The Namibia Investment Promotion and Development Board (NIPDB) and the World Bank Group have provided N$60,000 in capital to three MSMEs from their Chelete Cage pitch night.
This follows a recent event in Windhoek, where eight Namibian MSMEs from the food processing, cosmetics and manufacturing, technology, and logistics industries were given the opportunity to pitch their business concepts and secure capital.
“The Chelete Cage pitch event is a crucial platform for innovative startups and micro, small, and medium enterprises (MSMEs) to raise funds and meet their capital needs. The initiative marks a significant milestone in the Namibian Government’s efforts to address the persistent challenge of access to finance that MSMEs face in Namibia,” NIPDB Senior Manager for Marketing, Branding and Communications, Catherine Shipushu said.
In addition to the financial support, MSMEs were also offered non-monetary support, including guidance on approaching potential investors and tips on perfecting their pitch.
The winners of the Chelete Cage Pitch are Ndaka Mushrooms & Processing by Abner Tomas, awarded N$30,000.00; Ilotu Investment CC by Mareka Masule, awarded N$20,000.00; and K12 Edtech Inc by Loide Dawid, awarded N$10,000.00.
Tomas, one of the beneficiaries, described the experience as eye-opening and praised the coaching sessions as helpful to his business. He used some of his winnings to purchase materials to build an additional mushroom fruiting room and plans to use the remainder to improve product standards and obtain necessary certifications with the Namibia Standard Institution (NSI) and the Namibia Agronomic Board (NAB).
Shipashu explained that the project aims to empower MSMEs and encourage them to critically assess their business models, market positioning, and growth potential. Through this process, they can identify areas for improvement and refine their approach, in order to expand and scale their operations.
Chelete Cage is one of NIPDB’s initiatives to bridge the access to finance gap and help MSMEs grow. The next installment of Chelete Cage will take place later this year.
