Inventor says UK investors want him relocate
Pedro da Fonseca of Black Gold Engineering's LED bulb invention which he says wowed investors in the UK may be relocating to that country on demand of investors.
NDAMA NAKASHOLE
A young Namibian inventor, Pedro da Fonseca, says some of the UK investors interested in his invention want him to relocate to the European country to do business there.
He spoke to Market Watch yesterday morning, after he had made his final pitch as a finalist at Pitch@Palace in the UK on Monday night.
Picth@Palace was founded by the Duke of York in 2014 to support entrepreneurs who are tackling problems that affect daily life by connecting them with potential investors.
Da Fonseca, who is an electrical engineer by profession, made it to the final round with 51 other start-ups with his invention, the NamLux streetlight.
NamLux is an LED bulb that is not only brighter but more efficient, longer lasting and requires minimal power for operation, he said.
The benefits of NamLux are low energy consumption, reduced costs, no maintenance required, no change in the current street-lighting setup, improved lighting, as well as 60% to 80% guaranteed savings on power, Da Fonseca said.
The young inventor patented his invention at the Business and Intellectual Property Authority (Bipa) last year.
Results
Da Fonseca yesterday said although he did not make it to the top three winners on Monday night, he attracted the attention of potential investors.
During the night’s networking time, he said the main question he kept receiving was how he got that far without his government coming on board.
He said about ten UK investors urged him to relocate to that country so that they could do business together.
“They (UK investors) want me to relocate here so that I can start up there, as my invention is fully fit for their setup,” he said.
Da Fonseca said these investors would bring in working capital and help with modelling and business growth strategies in exchange for shares in the business.
But despite the tempting offer, Da Fonseca said he would prefer getting Namibian investors or government support to keep the operation local, “so we first make our country great before anyone else’s”.
“If this [competition] was in Africa, it would have been greater. I made a lot of contacts. I will see how it will go from there when I get back to Namibia. It will also depend on how the government will see this.
Way up
Last year, Da Fonseca and his invention represented Namibia at the Seoul International Inventors Fair 2017. His participation was made possible with financial assistance from Bipa.
The event took place between 30 November and 3 December 2017 at the COEX exhibition hall in Gangnam, Seoul, South Korea.
Da Fonseca, who calls his company Black Gold Engineering, says all he needs is an investor to help grow the business.
A young Namibian inventor, Pedro da Fonseca, says some of the UK investors interested in his invention want him to relocate to the European country to do business there.
He spoke to Market Watch yesterday morning, after he had made his final pitch as a finalist at Pitch@Palace in the UK on Monday night.
Picth@Palace was founded by the Duke of York in 2014 to support entrepreneurs who are tackling problems that affect daily life by connecting them with potential investors.
Da Fonseca, who is an electrical engineer by profession, made it to the final round with 51 other start-ups with his invention, the NamLux streetlight.
NamLux is an LED bulb that is not only brighter but more efficient, longer lasting and requires minimal power for operation, he said.
The benefits of NamLux are low energy consumption, reduced costs, no maintenance required, no change in the current street-lighting setup, improved lighting, as well as 60% to 80% guaranteed savings on power, Da Fonseca said.
The young inventor patented his invention at the Business and Intellectual Property Authority (Bipa) last year.
Results
Da Fonseca yesterday said although he did not make it to the top three winners on Monday night, he attracted the attention of potential investors.
During the night’s networking time, he said the main question he kept receiving was how he got that far without his government coming on board.
He said about ten UK investors urged him to relocate to that country so that they could do business together.
“They (UK investors) want me to relocate here so that I can start up there, as my invention is fully fit for their setup,” he said.
Da Fonseca said these investors would bring in working capital and help with modelling and business growth strategies in exchange for shares in the business.
But despite the tempting offer, Da Fonseca said he would prefer getting Namibian investors or government support to keep the operation local, “so we first make our country great before anyone else’s”.
“If this [competition] was in Africa, it would have been greater. I made a lot of contacts. I will see how it will go from there when I get back to Namibia. It will also depend on how the government will see this.
Way up
Last year, Da Fonseca and his invention represented Namibia at the Seoul International Inventors Fair 2017. His participation was made possible with financial assistance from Bipa.
The event took place between 30 November and 3 December 2017 at the COEX exhibition hall in Gangnam, Seoul, South Korea.
Da Fonseca, who calls his company Black Gold Engineering, says all he needs is an investor to help grow the business.
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