Kenya - Business creation project

Describe your project or startup in a few words

Bids Kenya is a token based bidding site that allows potential bidders to buy tokens on the site and bid on vehicles. Potential bidders purchase tokens on our site using mobile payment or debit card and tokens act as entry into bidding.

01.01 Describe your project in more detail

Bids Kenya is a transformative online Kenyan car auction market by providing a user-friendly, transparent, and efficient online bidding platform for cars and salvage cars. The platform uses tokens to place bids, where potential bidders purchase tokens to use as bid entries. Currently, the options available for Kenyans to bid on vehicles are either non-existent or overly complicated for the average consumer. Bids Kenya will fill this gap, offering a seamless experience that benefits both buyers and sellers, including financial institutions looking to liquidate their vehicle assets. The tokens are cheap at a dollar each with each token giving the user an equivalent of one bid on desired units. The business uses a dual revenue model: the sale of bidding tokens and a 3% commission on each vehicle sold.

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

1.The process for auctioning vehicles and assets remains outdated and inefficient. Many Kenyans face challenges such as lack of transparency, limited access, and confusing bidding processes. 2.The lack of a user-friendly platform and limited awareness of where to find assets on auction hinders their ability for institutions to maximize value. This creates frustration and wasted opportunities for both sellers and buyers.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

1.Simplicity and Accessibility: Our platform allows users to purchase tokens (at an estimate 100 shillings each) to place bids. The more tokens purchased, the more bids can be placed, making the process straightforward and accessible to all. 2.Wider Reach for Sellers: By partnering with financial institutions and other sellers, we provide a larger audience and faster turnaround times for vehicle sales. 3.Transparency and Trust: Our platform ensures a transparent bidding process, building trust with both buyers and sellers. 4.Convinience:The platform offers more convenience to the process of obtaining cars making it an online based gives access to anyone and anywhere and beats the conventional way of going physically from car yard to car yard

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

1.Underserved Populations: The platform aims to give the general public access to vehicle auctions, making it easier for people from various economic backgrounds to participate and benefit from affordable transportation options. 2.Banks and Credit Unions: Financial institutions that have repossessed vehicles or need to liquidate their vehicle assets can benefit from a wider audience and a streamlined sales process. 3.Insurance Companies: Companies dealing with salvage vehicles due to accidents or claims can use the platform to sell these vehicles quickly and efficiently, reducing storage costs and improving cash flow. 4.Small and Medium Enterprises (SMEs):SMEs in the automotive sales industry can expand their customer base by listing vehicles on Bids Kenya. 5.Environmental Advocates: By encouraging the sale and purchase of second-hand and salvage vehicles, This contributes to reducing waste and promoting the reuse of resources, aligning with environmental sustainability goals.

01.05 When did you start working on your project?

2022-08-01

01.06 How many other partners are associated with your business venture?

2

01.07 Among the other partners, how many are female?

1

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

Nelson Mwangi(CFO)- Has a degree in finance and has worked as a business development manager and is currently running an insurance brokerage. He is skilled in Strategic Planning and Business Development, Financial Management, Operational Efficiency and Team Training and Development. Maryanne Mbuthia (CMO)- As the CMO of Bids Kenya brings a wealth of experience in marketing, digital strategy, and business development across various industries. With a strong educational background in communication and advertising, they have successfully led comprehensive marketing strategies, social media growth, and personalized marketing initiatives for other start ups, namely Triply where she stills acts as their main marketing strategist. Their expertise in SEO, content marketing, and digital campaign management has consistently driven engagement and growth in previous roles

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

https://xd.adobe.com/view/c18fed51-b833-4802-9bbf-e784ff11c3d9-94dc/screen/7bf89bfe-c9fa-4b61-93cc-46b947061b2e?fullscreen

01.10 Which industry best describes your project?

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

02.01.01 My project contributes to the No poverty goal

6

02.01.02 No poverty - Justification

Economic Opportunities: By creating jobs and providing a platform for individuals to buy affordable salvage cars, Bids Kenya contributes to poverty alleviation. Asset Liquidation: Financial institutions and individuals can convert their vehicle assets into cash quickly, providing financial relief

02.02.01 My project contributes to the Zero hunger goal

5

02.02.02 Zero hunger - Justification

Job Creation: By creating employment opportunities, Bids Kenya helps improve the economic status of individuals and communities. Increased income can lead to better access to food and improved nutrition for families. Supporting Farmers: Financial institutions and individuals in the agricultural sector can sell their vehicles and machinery on Bids Kenya, enabling them to reinvest in their agricultural activities.

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

5

02.03.02 Good health and well-being - Justification

Access to Affordable Vehicles: By providing affordable cars and salvage cars, Bids Kenya helps individuals and families access reliable transportation, which can be crucial for reaching healthcare facilities and emergency services.

02.04.01 My project contributes to the Quality education goal

5

02.04.02 Quality education - Justification

Educational Opportunities: Bids Kenya can support educational initiatives by providing internships and training programs related to e-commerce, digital marketing, and logistics.

