Informal economy poised for productivity

ONCE start-ups in the informal economy find ways of upscaling their existing businesses and finding alternative sources of income, they would be able to improve that sector, while putting informal settlements on the map as economically productive areas. This will in turn contribute to the growth of the national economy.

These were part of the resolutions made at the Gobabis micro-business start-up festival which took place last Friday. The festival was a collaborative effort between the Gobabis municipality and the Financial Literacy Initiative.

Over 500 members of informal settlements attended the festival, which was themed ‘Own Your Zula’.

Many of the informal settlement dwellers are involved in some form of income-generating activity. Hence, supporting them is essential to improve the local economy of the settlement, and address unemployment through job-creation.

Speaking at the event, presidential adviser on youth matters and enterprise development Daisry Mathias highlighted the importance of hosting events of this nature in informal settlements to encourage the youth to take a more proactive approach in creating a better future for themselves.

The festival offered an in-depth programme with parallel workshops and panel discussions on topics such as ‘Own your Zula’, dealing with failure as an entrepreneur, managing your business and personal finances, and creativity in business.

The festival ended with a pitching competition, where nine residents from the settlement pitched their business ideas on the big stage. The first prize winner walked away with N$6 000 and a Pebble computer, followed by the second and third prize winners, who also received Pebble computers and cash prizes.

Each of the participating pitchers also won N$ 1 000. Apart from the innovativeness of the pitches, one of the main pitching criteria was the impact the business idea would have on the Gobabis community.

The festival was sponsored by the Gesellschaft für Internationale Zusammenarbeit (GIZ) on behalf of the German economic and development ministry.