Online Reporter
Business Reporter
Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube has called for the creation of centres for entrepreneurship within higher learning institutions as part of the value chain in the nurturing of entrepreneurs.
Minister Ncube said entrepreneurship centres would play a crucial role by providing training and facilitating collaborations between aspiring entrepreneurs and venture capital companies.
Moreover, the centres would guide aspiring entrepreneurs in developing viable business plans.
Minister Ncube made the remarks during the official launch of the National Venture Capital Company of Zimbabwe (NVCCZ), a vehicle designed to support and assist start-up businesses, in Harare last week.
“We need to create an entrepreneurship ecosystem and I feel that it is the next step that we need to take,” said Minister Ncube.
Centres for entrepreneurship are crucial hubs within higher learning institutions.
They play a vital role in nurturing entrepreneurial talent by providing training, mentorship, access to resources and opportunities for collaboration.
The centres often connect aspiring entrepreneurs with industry professionals, investors and potential partners, fostering innovation and driving economic growth.
Minister Ncube underscored the Government’s commitment to fostering innovation, growth, and prosperity by providing crucial funding and support to startups and early-stage businesses through the establishment of the NVCCZ.
He said the NVCCZ was a vital initiative aimed at bridging the funding gap faced by startups and early-stage businesses.
Venture capital firms invest in early-stage companies with high growth potential.
The firms may not be profitable yet but have innovative ideas and disruptive technologies.
They startups develop their business models, secure further funding, and ultimately achieve a successful exit through acquisition by a larger company.
“Their mission is to provide patient capital, mentorship, and strategic guidance to high growth potential ventures, enabling them to scale up and compete globally,” said Minister Ncube.
“We are committed to supporting innovative ideas, creating jobs, contributing to the country’s economic development.
Minister Ncube paid tribute to President Mnangagwa, whom he described as a passionate advocate for innovation.
His commitment to innovation has been demonstrated through the establishment of innovation hubs at higher learning institutions.
As such, Minister Ncube said NVCCZ would actively partner with innovation hubs to identify and support promising entrepreneurs within these ecosystems.
“His Excellency is very passionate about these innovation hubs,” said Minister Ncube.
“And we are just bridging the gap through the venture fund to provide the capital that is needed for them to move to the next stage.
NVCCZ chief executive Mr Tinotenda Kambasha said venturing into the venture capital landscape would play a crucial role in identifying and supporting entrepreneurs with innovative solutions to address pressing national challenges.
He said by actively engaging with and investing in promising startups, NVCCZ would contribute significantly to fostering a vibrant entrepreneurial ecosystem that drives economic growth and development.
Three projects were showcased during the launch.
Thepo Manganda, founder of PureAid Agroprocessors, unveiled his company involved in processing tomatoes into powder to minimise post-harvest losses for small-scale farmers.
By drying and packaging tomatoes, they extend shelf life up to 18 months.
Mr Manganda noted that Zimbabwean farmers experience significant post-harvest losses, potentially reaching 47 percent annually, due to limited processing capabilities, inadequate market access and market manipulation.
Ms Agatha Mandova, a final-year nursing student, founded KumbaCare, a telemedicine application designed to improve access to affordable healthcare in rural Zimbabwe.
Recognising the challenges of limited patient-doctor ratios and long travel distances for specialised care, KumbaCare aims to bridge this gap.
KumbaCare also offers an embedded insurance plan called One Health.
For just one dollar per month, patients gain access to medication valued at US$30 and can consult with a doctor.
To ensure accessibility, KumbaCare is developing a USSD platform to cater to patients in underserved areas and those without smartphones to ensure that geographical location and device ownership do not impede access to our high-quality healthcare services.
By 2030, KumbaCare aspires to impact the lives of five million people and establish 1 000 virtual clinics.
Mobility for Africa, an electric scooter startup, aims to address the significant burden of manual labour, particularly for women in rural Africa.
Inspired by personal experiences in rural Zambia, founder Ms Shantha Bloementhe said Mobility for Africa has developed robust, low-speed tricycles specifically designed for off-road conditions in rural areas.
The tricycles have successfully undergone rigorous testing in challenging terrains, including the Honde Valley.
The tricycles can be utilised for transporting firewood, water, and agricultural produce, tasks traditionally undertaken by women in many parts of Africa.
Mr Kambasha said the projects showcased during the launch served as a powerful testament to the transformative potential of venture capital firms in driving economic growth and positively impacting human lives.
