Accounting student awarded US$5000 seed capital to finance start-up
By Lydia Sageus
The University of Namibia.
Gideon Shilunga, a 4th year Bachelor of Accounting student at the University of Namibia, recently received US$5 000 from the Tony Elumelu Foundation (TEF) to finance his e-commerce business called Republik Ventures.
The seed capital, worth approximately N$76 500, was presented to the 24-year-old entrepreneur after attending the foundation’s entrepreneurial training for the past eight months
Shilunga said the experience was invaluable. “I learned a lot during those eight months of intensive training, however, I am even more grateful that I received capital to finance my business,” he added.
His business idea was selected out of a pool of 400,000 business ideas from all around Africa, from which only 4 000 received seed capital.
“Being selected out of a multitude of 400 000 means a lot to me and this opportunity will propel the business to success because I will be able to upscale my business and pay for all the administration cost while doing so,” he added.
Republik Ventures is an online store that is set to revolutionaries online shopping in Namibia.
“Soon Republik Ventures will not only be an online store that sells products but one that creates a platform for individuals to resell their products safely,” expressed Shilunga.
He further said that his business was previously facilitated through Facebook and Instagram which tainted his credibility, but with this seed capital, he intends to set up a website of his own.
“With a website and application, Republik Ventures will be able to establish its credibility as a business as well as be able to better serve the community,” he concluded.