesses to effectively unlock the value of their unsold stock and convert idle assets into capital. This liquidity enables businesses to reinvest in growth initiatives, expand their operations, pivot, or seize new opportunities. We contribute to our customers' financial sustainability & profitability. Optimizing Shelf Space and Resource Utilization: By clearing out surplus stock, businesses can free up valuable shelf space for more productive uses. This enhances operational efficiency and promotes agility and adaptability for our customers. Circular Economies: We go beyond traditional inventory management solutions by fostering collaboration and community engagement among businesses. Our business communities will allow member businesses to collectively restock for higher margins. They also enhance the capabilities of informal welfare systems locally known as business chamas.

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

Small Business Owners: MSMEs, including retailers, wholesalers, and independent vendors often struggle with dead-inventory challenges. Manufacturers, suppliers, and distributors gain access to comprehensive data analytics by analyzing inventory movement, market trends, & consumer behavior. Banks & Lendors: We connect banks and creditors with risk-averse businesses that are actively addressing their dead-inventory challenges. By participating in our platform, businesses demonstrate their commitment to improving stock liquidity and optimizing their operations and are better customers to lenders. Consumers gain access to attractive bargains on high-quality deadstock products. We're able to provide regular 'Black Friday' offerings to consumers.

01.05 When was your company established?

2022-09-07

01.06 Are you already selling your product/service?

No

01.07 How many other owners are there within your startup?

3

01.08 Among the other owners, how many are female?

0

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

Jack Oloo serves as the CEO and engineering lead. I'm a second-time founder, having previously failed at an on-demand service tech product. Additionally. I oversee the overall company leadership, fund-raising, market research, and the formulation of a strong collaboration-centered culture. As a bonus, I'm a recipient of the Presidential Innovation Award. Daniel Tatara serves as our CFO and Finance Lead. He's previously worked at Equity & ABC Banks in Kenya where he served SME clients as a credit officer, In addition to the company's financial management, he provides business advisory services to our clients & supports our partnerships ambitions. Brian Gesora is our COO and Operations Lead. He has a rich background in operational management in various startups including Twiga Foods, Wabi Project, & Kyosk. Brian oversees user acquisition, supply chain management, logistics, and client relationships.

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://www.wymbee.com/

01.11 Which industry best describes your project?

e) Secondary commodities (cars and parts, consumer durables and apparel, retail)

02.01.01 My startup contributes to the No poverty goal

6

02.01.02 No poverty - Justification for my startup

While WymBee's impact may not directly eradicate poverty on its own, it plays a significant role in addressing the underlying economic challenges faced by MSMEs, thereby contributing positively to the overall goal of reducing poverty. By providing dead-inventory redistribution services and inventory management solutions to MSMEs, WymBee helps businesses unlock trapped capital, optimize resources, and improve profitability. This empowerment of small businesses contributes to poverty reduction by enhancing economic opportunities, fostering entrepreneurship, and creating sustainable livelihoods within local communities.

02.02.01 My startup contributes to the Zero hunger goal

4

02.02.02 Zero hunger - Justification for my startup

Neutral. While WymBee's services indirectly support economic activities that can alleviate hunger by improving the financial stability of businesses and communities, its impact on directly addressing food insecurity is less direct.

02.03.01 My startup contributes to the Good health and well-being goal

4

02.03.02 Good health and well-being - Justification for my startup

Neutral. While WymBee's services indirectly support this goal by promoting economic opportunities and stability, its direct impact on improving health outcomes or access to healthcare services is limited. However, our business communities do help provide peace of mind to member businesses.

02.04.01 My startup contributes to the Quality education goal

4

02.04.02 Quality education - Justification for my startup

While WymBee's services indirectly support economic activities that can generate revenue for education initiatives and contribute to community development, its direct impact on improving access to quality education is limited. However, business communities (chamas) do provide informal welfare support systems to our customers. These are often used for fundraising initiatives including funerals, school fees, family emergencies, among others.

02.05.01 My startup contributes to the Gender equality goal

5

02.05.02 Gender equality - Justification for my startup

Targetting MSMEs as our core clientelle automatically implies our contribution to gender quality. A large section of the industry is female which allows us to help create a more inclusive environment where women entrepreneurs and business owners have the same opportunities for success as their male counterparts.

