Namibia’s startup ecosystem has continued to thrive, securing the 8th position in Africa on the 2024 Startup Blink Global Startup Ecosystem Index.
This marks a significant improvement over the previous year, surpassing Ghana and Tunisia, which rank 9th and 10th, respectively.
The annual index evaluates startup ecosystems worldwide, considering factors such as the number of startups, their growth, and the overall infrastructure supporting entrepreneurship.
“Namibia maintains its positive trend over the last three years. Namibia’s positive trend continues for the third consecutive year, with a total climb of 12 places since first joining the Index in 2021,” said the Index.
Furthermore, Windhoek, surged by 35 spots to rank at 616th, extending its positive trend over the last three years, totalling a climb of 240 spots within the global top 1,000.
“Windhoek dropped one place in Africa, now ranking 23rd, above Zambia’s Lusaka and Cape Verde’s Praia, which are ranked 24th and 25th, respectively,” it said.
In terms of the start-ups, the index looked, at Jabu Logistics, based in Windhoek leads the rankings with a 332 SB Score in the e-commerce and retail sector.
Lynkwise, a fintech company also located in Windhoek, follows with a 212 SB Score. Another fintech company, FundRoof, holds a 133 SB Score.
In the marketing and sales sector, Dollar from Windhoek has a 73 SB Score, while Paratus, specializing in Hardware & IoT, rounds out the list with a 71 SB Score.
The index highlights that the Namibian startup ecosystem offers local entrepreneurs a secure and stable environment that 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.
“There is also work to be done in developing sufficient entrepreneurial talent in Namibia, especially given the country’s small population. Yet, the country achieved a milestone in 2022 with YC-backed JabuPay, a startup that became the first in the country to raise Series A investment,” the index noted.
The index commended the Namibia Investment Promotion and Development Board (NIPDB), highlighting that it plays a key role in advancing Namibian startup ecosystems through initiatives and partnerships, such as with Sanlam, to support local entrepreneurs.
“Similarly, Startup Namibia aims to improve the conditions for the establishment and growth of startups in selected regions of Namibia, runs an incubation and innovation center called Basecamp, and works with the Digital Transformation Center on challenges for digital startups and enhancing digital skills,” the index added.
Meanwhile, another public sector organization that helps the growth of the startup ecosystem is the Namibia Investment Center which provides assistance and information to foreign investors.
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.
“The organisations we mentioned above are critical players to develop the startup ecosystem in the country, but the Namibian startup ecosystem is still in its very early stages. However, its seed activity is promising. More success stories and a stronger entrepreneurship network can help Namibia become a regional innovation hub in the future,” said the index.
