WINDHOEK – The Development Bank of Namibia (DBN) has announced the commencement of the DBN Good Business Awards for 2014.
The third annual event would this year have a new component for innovation, and entry for the innovation awards will be open to the public. The awards highlight the best of enterprise selected from among DBN clients, in terms of excellent business practices which contribute to the development mandate of the bank.
The bank seeks to promote the example set by winners of the awards to highlight exemplary practices and the heights of success that can be attained by other Namibian enterprises.
DBN’s Communications Manager Jerome Mutumba said the awards would be in two categories, for SMEs and larger enterprises. The core factors for consideration across both categories will be development impact, shared benefits, business viability and sustainability.
He added that both categories would have special judgment criteria. SMEs will be judged with special reference to the creation of permanent employment. Larger enterprises will be judged with special reference to local resource utilisation.
In a departure from the format of the two previous competitions, Mutumba said, entrants for the 2014 Good Business Awards will be selected by a panel from DBN.
In previous Good Business Awards entry periods, potential entrants proved too occupied with enterprise administration to devote time to their entries. Identification of potential winners from within the bank will enable the bank to take a wider view of excellence within its client portfolio.
Mutumba said that in order to ensure impartiality, an independent panel of experts would be employed to assess the potential award winners. Previous winners of Good Business Awards have included NamPost Savings Bank, International University of Management, Armstrong Construction, Karakulia Weavers and Fresh N Bake Bakery and Market.
Talking about the DBN Innovation Awards, Mutumba said the new element of the event is open to the public and a public call for entries is being issued.
He said the innovation awards would be used to highlight the importance of innovation to the bank, as well as its role in national and enterprise development. The winner, he said, would receive between N$50 000 and N$150 000 from the bank to be used to start up or strengthen the initiative.
Mutumba continued that innovation is critical for developing the competitive edge for enterprise in Namibia. He noted that although the term “innovation” is typically associated with technology, in the Namibian context it would also consider resource innovation through better utilisation as well.
Additional factors that would be valued in granting the awards would be improvement in social development indicators such as health or education, as well as initiatives that address current issues such as renewable energy.
Mutumba said the judging process would seek ideas that could be applied across a sector, with a rapid start up or expansion process. He added that the best ideas would be franchisable across many companies, and that they should complement enterprises rather that replacing them. The judging process of the innovation awards, he said, would include expertise from within DBN, as well as independent judges.
“We hope to receive thought-provoking entries for the innovation awards. The bank is aware that the Namibian environment is challenging, and forces enterprise to adapt in innovative ways. We want to highlight and nurture the best of Namibian ingenuity,” Mutumba concluded.