02.06.01 My startup contributes to the Clean water and sanitation goal

2

02.06.02 Clean water and sanitation - Justification for my startup

Our platform does not directly address issues related to clean water provision or sanitation improvement.

02.07.01 My startup contributes to the Affordable and clean energy goal

4

02.07.02 Affordable and clean energy - Justification for my startup

We have an indirect impact on affordable & clean energy. Our resolution of unsold-inventory challenges allows businesses to be more efficient & reduces the inventory waste. Therefore, I would rate our contribution as a moderate "4", acknowledging that while we may not directly provide clean energy solutions, our efforts contribute to promoting more sustainable business practices and indirectly support the goals of affordability and cleanliness in energy consumption.

02.08.01 My startup contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification for my startup

By assisting businesses in unlocking the value of their unsold inventory and optimizing their operations, we contribute to economic growth by enhancing the efficiency and productivity of enterprises. Because of our business community model, we're not just solving a deadstock problem; we're providing a lifeline for businesses and forging a clear path that will help us reduce the staggering 90% failure rate of small businesses within 5 years across Africa to below 50%. Moreover, our platform facilitates the creation of employment opportunities within local communities, thereby promoting decent work practices.

02.09.01 My startup contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification for my startup

Our platform leverages innovative solutions including cloud technology, bot integrations, messaging, cloud functions, data analytics, machine learning among others to address unsold and excess inventory challenges faced by small businesses. Additionally, by fostering collaboration within business communities, we contribute to the development of stronger SME industry networks and infrastructure. Additionally, our efforts to digitize informal welfare systems developed for and by small businesses enhance transparency within the sector. This digitization promotes accountability and facilitates better access to resources and support, ultimately contributing to the overall development of the SME industry.

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

Our deadstock redistribution services play a crucial role in reducing inequality in regions heavily reliant on the MSME sector, where approximately 90% of household commodities originate. By unlocking the value of unsold inventory, we provide smaller businesses with a lifeline, allowing them to convert idle assets into capital. This enables them to compete more effectively with larger enterprises and improves their financial standing within the market. As a result, our services contribute to leveling the playing field and reducing the economic disparities that often exist between small and large businesses. Furthermore, our emphasis on fostering business communities amplifies our impact on reducing inequality. These communities serve as platforms for collaboration, knowledge-sharing, and resource pooling among businesses of all sizes. They promote economic inclusivity & reinforce informal welfare systems for small businesses.

02.11.01 My startup contributes to the Sustainable cities and communities goal

7 - Strongly Agree

02.11.02 Sustainable cities and communities - Justification for my startup

Our emphasis on fostering collaboration and partnerships within business communities enhances the resilience and cohesion of urban economies, ultimately contributing to the overall sustainability of cities and communities. We also encourate local buying by facilitating aggressive marketing of businesses & their products to locals whereby customers are able to find services closes to their homes as well as discounts on quality products by businesses selling within their locale. This further reinforces loyalty to local businesses contributing to an economically sustainable community.

02.12.01 My startup contributes to the Responsible consumption and production goal

7 - Strongly Agree

02.12.02 Responsible consumption and production - Justification for my startup

We actively promote responsible consumption and production by reducing waste through the redistribution of deadstock inventory. By providing businesses with a platform to efficiently manage their surplus inventory, we help minimize unnecessary production and consumption of new goods. This not only reduces environmental impact but also encourages a shift towards more sustainable business practices. Additionally, our focus on fostering collaboration and community engagement further promotes responsible consumption by encouraging businesses to share resources and optimize their production processes. Overall, our efforts contribute to a more sustainable approach to consumption and production within the business community.

02.13.01 My startup contributes to the Climate action goal

4

02.13.02 Climate action - Justification for my startup

By facilitating the redistribution of deadstock inventory, we significantly reduce the environmental impact associated with excess production and waste. Our platform encourages businesses to prioritize the reuse and repurposing of existing goods, thereby decreasing the demand for new manufacturing processes that contribute to carbon emissions and resource depletion. In addition, our focus on fostering collaboration and community engagement helps build resilience within local economies, which is crucial for mitigating the adverse effects of climate change. Overall, our efforts contribute to a more sustainable and climate-resilient future.