02.05.01 My project contributes to the Gender equality goal

4

02.05.02 Gender equality - Justification

02.06.01 My project contributes to the Clean water and sanitation goal

2

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

5

02.07.02 Affordable and clean energy - Justification

Promoting Hybrid/Electric Vehicles: The platform can feature hybrid and electric vehicles, encouraging the use of cleaner energy.

02.08.01 My project contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification

Job Creation: By establishing and growing Bids Kenya, new employment opportunities will be created in various sectors, including IT, customer service, logistics, and marketing. Supporting Local Businesses: The platform provides a marketplace for local businesses and financial institutions to sell vehicles, thus promoting economic activity and growth.

02.09.01 My project contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification

Technological Innovation: By introducing an online bidding platform, Bids Kenya fosters innovation in the automotive auction industry, modernizing the sector and making it more efficient. Infrastructure Development: The platform enhances the digital infrastructure in Kenya, promoting further advancements and integration of technology in various industries.

02.10.01 My project contributes to the Reduced inequalities goal

5

02.10.02 Reduced inequalities - Justification

Inclusive Platform: By providing access to vehicle auctions online, Bids Kenya makes it easier for people from various economic backgrounds to participate.

02.11.01 My project contributes to the Sustainable cities and communities goal

7 - Strongly Agree

02.11.02 Sustainable cities and communities - Justification

Efficient Use of Resources: By promoting the sale and reuse of salvage cars, Bids Kenya contributes to the efficient use of resources within urban environments. Reducing Urban Waste: The platform aids in reducing the number of abandoned and unused cars in cities, contributing to cleaner and more sustainable urban areas

02.12.01 My project contributes to the Responsible consumption and production goal

7 - Strongly Agree

02.12.02 Responsible consumption and production - Justification

Promoting the Use of Second-Hand Cars: By facilitating the sale and purchase of second-hand and salvage cars, Bids Kenya encourages the reuse of vehicles, reducing the need for new car production and the associated environmental impact. Reducing Waste: The platform helps in minimizing automotive waste by giving salvage cars a second life, contributing to a more circular economy.

02.13.01 My project contributes to the Climate action goal

5

02.13.02 Climate action - Justification

Reduction in Waste: Promoting the reuse of vehicles helps reduce waste and the environmental impact of manufacturing new cars.

02.14.01 My project contributes to the Life below water goal

2

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

5

02.15.02 Life on land - Justification

Sustainable Practices: By promoting the reuse of vehicles, Bids Kenya helps reduce the demand for new vehicles and the associated environmental impact on land resources.

02.16.01 My project contributes to the Peace justice and strong institutions goal

5

02.16.02 Peace justice and strong institutions - Justification

Transparency and Trust: Bids Kenya’s transparent bidding process builds trust among consumers and sellers, fostering a culture of honesty and fairness in the marketplace. Reducing Corruption: By providing a clear and transparent platform for vehicle sales, Bids Kenya helps reduce opportunities for corrupt practices that can occur in traditional auction settings.

02.17.01 My project contributes to the Partnerships for the goal

5

02.17.02 Partnerships for the goal - Justification

Community Engagement: The platform encourages community participation by making vehicle auctions accessible to a broader audience, fostering inclusive economic growth.

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

4

05.02 The product/service we envision creating represents an entirely new type of product/service.

5

05.03 The product/service we envision creating could be described as a new technology.

6

05.04 The product/service we envision creating is an improvement on an existing product or service.

7 - Strongly Agree

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

6

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

7 - Strongly Agree

05.07 The product/service we envision creating is a new version of an old product/service.

5

05.08 Justification

1.The public barely knows about the Kenyan auction market with those who know about it only have the option of a few platforms that are very inaccessible 2.The use of tokens to bid is an entirely new business model and innovative, the concept of bidding is not an entirely new concept 3.The concept of online auction is not entirely new but innovation lies in the platform's features which includes the use of tokens to place bid 4.Bids Kenya enhances the traditional auction process by providing a more accessible, transparent, and efficient platform, improving upon existing services in the market 5.Bids Kenya addresses the need for a more accessible, transparent, and efficient auction platform in Kenya, filling a gap in the market that traditional auction methods do not fully satisfy. 6.While Bids Kenya is not a completely new concept, it represents an evolved version of traditional auction methods, leveraging technology to enhance the user experience and effectiveness of the service.

05.09 Who are your main potential competitors and what makes you stand out from them?

Main Potential Competitors: 1.Other Bidding Sites in Kenya: Examples include Cheki and Car Duka. 2.Traditional Physical In-Person Auctions: These auctions lack the convenience and accessibility of online platforms like Bids Kenya. What Makes Bids Kenya Stand Out: 1.Token-Based Bidding System: Provides a transparent approach to the auction process. 2.Accessibility and Convenience: Allows users to participate from anywhere with an internet connection. 3.Transparency and Trust: Builds trust among users through a transparent bidding process. 3.Wider Range of Items: Offers a variety of items for auction, not limited to just vehicles but also salvage cars. 4.Innovation and Technology: Uses blockchain technology which is innovative features for the bidding experience.

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

Yes, Bids Kenya has identified female car dealers that will be directly working with us in selling their cars through the auction site promoting their role as an entrepreneurs