Thinking outside the box lands food manufacturing company N$1 million
Local manufacturer VNA Native Foods, which provided a plan to manufacture powdered soup made from African spinach scooped the N$1 million Innovation Award at the recently held Development Bank of Namibia (DBN) Good Business and Innovation Awards.
The project is set to provide an additional outlet for local agriculture production and contribute to agri-industry and become an alternative to imported powdered soups.
Explaining the Award entry requirement, Inkumbi said the Bank asked entrants to show that they have done the business planning and cash flow projections, that they have thought their innovation through from beginning to end, and that they can launch their innovative business concept in a relatively short period of time, or that they have launched it already.
First runner-up in the Innovation Award, Aqua Greens Namibia, provided a plan to grow food using aquaponics, and farm fish, enhancing food security. Second runner-up Braveart Website proposed a website specializing in Namibian stock photography. This will improve marketing potential for Namibian photographers.
Winner of the Good Business Awards large enterprise category, Namibia Plastics manufactures packaging for leading Namibian brands, contributing to Namibia’s drive towards industrialisation through manufacturing, and substantially reducing import requirements for packaging.
Talking about the nature of the Good Business Awards, DBN Chairperson Tania Hangula said the Bank believes that their borrowers’ success are the Bank’s successes. Borrower success creates an enterprise environment as well as socio-economic development which lies at the heart of the Bank’s vision of national development.
Hangula added that the Bank forms an understanding of client business models, monitors loans and stays in regular contact.
First runner-up in the Development Bank of Namibia 2018 Good Business Awards large enterprise category, Nampro Fund is an investment fund established in 2010 to support SME suppliers that require funding to execute value adding contracts. Partial funding for on-lending to SMEs was provided by DBN.
Second runner-up in the Development Bank of Namibia 2018 Good Business Awards large enterprise category, OLC Arandis Solar is the first solar energy farm to sign a power production agreement with a RED, in this case Erongo RED. Established by Olthaver & List and Cronimet Mining Power Solutions, the company partners with the Women of Destiny Trust to provide benefits to women and children.
Winner of the Development Bank of Namibia 2018 Good Business Awards SME category, Puma Goreangab Waterfront Service Station refuels approximately 2,000 cars daily, provides retail facilities for the communities of Goreangab, Greenwell Matongo, Hakahana, Wanaheda and Otjomuise and provides more than 50 jobs. Banking facilities provide deposit facilities for informal traders and micro enterprises in the vicinity of Eveline Street, as well as general banking for the communities.
First runner-up in the Development Bank of Namibia 2018 Good Business Awards SME category, Ondangwa Airport Lodge focuses on business travel and, in addition to accommodation, also provides facilities for conferencing and events, effectively strengthening the business environment in Ondangwa.
Second runner-up in the Development Bank of Namibia 2018 Good Business Awards SME category, Roadhouse Guest House creates additional capacity on the route between Etosha National Park and north-eastern Namibia, and has created permanent jobs in Omuthiya.
The winners of the large enterprise and SME categories won awards of N$150,000 and N$100,000 respectively, which will be reapplied to the businesses.
While lauding the winners, the Deputy Minister of Finance, Natangwe Ithete said that the Government, through its policies, has put in place an institutional environment which provides finance for infrastructure, larger enterprises and SMEs with the aim of promoting economic activity and inclusivity. He urged project promoters to familiarize themselves with the opportunities provided by the Government and make the best possible use of them.
Caption: Winner of N$1 million in the Development Bank of Namibia 2018 Innovation Award, VNA Native Foods. Presenting the Award, Deputy Minister of Finance Natangwe Ithete and Chairperson of the DBN Board, Tania Hangula.