The Sanlam Innovation Works Competition, is a public platform that offers start-up funding for entrepreneurial projects that address key issues in innovation. The top five viable business proposals were selected from over 60 entries received.
“The emphasis is on finding ways to grow the economy by collectively providing a support structure to these entrepreneurs in order for them to become real businesses,” said Tertius Stears, CEO of Sanlam Namibia.
The candidates will receive mentorship and training, as well as advisory services from the Namibia Business Innovation Institute (NBII) and Sanlam Namibia. In addition, they will each receive N$ 50 000, as seed capital and the final winner will be awarded an additional N$25 000 at a ceremony that will take place in November 2018.
“This smart partnership was initiated to specifically curb the high unemployment rate among the youth,” said Bernice Karuhumba, Manager: Entrepreneurship and Incubation at NBII. She further encouraged the finalists to be committed and to make necessary sacrifices during the eight-month period of the competition and beyond.
The business ideas include producing breakfast cereals; instant soups and sorghum coffee substitutes; harvesting Kelp seaweed, a marine resource of higher nutritional and medicinal value that is composed of rare vitamins and minerals; producing organic, essential oil based, nutrient filled body health products; development of mobile applications that commuters taxi can use to identify whether a particular taxi is registered or not, and designing a computer based SMS platform application that specifically encourages the improved involvement of parents/guardians in the educational affairs of their children.