70.71 is an acronym assimilated from the 7th July 2001 when Kenyan student Anthony Awimbo (Chair of 70.71 Group) completed an undergraduate degree in architecture at Leeds Metropolitan University in the UK. Later registering www.studio7071.net with the aim of capitalizing on the widely available venture capital and an exuberant environment for web start-ups before the dot-com bubble burst.
Studio 70.71 was intended to make a significant contribution to the development of the architecture and design via the internet and develop into a business on a global scale. The goal was to establish itself as the leading ‘Design Student Gallery in Europe’, expanding globally and to achieve ‘critical mass’ by targeting top design orientated employers with an employee database. This was a grand idea at the time, but like many grand ideas there was need for support to help realize it.
The inception of 70.71 Group was largely influenced by the chairman’s visit to Kenya in December 2006 on vacation where he noted a significant change in attitudes, a resurgent tourism industry and increased foreign direct investment into the country. The key question was how to participate in this newly found inertia with a view improving economic and social conditions of the populace in a sustainable way with knowledge and expertise obtained in the West.
The turnaround in economic prospects of India and some emerging economies could be attributed, in a certain measure, to an increased participation of its diaspora in their private sector. Thus 70.71 Group was formed with closes friends and associates interested in contribution to the development of Kenya with intentions to expand operations on the Africa continent.
The group’s key emphasis is to provide the stakeholders with investments opportunities in various sectors by providing them with a unique opportunity to have parallel avenues to maximize margins of return. 70.71 Group will invest in early stage and breakthrough ventures that have the promise to create new market opportunities. These ventures will be based on hard research and analysis focusing on fundamentals with the appropriate trade-off between risk and reward.
By growing successful businesses through a wide range of private sector investment the group will be able to generate more jobs to an emerging young demographic that are enterprising and full of ideas.
The sectors listed below were identified as having the best potential, with a follow up on business case analysis.
The management of all subsidiary companies will be undertaken by solid competent teams with the desire and vision of 70.71 Group that seeks to encourage enterprise through investment and synergies on the African Continent.
To date 70.71 Group is active in the investment, transport and mobile application sectors. For example we identified a niche in the transport sector that is currently in its infancy. The fundamentals for this sector are positive and there is potential for double digit growth year on year in Kenya’s emerging economy.
This poignant quote by Warren Buffet accurately summarizes where 70.71 Group wants to be in the future:
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll be doing things differently.”
We are therefore committed to the long haul, developing and nurturing our brand and market position going forward. This reality is also underlined with the shift in global economic trends where the next growth story after Asia will definitely be Africa.
70.71 Group employs a ‘Value Management’ style of management that is particularly dedicated to motivating people developing skills, promoting synergies and innovation with the aim of maximizing the overall performance of the organization.