The Namibia Investment Promotion and Development Board (NIPDB) and the World Bank Group recently concluded a Chelete Cage pitch event, providing a platform for innovative start-ups and micro, small and medium enterprises (MSMEs) to raise funds and meet their capital requirements.
NIPDB, in a statement released yesterday, said the initiative, held recently in Windhoek, marks a significant milestone in the Namibian government’s efforts to address the persistent challenge of access to finance for MSMEs.
“Chelete Cage provided eight investment-ready Namibian MSMEs in the food processing, cosmetics and manufacturing, as well as tech and logistics industries with an opportunity to pitch their business concepts for a capital amount of N$30 000, N$20 000 and N$10 000 for their businesses,” reads the statement.
Additionally, NIPDB stated the MSMEs were offered access to non-monetary support, including guidance on how to approach potential investors and tips on perfecting their pitch.
The Chelete Cage project aims to empower MSMEs and encourage them to take a critical look at their business models, market positioning and growth potential.
Through this process, businesses can identify areas for improvement and refine their approach to ultimately expand and scale their operations.
The pitching MSMEs were selected from the Know2Grow High Potential Pool (K2G HPP), a specialised programme designed by the NIPDB to assist MSMEs with high potential to export their products.
K2G HPP provides an array of export-focused capacity building and market access opportunities for Namibian MSMEs, including initiatives, such as Chelete Cage, that aim to unlock access to finance opportunities to enable businesses to expand and export their products into larger domestic and international markets.
Chelete Cage Pitch winners
Ndaka Mushrooms & Processing by Abner Tomas, awarded the first prize of N$30 000. Ndaka Mushrooms and Processing CC is a company specialising in sustainable mushroom farming and processing, offering fresh organic mushrooms, grow kits, spawns and short-term training on mushroom cultivation.
Second is Ilotu Investment CC by Mareka Masule, awarded with a prize of N$20 000. Ilotu is a Namibian-owned company producing organic and natural cosmetics and offers fitness and health services to promote holistic well-being.
Awarded the third is K12 Edtech Inc by Loide Dawid with N$10 000. K12 EdTech is an educational technology company that digitises, streamlines and automates academic and mundane tasks for kindergarten to senior secondary education.
Speaking about his experience during Chelete Cage, Tomas shared that it was an eye-opening experience that provided a great networking platform. He added that the coaching sessions were extremely helpful for his business.
“When I was announced as the winner, I felt grateful and humble. I have used about N$10 000 of my winnings to purchase materials, which I’m currently using to build an extra nine square meters of mushroom fruiting room so we increase our weekly mushroom production. With the remaining amount of N$ 20 000, I plan to improve our product standards and obtain necessary certifications with the Namibia Standard Institution (NSI) and the Namibia Agronomic Board (NAB),” he stated.
The investment board added that winners were selected by a panel of independent judges on numerous criteria, including identification of a clear problem in the market, the feasibility of the business, scalability of the business, market potential, sustainability of the business model, traction and investment potential as well as skills of the team.
Aligned with the NIPDB’s mandate to coordinate MSME activities and support their growth and development across all levers of the economy, the initiative recognises the critical role smaller businesses play in driving economic growth and job creation – and the challenges they face in accessing finance to support their operations.
Chelete Cage is part of the NIPDB’s initiatives to bridge the access to finance gaps and help MSMEs grow. The next instalment of Chelete Cage is scheduled for later this year.