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OM SEED empowers entrepreneurs

2024-06-10  Staff Reporter

OM SEED empowers entrepreneurs

The Old Mutual Foundation has announced the 40 shortlisted candidates for the Old Mutual Sustainable, Economic and Empowerment Drive (OM SEED) Entrepreneurship Programme, which is currently in its third edition. 

The initiative maintains its objective to promote entrepreneurship, accelerate economic growth and address the Sustainable Development Goals (SDGs) in Namibia, in collaboration with partners Basecamp and the Financial Literacy Initiative (FLI).

 OM SEED was launched in 2022, and has reached six regions to date. This year’s focus is on Ohangwena, Oshikoto, Zambezi and Kavango West regions. In 2025, OM SEED is scheduled to reach out to entrepreneurs in Kunene, Omaheke, Omusati and Otjozondjupa – covering a total of 14 regions in three years. 

Since its founding, OM SEED has played a significant role in fostering grassroots entrepreneurship by giving prospective business owners access to funding, incubator and mentorship support, and is dedicated to creating a robust and welcoming entrepreneurial environment in Namibia.

 Patricia Olivier, Old Mutual Foundation chairperson and managing director of the Corporate Segment: “We are thrilled to announce the top 40 shortlisted candidates for the 2024 OM SEED Initiative. The expansion of this initiative into new regions marks a significant step in our mission to support local entrepreneurs nationwide. By providing them the necessary resources and recognition, we are driving economic growth, enhancing community resilience and contributing to the country’s Sustainable Development Goals.”

 The selection process for the programme is rigorous, involving comprehensive evaluations and on-site visits to the businesses of the 10 shortlisted entrepreneurs in each town. These visits, scheduled for June 2024, will culminate in the identification of the top three candidates in each town, who will receive financial support and incubation assistance.

  Three winners will be chosen from each of the four regions: the first award will be N$50 000, second prize N$30 000, and third prize N$20 000. These grants will serve as catalysts, empowering the winners to scale their businesses, create more employment opportunities, and significantly contribute to Namibia’s economic growth and development.

The Old Mutual Foundation has stated that “together, through entrepreneurship and sustainable business practices, we can build a resilient and inclusive future for all Namibians”.

2024-06-10  Staff Reporter

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