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How Kenes Rakishev made his way to a success in entrepreneurship?

The brief story of Kenes Rakishev success

13.Sep.19 10:10 PM
By Abigail Richards


How Kenes Rakishev made his way to a success in entrepreneurship?
You don't have to be American or European to succeed in innovative business. This article proves it by telling the story of Kenes Rakishev, the Kazakh startup entrepreneur who reached decent heights of the business. We'll try to dig in his life and reveal some of the keys that led him to success. How Kenes Rakishev invests and how he gets his money back? Sat&Company CEO Kenes Rakishev is well known to the press. He is a prominent businessman, venture capitalist and remarkable politician. His father Khamit Rakishev is a statesman. His mother is Balzhan Rakisheva.

The brief story of Kenes Rakishev“s success

The Kazakh businessman got initial education in law, later he got a degree in economics. He attended the Oxford Saïd Business School in «Advanced Management» course and got a diploma of London Business School on «Developing Strategy for Value». Later London will became a nearly home city for him: here are his companies are residing there as well as gadget shops he opened. This city hosts a number of Kenes Rakishev IT-projects presentations. One of the most widely known is Finney crypto-smartphone which is developed by Sirin Labs. Last year crowdsale and initial coin offering were held with a great success. Quite probable that customers will see not only Sirin-enabled phone but a companion notebook utilizing the same technology. Sirin ICO was in Top-5 of the most successful that were held in last year. It was able to collect 160 million USD worldwide.

Some words about Kenes Rakishev education

He has been graduated in the National Kazakhstan State Law Academy. In 2002 Kenes Khamitovich proceeded with the second degree and got a diploma of economics in the T. Ryskulov Kazakh Economic University. In 2007 he was graduated from Oxford Saïd Business School and enlisted in London Business School.

Meeting Kenes Rakishev

The businessman has been among the top thirty Forbes ratings for several years in a row. In 2018, this magazine placed Kenes Rakishev in 7th place in the ranking of 50 most wealthy entrepreneurs in Kazakhstan. And this is no coincidence - Kenes Rakishev really develops his business with great strides, investing considerable funds in it. More recently, businessman Rakishev Kenes Khamituly bought a large stake in the Russian gold mining company Petropavlovsk. Having bought almost a quarter of the giant’s shares from Russian businessman Viktor Vekselberg several months ago, he has already presented his views on the strategy for its development to other co-owners and managers of the enterprise.

Awards received by Kenes Rakishev

  • In 2012, he won “Businessman of the Year” award according to the online magazine
  • In 2013, he took seventeenth place in Forbes, entered the fifty most influential entrepreneurs of Kazakhstan.
  • Since 2014, he is among the thirty in the ranking of 100 most influential Kazakhstanis according to the online magazine
  • In 2015 he was awarded the Kurmet Order for his services to the development of science, culture, economics, and the social sphere.
A major achievement of Kenes Rakishev in recent days was the victory in the International Arbitration Court of London. The businessman won a lengthy process against the company of Russian businessman Pavel Fuchs MosCityGroup. A long time ago, under the management of former head of the Kazakh BTA Bank, Mukhtar Ablyazov, a deal was concluded to acquire a share (50%) from the Kazakhs for 50 million dollars from the Kazakhs in the construction of the Eurasia tower in the famous business quarter of the Russian capital «Moscow City». Only 20 million managed to pay Fuchs, and then Ablyazov, accused of several serious crimes at home, fled abroad, chaos came in his books and business. As a result MosCityGroup decided to use the opportunity, and refused to pay the remaining $30 million. One of the structures of Kazakhstan's BTA Bank (Kenes Rakishev acquired a 98% stake) went to court in London and it ruled that Pavel Fuchs’s company MosCityGroup should pay Kenes Rakishev’s company $ 55 million. In addition, the Kazakh businessman reasonably expects a reimbursement of the costs of the lawsuit, and it cost Kenes Rakishev more than 4 million pounds.

Kenes Rakishev's place in cryptonomics

The next project, however, surpassed the previous one in every way. He became a cryptosmartphone. But since the ICO raised significantly more funds than expected - almost 160 million dollars - it was decided to release the same laptop from the same line, which received the general name Finney. The gadget should be ready by the end of this year. By the way, the exchange rate zigzags of cryptocurrencies do not affect the relevance of this technique in any way: the cost of virtual money varied, moreover, quite noticeably, all the time they existed, but no one seriously decided to solve the issue of the safety of their storage and contracts before the Finney project came to light. The famous football player of Barcelona Lionel Messi supported the Finney. Kenes Rakishev himself also boasts success in cryptonomy: when his Group entered the ICO six months ago, in less than two days the sale of Stox tokens brought in more than $ 33 million! And in one line about other successes of Kazakhstan businessman Kenes Rakishev exclusively in the field of IT. Juno - a startup of a mobile taxi calling application in New York with an investment of only $ 25 million by the Kenes Rakishev Foundation Singulariteam was soon launched and sold to Gett for two hundred million! Geo-filter for startup Mobli also funded the Kenes Rakishev Foundation, and sold it for almost $ 8 million to the famous giant Snap, the creator of the popular Snapchat app. $ 23 million (with a little over 2 million invested) was received by the Kenes Rakishev Singulariteam fund from the Hong Kong investment fund AID Partners for a startup that allows the molecular diagnosis of cancer, as well as Alzheimer's and Parkinson’s diseases.

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