The Old Mutual Foundation has received 400 applications from hopeful entrepreneurs seeking seed funding from its Sustainable Economic and Empowerment Drive (OM SEED 2.0).
After the evaluation process, Foundation identified 10 outstanding entrepreneurs from regions across the country who will now compete for the opportunity to receive their share of N$300,000 in funding to fuel their business ventures.
Launched in 2022, OM SEED aims to support grassroots entrepreneurs by providing them with the necessary resources to establish inclusive and sustainable businesses that contribute to job creation and skills development across Namibia. Through offering capital and incubation support, the Old Mutual Foundation empowers aspiring entrepreneurs to realize their full potential and make a lasting positive impact on their communities. The goal of OM SEED is to empower 42 entrepreneurs in all 14 regions by the end of 2025.
In a statement, the Old Mutual Foundation said its team will travel in the next three weeks to three regions to assess the shortlisted candidates and select the top three candidates who will receive funding to boost their businesses.
The Foundation explained that the seed fundingin start-ups and small businesses is intended to drive economic development, create employment opportunities and foster innovation within the local communities.
The Old Mutual Foundation, in partnership with the United Nations Development Programme (UNDP) Accelerator Lab, unveiled the top 30 shortlisted candidates for the second run of the OM SEED 2.0.
According to the Foundation, the 30 candidates represent the best entrepreneurial talent from the Kavango East, Hardap and Erongo regions, and they have been selected for their exceptional business ideas and growth potential.
Old Mutual Namibia Group Marketing, Public Affairs and Sustainability executive, Mignon du Preez stated that these entrepreneurs have displayed remarkable ingenuity and dedication.
The Old Mutual Namibia Group believes that their ventures have the potential to make a lasting impact on Namibia’s entrepreneurial landscape.
The Foundation added that the OM SEED 2.0 project is their commitment to fostering entrepreneurship, supporting local businesses and driving economic growth in Namibia, adding that empowering these talented individuals, the initiative aims to cultivate a thriving entrepreneurial ecosystem that benefits both entrepreneurs and the broader community.Email: firstname.lastname@example.org