Business magnate Chris Kirubi, once ranked as Africa's 31st wealthiest individual in 2012 with a net worth of Ksh29 billion, faced a notable misstep in his investment portfolio. A 2016 meeting between Kirubi's Centum Foundation and six startups revealed his discerning approach to business ventures, though one investment would later raise concerns.
During a March 10, 2016 gathering at a Nairobi hotel, Kirubi evaluated startups including Elimu TV, an educational television station offering secondary school curriculum content via broadcast and online platforms. Despite initial optimism, Kirubi questioned the profitability of the Ksh10.2 million investment, stating, "This idea is very noble but I don’t see how it will make money." His skepticism proved prescient as subsequent investigations uncovered financial mismanagement.
Centum Foundation operations manager Valentine Njoroge discovered during an unscheduled visit that funds had been misappropriated, with no evidence of business growth or adequate advertising revenue. The venture was placed "under administration," leading to a staff exodus. While the company continues operating with new personnel, its long-term viability remains uncertain.
Kirubi's caution against digital disruption and market viability highlights the complexities of venture capital in emerging sectors. The case underscores the challenges of balancing social impact with financial sustainability in educational technology ventures.
