Foster Digital Education Group wins Business Plan contest
The first place winners in the annual Business Pan Competition were Foster Digital Education Group whose idea was creating a digital online resource centre for high-school students.
The second prize went to the Namibia Academy of Defensive Driving, whose business idea on developing a simulated defensive driving school, was born from the idea of helping to curb the losses of lives and damages to cars due to road accidents, while the third place winners were the Jardin ET Lumiere Foundation, whose idea was the creation of creative lighting using carved wood and stones for households and establishments.
For the seventh consecutive year, FNB Namibia’s Business SME Division has supported the annual Business Plan Competition, which was held on November 17.
The competition is designed to stimulate innovation and creativity among future entrepreneurs and entice start-ups to plan their operations properly.
Speaking at the awards ceremony, Sam Ikela, head of SME and growth segment in FNB’s Business Division gave advice to upcoming entrepreneurs.
“It is important to centre your focus on the future of the business to ensure its sustainability; re-invest in your business cycle to grow the business year on year and have a well-prepared business plan for your product or service that has good market potential.’’
Entrepreneurship and incubation officer Edwin Kavihuha used the opportunity to congratulate the participants on their respective winnings and expressed confidence that it would spark and elevate their interest in making their business endeavours a resounding success.
Sam Ikela added that one of the effective but often overlooked ways SMEs can grow their business networks and clientele was by forming strategic and mutually beneficial partnerships with other businesses in their industries.
“This form of partnership works best when each business has a product or service that will help the other, but that each respective business does not have internally. By pooling their marketing and networking resources, and working together on projects, each company can benefit.’’
He concluded: “We take cognizance of the importance and value addition that the SME sector has on the economy. That is why FNB Business has introduced the SME Special Fund to support, develop and grow the SME sector by providing the necessary financial and technical assistance to SME’s on a sustainable basis.
“To the main sponsors I would like to re-assure you that you’re indeed a driving force behind this intervention and your commitment, generosity and good gesture is very much appreciated. Your contribution is indeed a concerted and complimentary effort to government aspirations in growing the SME sector’’, Kavihuha stated.