‘Entrepreneurship crucial for economic development’

ENTREPRENEURSHIP is seen as playing a pivotal role in developing the local economy, in addition to generating income once it is fully embraced. However, entrepreneurship not being embraced in Namibia remains a challenge.

These were the sentiments of Sanlam Namibia’s marketing and communications consultant, Elizabeth Nailenge, at the Sanlam Innovation Works 2018 winners’ announcement.

The Sanlam Innovation Works 2018 is a project between Sanlam and the Namibia Business Innovation Institute (NBII) of the Namibia University of Science and Technology. This was the fourth year of this initiative.

Nailenge stressed that the country is faced with numerous challenges, such as youth unemployment and poverty. Entrepreneurship for any economy plays a crucial role in eradicating poverty, promotes economic development, income- generation and improving people’s standard of living, she noted.

“However, start-ups in Namibia are faced with major challenges such as securing funding, mentorship and basic knowledge on how to run a sustainable business. It is for this reason that Sanlam and NBII introduced this initiative to bridge the gap and act as catalyst to stimulate entrepreneurship and business activity in the country, in line with the government’s development objectives,” she said.

The aim of the innovation works remains focused on assisting upcoming entrepreneurs to realise their potential as the project strives to provide mentorship, giving business owners the knowledge they need to make it in their industry of choice.

“The mentoring sessions also provide networking opportunities for the participants to learn from existing mentors in the industry. To date, the initiative has mentored and empowered 20 businesses, which are still operational, and continue to contribute to the growth of the Namibian House,” she added.

Nailenge said this kind of initiative becomes more vital, considering the state of the economy, “and as Sanlam, when others are shying away from supporting start-ups and small businesses because of the trying times, we want to do our best to encourage innovation and business development in the hope of creating a sustainable future for generations to inherit.”

Bernice Ndungaua, the manager at the NBII, said this is the fourth round of awards since the project’s inception in 2014.

“I have seen numerous heart-warming fruits yielded by this specific project. I have witnessed people quitting their jobs so that they focus squarely on building their businesses, and I have also seen entrepreneurs giving their businesses their all after having been retrenched. Employment has been created, and families have been fed. Greater heights then initially imagined have been met over the course of this project, and I am very proud of each and every one of the 21 start-ups that we have worked with to date,” she observed.

Ndungaua said Sanlam spent over N$810,000 in total in these four years of the project, adding that the Sanlam innovation works has promoted, mentored and coached concepts ranging from educational technologies, environmentally inclined projects such as value addition to waste, which is up-cycling, manufacturing of firelighters from encroacher bush, gaming, mobile applications, organic cosmetics, and so much more.

“These start-ups are growing and shaping their enterprises into establishments to be reckoned with, creating sustainable employment opportunities, and thus contributing to the national economy. We at NBII are not interested in fly-by nights, no, we are hungry for those who have a vision for their businesses,” she noted.

This year’s winner of the 2018 Sanlam innovation works award was Ilotu Investments, a start-up which specialises in manufacturing cosmetics. It produces a range of organic, essential oil-based body health products. The other finalists were Pestana Investment, Agro Business and Investment, Nam-Oceanic Kelp Production Enterprise and Kandele Investment.

charmaine@namibian.com.na, twitter: Char_Ngatjiheue.

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