Entrepreneurship Alive And Well In Namibia

FROM OVER 5 000 entrants, 508 emerging and established entrepreneurs from 49 African countries made it through to the second round of the African Entrepreneurship Award (AEA).

The entrepreneurs who progressed to round two of this hotly contested pan-African contest were ranked businesses most needed in their respective regions of the continent.

Now in its fourth year, the AEA is an initiative of the founder of Morocco’s BMCE Bank of Africa, a financial services provider present in 21 countries, and growing. Launched in 2015 by the bank’s founder and globally respected entrepreneur, Othman Benjelloun, the AEA is a strategy to identify, recognise and reward Africa’s rising star entrepreneurs.

Benjelloun says his motivation was the desire to help identify and then to assist position entrepreneurs to become Africa’s creators of wealth and jobs.

Like previous years, entry for the 2018 edition was online, and entrants had to be citizens of an African country, aged 18 years or above, with either a business already in operation in their homeland or in another African country, or the launch of one planned. Additionally, entries had to incorporate a technological component, and be a for-profit enterprise, and not a project. Businesses are started to grow, unlike a project with a start and an end in mind.

Southern Africa features strongly in round two of this year’s edition of the AEA, with neighbouring South Africa leading the pack and with Malawi, Zimbabwe and Namibia strongly represented. From South Africa, 32 entrepreneurs go through, an equal number of 26 each from Malawi and Zimbabwe, six from Lesotho, four from Swaziland, but only two from Mozambique and Angola, respectively.

Generally, southern African countries have done well in the first round of the AEA 2018, far better than countries in the north of the continent. Egypt has six, but Tunisia, Algeria and Liberia only two each.

About 32% of entrants from Namibia made the cut, so if you think entrepreneurship is dead in Namibia, think again. Astonishingly, 13 Namibian entrepreneurs will progress and move a round closer to securing a share of the US$1 million prize money up for grabs. Namibia has the same number as Morocco, but impressively much higher than Zambia’s eight and Botswana’s seven.

Other than Ethiopia and Rwanda, both countries with a paltry three, the East African countries also performed well. Tanzania tops that region’s number with 23, and Kenya comes second with 21, while Uganda follows with 18.

Entrepreneurs progressing to the finals will be subjected to a verification process to weed out chancers and award-seekers aiming to make a fast buck but harbouring no desire to actually ever venture into business.

To safeguard the integrity of the AEA, funding to winners is disbursed in tranches, according to milestones and a timeline mutually agreed with BMCE upfront. All does not always go according to plan in business, and change is often needed. This requires the ability to respond to challenges and obstacles. So, the AEA winners are not left alone, but helped along the way. BMCE monitors progress, and support is constantly provided by an AEA global network of mentors.

Entrepreneurs identify a need or see an opportunity, demonstrate willingness to fulfil or meet that need, taking the full risk of doing so in the hope of making a profit, which is of course their reward. Frequently missing are resources and funding to turn an idea into a business reality. This is where BMCE’s AEA ushers in a possibility.

Well done to the 13 Namibian fledgling and established entrepreneurs who made it to round 2 of the AEA. To move closer to the finals they must now hone their submissions to reflect viability, sustainability and investment attractiveness.

* Social entrepreneur Danny Meyer can be reached at danny@smecompete.com

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