Seed money for grassroots entrepreneurs
The third edition of the Old Mutual Sustainable, Economic, and Empowerment Drive (OM SEED) was launched earlier this week, with a total investment of N$800 000 in support of grassroots entrepreneurs in Ohangwena, Zambezi, Oshikoto and Kavango West regionsFollowing the impact achieved in the Erongo, Kavango East and Hardap regions in 2022 and 2023, the foundation is extending the initiative to these regions this year. The regions have been strategically chosen to foster entrepreneurship, create value within local communities, and help address the United Nations' Sustainable Development Goals (SDGs).
Introduced in 2022, OM SEED aims to bolster grassroots entrepreneurship by equipping individuals with the necessary resources to establish inclusive and sustainable businesses, thereby contributing to job creation and skills development nationwide.
Through capital provision and incubation support, the Old Mutual Foundation empowers aspiring entrepreneurs to realise their full potential and make enduring positive impacts within their communities. The overarching objective of OM SEED is to extend this entrepreneurship support to 14 regions by 2025.
Old Mutual’s Mignon du Preez said that applications are open until 3 June 2024. Application forms will be available at Old Mutual branches in the participating towns and on the Old Mutual Namibia website. “We eagerly anticipate witnessing how our grassroots entrepreneurs contribute to addressing the SDGs, particularly with less than seven years remaining until our expected achievement of these goals.”
Partners
Du Preez welcomed OM SEED Partners such as the Financial Literacy Initiative (FLI), the United Nations Development Programme (UNDP) and Basecamp on board, stating that with collaboration, the seeds of opportunity, resilience and hope are sown.
Patricia Olivier, MD of Corporate Segment and Chairperson of Old Mutual Foundation underscored the importance of fostering entrepreneurship in shaping Namibia's future. “Initiatives like OM SEED empower grassroots entrepreneurs, fostering inclusive and sustainable businesses that drive economic growth, create job opportunities and facilitate community advancement.”
Olivier emphasised that “as part of the selection process, a team from the Old Mutual Foundation will visit the businesses of the ten shortlisted entrepreneurs per town later this year. Through thorough evaluation and assessment, the top three candidates in each region will be identified as winners, receiving financial support and incubation assistance.”
Entrepreneurs
In the previous OM SEED edition, Ladislaus Shikerete of Wapa-Nawa Recycling Centre emerged as the champion entrepreneur, securing the OM SEED 2023 Kavango East title. Shikerete, who transforms plastic waste into environmentally friendly bricks without water, was awarded N$50 000 to expand his business.
Taljaard Uaputuaka, the founder of TJF Investments CC, secured first place in the Hardap region last year. “At TJF Investments CC, our commitment lies in merging environmental awareness with economic advancement. OM SEED propelled our goal of creating reusable sanitary pads, further empowering our efforts. The awarded funds have been crucial in extending our impact and optimising our resources.”
In each of the four 2024 towns, three winners will be selected, with the first prize of N$50 000, the second prize of N$30 000, and the third prize of N$20 000 up for grabs.
The Old Mutual Foundation invites all entrepreneurs in Tsumeb, Nkurenkuru, Eenhana, Katima Mulilo and surrounding areas to seize this opportunity and submit their applications.