Jul 03

Old Mutual Foundation Unleashes OM SEED 2.0 – Empowering Entrepreneurs in Rundu, Swakopmund/Walvis Bay and Mariental with N$300 000 for Business Growth

Press Release

The Old Mutual Foundation, in partnership with the United Nations Development Programme (UNDP) Accelerator Lab, is thrilled to launch the second run of the highly anticipated Old Mutual Sustainable, Economic, and Empowerment Drive (OM SEED) in three new towns in Namibia. Following the remarkable impact achieved in Windhoek, Keetmanshoop, and Oshakati last year, the foundation is extending the initiative to Rundu, Swakopmund/Walvis Bay, and Mariental in 2023. These three towns have been strategically selected to foster entrepreneurship, create value within local communities, and address the United Nations’ Sustainable Development Goals (SDGs).

Launched in 2022, OM SEED aims to support grassroot entrepreneurs by providing them with the necessary resources to establish inclusive and sustainable businesses that contribute to job creation and skills development across Namibia. Through offering capital and incubation support, the Old Mutual Foundation empowers aspiring entrepreneurs to realize their full potential and make a lasting positive impact on their communities. The goal of OM SEED is to empower 42 entrepreneurs in all 14 regions by the end of 2025.

Mignon du Preez, Old Mutual Namibia Group Marketing, Public Affairs, and Sustainability Executive, stated, “the Old Mutual Foundation will officially kick off the 2023 OM SEED program from 3 July to 17 July 2023. Application forms will be available at our Old Mutual branches in the participating towns, as well as on our website. We look forward to seeing how our grassroot entrepreneurs assist in addressing one of the SDGs, especially with less than seven years left before we are expected to achieve them.”

Furthermore, Du Preez highlighted that, “as part of the selection process, a team from the Old Mutual Foundation will visit the businesses of the ten shortlisted entrepreneurs in August 2023. Through careful evaluation and assessment, the top three candidates in each town will be identified as the winners who will receive financial support and incubation assistance.”

Tassius Chigariro, Old Mutual Namibia Group CEO, added that, “Entrepreneurship is the key to unlocking a brighter future for Namibia. Through initiatives like OM SEED, we empower grassroot entrepreneurs to create inclusive and sustainable businesses that drive economic growth, job creation, and community development. Together, we can cultivate a thriving entrepreneurial ecosystem that addresses the United Nations’ Sustainable Development Goals and paves the way for a prosperous Namibia.”

Unomasa Kavita, the Founder of Kavita Sports Performance and one of the winners of the 2022 OM SEED programme, expressed his gratitude for the life-changing impact it had on him. He highlighted how the programme provided him with the opportunity to collaborate with industry experts who played a crucial role in the further development of his business.

Diana Nakuumbe, the Founder of Eembe Jam, and another winner of the 2022 programme, enthusiastically encouraged aspiring entrepreneurs to participate in OM SEED. She emphasized the immense value that participants would gain from the programme, emphasizing the transformative impact it had on her own business journey.

In each town, three winners will be selected, with the first prize amounting to N$50 000, the second prize valued at N$30 000, and the third prize at N$20 000. The overall impact of OM SEED will extend to nine entrepreneurs, with a total funding allocation of N$300 000. These grants will play a pivotal role as catalysts, empowering the winners to scale their businesses, generate more employment opportunities, and make substantial contributions to the economic growth and development of Namibia.

The Old Mutual Foundation invites all aspiring entrepreneurs in Rundu, Swakopmund/Walvis Bay, Mariental, and the surrounding areas to seize this remarkable opportunity and submit their applications. By harnessing the power of entrepreneurship and sustainable business practices, we can collectively work towards a brighter future for all Namibians.