TEN start-up companies were awarded about M130 000 each as capital at a ceremony held at the Limkokwing University of Creative Technology yesterday. The companies include Rosemore Couture, Techno Map ICT Company, Nkhekhe Innovative Solutions, Travel Tag Lesotho, Weekly Observer Electronic Newspaper, Media Lab Multimedia, and Green Lovers.
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The awards were given under the Limkokwing Entrepreneurship Acceleration Platform, part of higher education institutions and corporations and companies that spearhead incubation programme for start-ups.
These Enterprise Support Organisations are from the Limkokwing University through its LEAP, the National University of Lesotho’s Innovation Hub, Basotho Enterprises Development Cooperation (BEDCO), The Entrepreneurs Network (TEN), and Gem Institute.
Each of these organisations was awarded M1.9 million, totalling M9.5 million.
The initiative sprang from Lesotho’s acquisition of a loan from the International Development Association (IDA) of the World Bank to execute the Lesotho Competitiveness and Financial Inclusion (CAFI) Project.
CAFI’s purpose is to enhance the availability of business support services and financial products for Small and Medium Enterprises (SMEs) and entrepreneurs, with a special emphasis on women and youths.
Limkokwing’s Enterprise Support Organisation manager, Lisema Ramaili, said the ceremony marked “a significant milestone into our journey and highlights the impactful work we are doing to support entrepreneurship and economic growth”.
“It also marks a significant step forward in our allegiance to foster innovation and entrepreneurship,” Ramaili said.
“I look back in all the journeys that we have travelled, from application to this programme, consolidating our proposals,” she said.
Limkokwing University’s Vice Chancellor, Advocate Tefo Macheli, said it is good that the small businesses are being helped to stand on their own as Lesotho marks its 200th anniversary.
Advocate Macheli said Limkokwing and the government awarded more than M1.2 million to small businesses.
“The Limkokwing University of Creativity Technology and innovation in cooperation with the Lesotho government made history that small Basotho enterprises are supported,” Advocate Macheli said.
“It has always been a challenge to the youths to start or have their own businesses because they were not supported financially” he said.
He said the Lesotho government is working hard to promote small Basotho enterprises which has not been happening in the past.
The university also provides business space with all necessary resources like water and electricity for its students in the understanding that “students are fresh from school and do not have any means of funds to have their own resources”.
Moleboheng Rose Molatelle, co-founder of Rosemore Couture, said that they first filled application forms with their business ideas and bankable business plans.
“Very fortunately I was among the top 20 that were to pitch and was able to meet the requirements,” Molatelle said.
Rosemore Couture is a clothing company.
Molatelle said the company needs equipment to grow its clothing footprint in the market.
“We need to go on with the production and add more workers so that at end of the day we could have a big company,” she said.
