StartupBlink, a platform analysing over 150,000 startups quarterly, ranks Namibia 8th in Africa surpassing Ghana and Tunisia, highlighting the country’s growing startup ecosystem.
On a global scale, Namibia ranked in the 87th position. StartupBlink’s ranking system considers factors like traction, funding and employee numbers to determine a company’s SB Score, revealing its position globally and within its specific ecosystem, region, industry and sub-industry.
According to the report, this marks the third consecutive year of growth, with the country having ascended a total of 12 places since its initial inclusion in the rankings in 2021.
It is further reported that Windhoek has witnessed a significant surge in the global startup city ranking 616th and jumping 35 spots. This propels Windhoek into a competitive position, currently ranking within the top 700 startup cities worldwide.
“The only ranked city, Windhoek, surged by 35 spots to rank at 616th, extending its positive trend over the last three years, totaling a climb of 240 spots within the global top 1,000,” the report reads.
Namibia’s ranking is attributed to having a startup ecosystem that is considered to be a secure and stable environment, fostering entrepreneurship and innovation, according to the report.
Windhoek’s leading startups showcase a strong presence in key sectors. Paratus is a hardware and IoT company which has successfully raised over N$600 million from its recent rights issue to expand its offerings by enhancing its core systems and infrastructure and is ranked 71st in Africa.
Dollar, a marketing and sales company, secured a score of 73, while fintech emerged as another area of strength, with FundRoof and Lynkwise achieving scores of 133 and 212 respectively.
Jabu, the e-commerce and retail frontrunner which through JabuPay and backing from Y Combinator, became the first in the country to secure Series A funding in 2022, boasts a score of 332 according to the report.
The report further says that despite growing, the start-up ecosystem still faces challenges such as a lack of physical infrastructure, cumbersome bureaucracy and limited access to market opportunities and restricted access to funding for startups.
Additionally, the report highlights the need to cultivate a larger pool of entrepreneurial talent, particularly considering Namibia’s relatively small population.
“The Namibian startup ecosystem offers local entrepreneurs a secure and stable environment which promotes entrepreneurship and innovation in the region. The main challenges for Namibian startup ecosystems are the lack of physical infrastructure, heavy bureaucracy, low access-to-market, and low levels of funding for startups,” it reads.
The report further says organisations like the Namibia Investment Promotion and Development Board (NIPDB) and Startup Namibia play a vital role in Namibia’s ecosystem success by spearheading initiatives, fostering collaboration, and offering support to entrepreneurs.
Similarly, the Namibia Investment Center provides assistance and information to foreign investors seeking opportunities within the Namibian startup landscape.
“Private sector organizations are also active in the ecosystem. For instance, Impact Tank, Namibia’s first social impact venture builder, promotes social entrepreneurship to create sustainable impact,” it reads.
