The Development Bank of Namibia (DBN) has announced the relaunch of its Innovation Award, with a grand prize of N$400,000 set to be awarded to the winning project in the upcoming 2025 edition.
This marks the return of the award after a five-year hiatus, as the bank renews its commitment to fostering innovation and driving economic development.
DBN’s Chief of Marketing and Corporate Affairs, Jerome Mutumba, highlighted the critical role of financial support in turning innovative concepts into operational realities.
“The financial requirements for establishing an enterprise based on innovation are a significant barrier for many Namibians. The DBN Innovation Award addresses this challenge, providing critical funding to refine feasibility, acquire necessary technology, and ensure operational readiness,” Mutumba said.
He further emphasized that introducing new ideas into Namibia’s economic system is essential for maintaining competitiveness and ensuring growth.
“Innovation is not a luxury; it is an absolute necessity for economic resilience and sustainability. The DBN is proud to play a pivotal role in nurturing and advancing ideas that can transform industries and improve livelihoods,” he said.
The 2025 Innovation Award will focus on projects that leverage technology, improve resource efficiency, and enhance productivity in sectors such as manufacturing, agri-processing, and renewable energy.
Past winners have showcased the transformative power of innovation, with achievements ranging from smart electricity metering systems to manufacturing local ceramic tiles and developing mobile mammography services.
Mutumba noted that the award encourages rigorous project planning and feasibility studies, which enhance the bankability of participating projects.
He added that while not all finalists may win the top prize, they gain exposure to DBN’s project preparation and capacity-building resources, opening doors to potential future financing opportunities.
“The return of the DBN Innovation Award underscores our serious commitment to fostering innovative enterprises in Namibia. We believe the 2025 Award will inspire a new wave of entrepreneurial ingenuity and economic contribution,” Mutumba said.
The Innovation Award is open to enterprises nationwide, with an entry process designed to ensure participants meet key business and innovation benchmarks.
Since its inception, the award has recognized groundbreaking projects, including Nampost’s biometric banking system, semi-potable water solutions to alleviate potable water pressure, and African Deli’s packaged matangara, a local delicacy.
In 2019, Pulsar Electronic Solutions won the Innovation Award for developing ‘GridX,’ a smart metering platform that enables users to remotely manage electricity consumption via mobile devices, promoting energy efficiency in Namibia.
