Big bucks for startups
09 February 2021 | Business
Pitch-on-Point (PoP) is a platform that lets start-ups access the StartUp Namibia Slingshot Fund. This consists of growth funding and business guidance which acts as a catalyst for their expansion and further growth after completion of StartUp Namibia’s incubation programmes. This was the event that decided who would be the chosen businesses, based on the merits and potential of their ideas and future execution of the business.
There were 20 startups shortlisted through an evaluation process based on innovation, market size, growth potential and willingness to adapt and use business advice provided. All 20 startups pitched their business ideas to a panel of highly qualified judges coming from StartUp Namibia, Development Bank of Namibia (DBN), Business Financial Solutions (BFS), Government Institutions Pension Fund (GIPF), EOS Capital and the Namibia Business Angel Network (NABAN).
The PoP winners would each be awarded up to €5000 (approximately N$90 660), and the 10 startups that were victorious are Red Apron, LEFA, Eco-Gliding Tours, Kanie, Worms R Us, Sci-Data, Verime, Nam Tutors, Jumper Namibia and Kamatjona.
Each of the winning startups provide innovative concepts that spoke to the judges and stood out as feasible business focused on growth. For example, Jumper Namibia uses VR technology to make one of a kind marketing videos while Eco-Gliding Tours provide tours of Swakopmund on Segways.
Truly an innovation for the Namibian tourism industry!
The Slingshot Fund is a milestone-based fund, meaning the successful startups are required to fulfil specified milestones over the next six months in order to access the fund.
“Some of the most successful startups are born in crises and out of necessity. This is a time of global disruption, so now is the time to go bold, because bold is the new normal,” said Anna Vambe, StartUp Namibia Project Manager.
The startups definitely were bold, presenting fresh and unique ideas demonstrating that the ecosystem for entrepreneurs and their young, new and innovative businesses is alive and kicking.