02.14.01 My startup contributes to the Life below water goal

1 - Strongly Disagree

02.14.02 Life below water - Justification for my startup

We have no direct or indirect impact on life below water, at least for the moment. One day, once we scale our efforts to reduce waste and promote responsible consumption, we will contribute to preserving aquatic environments.

02.15.01 My startup contributes to the Life on land goal

2

02.15.02 Life on land - Justification for my startup

We have an indirect impact on life and land. By helping businesses unlock the value of their unsold products, we reduce the need for new production, thereby minimizing the environmental impact associated with resource extraction and manufacturing processes. Additionally, our platform encourages the adoption of circular economy principles, which prioritize resource efficiency and waste reduction, ultimately contributing to the conservation of terrestrial ecosystems and biodiversity.

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

5

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

Our startup promotes peace and stability by fostering collaboration and trust among businesses within communities. By facilitating the redistribution of deadstock inventory and encouraging shared economic opportunities, we contribute to the socioeconomic development of regions and mitigate potential sources of conflict arising from economic disparities. Our platform also enhances transparency and accountability in business communities locally known as chamas, thereby promoting fair and ethical practices. Through these efforts, we aim to strengthen localism, local institutions and promote a culture of cooperation, ultimately contributing to peacebuilding and sustainable development.

02.17.01 My startup contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification for my startup

Our startup actively seeks partnerships between small businesses. We further make it possible for the business communities we activate to partner with various stakeholders, including manufacturers, suppliers, distributors, financial institutions, and community organizations. By fostering collaboration and collective action, we create synergies that amplify the impact of our initiatives and drive positive change at scale. Additionally, these partnerships facilitate knowledge sharing, capacity building, and innovation, ensuring the sustainability and resilience of our efforts to achieve shared goals. It is the same network and partnerships that enable us to provide our very unique value proposition of dead-inventory re-distribution.

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

2

06.02 The product/service represents an entirely new type of product/service.

3

06.03 The product/service could be described as a new technology.

3

06.04 The product/service is an improvement on an existing product or service.

7 - Strongly Agree

06.05 The product/service could be described as an extension of a range of products or services.

5

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

06.07 The product/service is a new version of an old product/service.

4

06.08 Justification for my startup

Our core model draws inspiration from time-tested practices like the circular financial model, traditionally referred to as "chamas" in various African contexts. While the concept of collaborative business networks is not new, our approach to leveraging these networks for deadstock redistribution is innovative and tailored to modern challenges. Similarly, individual businesses have had options to offload their dead inventory through methods like social media marketplaces, auctioneers, and peer-to-peer platforms, What sets WymBee apart is its systematic aggregation of dead inventory through collaborative infrastructure and networks. By centralizing deadstock redistribution services within a digital platform, we provide businesses with a streamlined solution that fosters collaboration, maximizes resource utilization, and unlocks trapped capital.

06.09 Competitive Analysis

Our main potential competitors include traditional auctioneers, lenders, and creditors who often retain reposession firms to secure financed inventory. Social media marketplaces like WhatsApp, Instagram, and Facebook also serve as competitors because where deadstock is often listed in the hope of sparking sales. Additionally, peer-to-peer marketplaces such as Jiji (previously OLX) offer similar services. What sets us apart is our focus on leveraging collaborative business networks and digital infrastructure specifically designed for deadstock redistribution. Unlike traditional auctioneers or repo firms, we provide a comprehensive platform that enables businesses to connect within their communities, facilitating more efficient and transparent deadstock transactions. Our approach not only addresses the challenges of dead inventory but also prevents the shutdowns often attributed to auctioneers. Our specialized service also increases the frequency of deadstock liquidation.

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?

Yes. WymBee's focus on resolving deadstock accumulation for SMEs, while building business community infrastructure for them automatically makes women major beneficiaries of our project. The concentration of women in the SME sector is well over 50% in our current market.