The Old Mutual Foundation is seeking to empower 42 entrepreneurs in all 14 regions by the end of 2025 through the Old Mutual Sustainable, Economic, and Empowerment Drive (OM SEED).
This comes as the Old Mutual Foundation, in partnership with the United Nations Development Programme (UNDP) Accelerator Lab, has launched the second run of the initiative, which will also be extended to Rundu, Swakopmund/Walvis Bay, and Mariental this year.
Launched in 2022, OM SEED aims to support grassroots entrepreneurs by providing them with the necessary resources to establish inclusive and sustainable businesses that contribute to job creation and skills development across Namibia.
By offering capital and incubation support, the Old Mutual Foundation empowers aspiring entrepreneurs to realize their full potential and make a lasting positive impact on their communities.
“We look forward to seeing how our grassroots entrepreneurs assist in addressing one of the SDGs, especially with less than seven years left before we are expected to achieve them. As part of the selection process, a team from the Old Mutual Foundation will visit the businesses of the ten shortlisted entrepreneurs in August 2023. Through careful evaluation and assessment, the top three candidates in each town will be identified as the winners who will receive financial support and incubation assistance,†said Mignon du Preez, Old Mutual Namibia Group Marketing, Public Affairs, and Sustainability Executive.
Tassius Chigariro, Old Mutual Namibia Group CEO, said that through such initiatives, grassroots entrepreneurs are empowered to create inclusive and sustainable businesses that drive economic growth, job creation, and community development.
“Entrepreneurship is the key to unlocking a brighter future for Namibia. Together, we can cultivate a thriving entrepreneurial ecosystem that addresses the United Nations’ Sustainable Development Goals and paves the way for a prosperous Namibia,” he said.
Unomasa Kavita, the Founder of Kavita Sports Performance and one of the winners of the 2022 OM SEED program, expressed his gratitude for the life-changing impact the initiative has had. He highlighted how the program provided him with the opportunity to collaborate with industry experts who played a crucial role in the further development of his business.
In each town, three winners will be selected, with the first prize amounting to N$50,000, the second prize valued at N$30,000, and the third prize at N$20,000. The overall impact of OM SEED will extend to nine entrepreneurs, with a total funding allocation of N$300,000.
