Chelete Cage pitch event to empower local MSMEs successfully concluded
The Namibia Investment Promotion and Development Board (NIPDB) and the World Bank Group recently shared their successful conclusion of the Chelete Cage pitch event, which provided a crucial platform for innovative startups and micro, small, and medium enterprises (MSMEs) to raise funds and meet their capital needs.
The aim of the initiative, which was held recently in Windhoek, was to empower MSMEs and encourage them to take a critical look at their business models, market positioning, and growth potential.
This marks a significant milestone in the government’s efforts to address the persistent challenge of access to finance that MSMEs face in Namibia.
The event provided eight investment-ready Namibian MSMEs in the food processing, cosmetics and manufacturing, tech, and logistics industries with an opportunity to pitch their business concepts for a capital amount of N$30,000, N$20,000, and N$10,000 for their businesses.
“Additionally, the MSMEs were offered access to non-monetary support, including guidance on how to approach potential investors and tips on perfecting their pitch. In the main, the project aims to empower MSMEs and encourage them to take a critical look at their business models, market positioning, and growth potential. Through this process, they can identify areas for improvement and refine their approach, to ultimately expand and scale their operations,” the two companies said in a joint statement on Monday.
Meanwhile, the pitching MSMEs were selected from the Know2Grow High Potential Pool (K2G HPP), a specialised programme designed by the NIPDB to assist MSMEs with high potential to export their products.
K2G HPP provides a range of export-focused capacity building and market access opportunities for Namibian MSMEs, including initiatives such as Chelete Cage, that aim to unlock access to finance opportunities that will enable businesses to expand their businesses and export their products into larger domestic and international markets, according to the joint statement.
The winners are Ndaka Mushrooms & Processing by Abner Tomas, awarded the first prize of N$30,000, Ilotu Investment CC by Mareka Masule, awarded the second prize of N$20,000 and K12 Edtech Inc by Loide Dawid, awarded third prize of N$10,000.
Speaking about his experience during Chelete Cage, Tomas said it was an eye-opening experience that provided a great networking platform. He added that the coaching sessions were helpful for his business.
“I felt grateful and humble when I emerged as the winner. I have used about N$ 10,000 of my winnings to purchase materials I am currently using to build an extra 9 square metres of mushroom fruiting room, so we increase our weekly mushroom production. With the remaining amount of N$ 20,000, I’m planning to improve our product’s standards and obtain necessary certifications with the Namibia Standard Institution and the Namibia Agronomic Board,” he commented.
This initiative recognizes the critical role that MSMEs play in driving economic growth and job creation and the challenges they face in accessing finance to support their operations. Chelete Cage is part of the NIPDB’s initiatives to bridge the access to finance gap and help MSMEs grow. The next installment of Chelete Cage will take place later this year, the NIPDB added.
Executive Director of MSME Development, Innovation, and Acceleration at NIPDB, Dino Ballotti and Lead Private Sector Specialist at the World Bank, Ganesh Rasagam pose with the winners and judges of the Chelete Cage 2023.
