There is a need to build networks, provide mentorship opportunities, and improve access to capital for local entrepreneurs.

These are the sentiments of the Director of Manta Ventures Nicole Maske during a public discussion held in the capital on how venture capital and private equity can drive the country's economic transformation.

The discussion highlighted the need to build networks, mentorship opportunities, and access to capital for local entrepreneurs.

"In Namibia today, we see that we've got 40,000 SMEs in the country, which are creating about 200,000 jobs and account for about 12% of GDP. So there's an important sector here that we really need to start paying attention to. But the problem that we have really is that 90% of them fail within the first five years. So we definitely do not lack ideas. I think we all know that we've all got lots of ideas, especially the young entrepreneurs among us. But what we're lacking is access to networks. We're lacking access to mentorship and finally, capital."

Business experts, investors, and policymakers emphasised the importance of establishing preparatory funds to support start-ups and small businesses.

The deliberations focused on the role of investments in both new, innovative companies with big ideas and existing businesses seeking to expand.

According to speakers, such investments are key to creating jobs, supporting innovation, and reducing Namibia's dependence on mining and imports.

"The powerful engines for innovation, job creation, and inclusive growth as they reach the crucial gap between promising ideas and the capital required to turn them into viable businesses. In Namibia, where small and medium enterprises form the platform of our economy, access to risk capital remains limited Traditional lenders often hesitate to finance early-stage growth businesses due to perceived risk."

The panel further noted that attracting more investors to Namibia will require continued support for local businesses, improved training for entrepreneurs, and policies that create a more enabling environment for private investment.

The discussion forms part of the ongoing efforts to explore ways of growth and unlocking Namibia's full economic potential.

The discussion is under the theme "Investing in Potential. How Venture Capital and Private Equity Can Drive Namibia's Economic Transformation,"