Old Mutual Foundation launches OM SEED 2024
N$800 000 geared towards development
Introduced in 2022, OM SEED aims to bolster grassroots entrepreneurship by equipping individuals with the necessary resources to establish inclusive and sustainable businesses.
The Old Mutual Foundation launched its third edition of the highly anticipated Old Mutual Sustainable, Economic, and Empowerment Drive (OM SEED) last week with a total investment of N$800 000 in support of grassroots entrepreneurs in Ohangwena, Zambezi, Oshikoto, and Kavango West regions.Following the remarkable impact achieved in the Erongo, Kavango East and Hardap regions in 2022 and 2023, the foundation is extending the initiative to the Ohangwena, Zambezi, Oshikoto and Kavango West regions this year.
These four regions have been strategically chosen as the 2024 OM SEED focus areas 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.
Reaching goals
The overarching objective of OM SEED is to extend this entrepreneurship support to 14 regions by 2025.
Mignon du Preez, executive of group marketing, public affairs, and sustainability at Old Mutual Namibia said the OM SEED programme would help addressed the UN's SDGs. "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," du Preez said.
Additionally, Du Preez welcomed OM SEED partners such as the Financial Literacy Initiative (FLI), the United Nations Development Programme (UNDP), and Basecamp, stating that with collaboration, "we will be sowing the seeds of opportunity, resilience, and hope. For in our unity lies the promise of a brighter, more prosperous future for all in Namibia."
Empowering
Patricia Olivier, MD of the corporate segment and chairperson of the 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. Together, we cultivate an entrepreneurial ecosystem aligned with the United Nations' Sustainable Development Goals, paving the path for a prosperous Namibia," Olivier said.
"As part of the selection process, a team from the Old Mutual Foundation will conduct visits to 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," Olivier added.
Crucial support
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. "Winning the Kavango East champion title in OM SEED 2023 was a profound honour, underscoring our unwavering commitment. We extend heartfelt gratitude to the Old Mutual Foundation's OM SEED project for its invaluable support."
Taljaard Uaputuaka, founder of TJF Investments CC, secured the first-place position in the Hardap Region last year, expressing gratitude to the Old Mutual Foundation for investing in his business and dream to create reusable sanitary pads. "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 played a crucial role in extending our impact and optimising our resources," Uaputuaka said.
In each of the four 2024 towns, three winners will be selected, with the first prize amounting to N$50 000, the second prize valued at N$30 000 and the third prize at N$20 000. These grants will serve as catalysts, empowering the winners to scale their businesses, generate more employment opportunities, and make significant contributions to Namibia's economic growth and development.
The Old Mutual Foundation invites all aspiring entrepreneurs in Tsumeb, Nkurenkuru, Eenhana, Katima Mulilo, and surrounding areas to seize this remarkable opportunity and submit their applications. By harnessing the power of entrepreneurship and sustainable business practices, we can collectively work towards a brighter future for all Namibians.