Good Business and Innovation Awards launched
Mutumba said although the DBN Good Business Awards showcase the best of enterprise financed by the bank, it also serves as a showcase for what local enterprise can strive to become.
Talking about winning enterprises, Mutumba said that enterprise excellence, particularly enterprise administration, determines the long-term viability of an undertaking. An enterprise that is sustainable in the long-term, creates long-term development benefits. He pointed out that previous development models used a non-inclusive, hand-me-down approach to development, but the inclusive model used by DBN gives ownership of projects to beneficiaries.
Commenting on the inspiration that the bank expects to generate from the awards, Mutumba said that enterprises which win awards should be seen as models for other enterprises. He said that the winners of awards will be those that not only create wealth for owners, but will also be those that create employment, help communities to sustain themselves and make best possible use of resources.
Mutumba noted a global trend towards social entrepreneurship in which enterprise becomes sustainable not just through profitability, products and services, but also by creating benefits for communities, stakeholders and the environment.
Past winners, and recipients of DBN finance, include NamPost Savings Bank, which massively increased accessibility of banking services, and the International University of Management which has contributed to private education.
Talking about the DBN Innovation Award, Mutumba said that innovation of business processes is expected to bring improvement in business methods, as well as improved resource utilisation. He highlighted the bank’s desire to see innovative enterprise proposals from sectors identified in NDP 4, i.e. manufacturing, transport and logistics, and tourism.
He said innovation is perceived as a high risk field in finance, yet the returns to successful innovation are generally very high adding that the Innovation Award is not just geared to give a start or boost to one enterprise, but is also expected to show the financial sector the scope for innovation that is emerging in Namibia.