Nation Media Group and financial consulting firm KPMG have lowered the entry threshold for the annual Top 100 SMEs awards to a minimum turnover of Sh50 million to attract more competitors.
The survey, which has been running for a decade now, previously limited entries to Small and Medium Enterprises (SMEs) with an annual turnover of between Sh70 million and Sh1 billion.
Entrants that crossed the Sh1 billion mark join a special category called Club 101.
At least 800 small and medium-sized companies are expected to enlist for the competition this year, up from an average of 300 every year since 2008.
“This year we have adjusted the participation threshold from Sh70 million to 50 million in response to the tough operating environment last year. This will enable more companies to participate and share in this noble growth opportunity,” said Nation Media Group (NMG) chief executive officer Stephen Gitagama at a media briefing on Monday.
The survey seeks to identify and recognise the country’s fastest growing medium sized companies and celebrate some of the most outstanding entrepreneurs.
The winner of this year’s survey will be announced on November 23.
The Top 100 competition is a joint initiative by NMG and KPMG.
The two are also engaging several county governments to help more SMEs at the grassroots formalise their businesses.
“With regard to SMEs outside Nairobi and the main urban areas, we are in discussion with a number of county governments, because they too want to promote entrepreneurship in their counties,” said KPMG CEO, Josphat Mwaura.
Also present at the launch were last year’s winner, steel wool maker Napro Limited, shipping firm Polygon Logistics, cleaning services provider Super Broom and tours and travel firm, Bonfire Ventures.