FLI hosts Startup Festival at Opuwo
The Financial Literacy Initiative (FLI) recently hosted a start-up festival in the town of Opuwo with collaboration from the Kunene regional council.
13 November 2020 | Events
The Financial Literacy Initiative provided an opportunity for business men and women to pitch not only existing business enterprises, but also ideas that they would like to establish. This opportunity provided training to start-up entrepreneurs as well as a platform to access the needed support for their business.
One of the businesses that were pitched on 7 November was that of Sarafina Costa, in partnership with two of her best friends. Their business venture is aimed at curbing the lack of stationery outlets and printing facilities at Opuwo. The enterprise is known as Fine Apples, a name that was derived from the concept of friendship, to motivate and represent each other well.
Fine Apples walked away with a N$4 000 prize, while scooping third place in the pitch competition. Costa said the money would be used to register the new venture, since it was pitched as a new idea and was not yet registered. Since the trio is caught up with busy schedules, they have decided to hire somebody to register the business on their behalf.
In order to access 70 percent of the cash, the entrepreneurs need to provide a quote for the planned use of the money before the funds can be released, while the remaining 30 percent will be deposited in the company’s bank account.
The winning pitch was that of the Opuwo Accommodation venture, which scooped a N$10 000 prize, while Aquablitz secured N$7 000 in second place.
The Financial Literacy Initiative falls under the ministry of finance and exists to enhance financial education of businesses and individuals. The start-up festival was held under the theme ‘Own your Zula’ and was aimed at inspiring Namibians to become entrepreneurs as well as to celebrate the beauty of new ideas and the founders of such ideas.
“We intend to tap into the existing culture of resourcefulness and entrepreneurship among community members,” stated a representative about FLI’s presence in Opuwo.
“The festival therefore is necessary to inspire Namibians to become entrepreneurs and take the risks associated with it.”