20 startups pitch their business ideas at first Slingshot Fund ‘Pitch on Point’ event
StartUp Namibia hosted its first pitch event “Pitch-on-Point” on 6 February at the Am Weinberg Boutique Hotel in Windhoek.
Pitch-on-Point (PoP), is a platform that lets startups access the StartUp Namibia Slingshot Fund. This consists of growth funding and business guidance which acts as a catalyst for their expansion and further growth after completion of StartUp Namibia’s incubation programmes.
The event held was to determine who would be the chosen businesses, based on the merits and potential of their ideas and future execution of the business.
There were 20 startups shortlisted through an evaluation process based on innovation, market size, growth potential and willingness to adapt and use business advice provided.
All 20 startups pitched their business ideas to a panel of highly qualified judges. The judging panel came from; StartUp Namibia, Development Bank of Namibia (DBN), Business Financial Solutions (BFS), Government Institutions Pension Fund (GIPF), EOS Capital and the Namibia Business Angel Network (NABAN).
The winners of “Pitch-on-Point” would each be awarded up to 5000 Euros, approximately N$90 660.00.
The 10 startups that were victorious at the event were; Red Apron, LEFA, Eco-Gliding Tours, Kanie, Worms R Us, Sci-Data, Verime, Nam Tutors, Jumper Namibia and Kamatjona.
Each of the winning startups provide innovative concepts that spoke to the judges and stood out as feasible business focused on growth. Jumper Namibia uses VR technology to make one of a kind marketing videos and Eco-Gliding Tours are no different, giving tours of Swakopmund on Segways. Truly an innovation for the Namibian tourism industry.
The Slingshot Fund is a milestone-based fund, meaning the successful startups are required to fulfil specified milestones over the next 6 months in order to access the fund.
“Some of the most successful startups are born in crises and out of necessity, this is a time of global disruption. Now is the time to go bold, because bold is the new normal” said Anna Vambe, StartUp Namibia Project Manager.
The startups definitely were bold, presenting fresh and unique ideas demonstrating that the ecosystem for entrepreneurs and their young, new and innovative businesses is alive and kicking.
The StartUp Namibia project is a joint Namibian-German technical cooperation project for Sustainable Economic Development, funded by the German Government and implemented by GIZ together with the Namibian Ministry of Trade and Industrialisation (MIT), the Ministry of Higher Education, Technology, and Innovation (MHETI) and the City of Windhoek (COW). Basecamp, the Startup Incubation and Innovation Centre of the StartUp Namibia project was launched to support and strengthen Namibia’s entrepreneurial ecosystem.