By Silindzelwe Nxumalo
The Royal Eswatini Technology Park (RSTP) in collaboration with Standard Bank Eswatini has awarded E300 000 worth of seed capital to 10 start-ups through the Ematfuba-Ami Program. The award ceremony was held at the Royal Villas in Ezulwini on Tuesday.
RSTP Chief Executive Officer (CEO) Vumile Dlamini mentioned that through the Ematfuba-Ami program, they seek to educate young innovators about a range of business development options that they could choose from to turn the tangible and intangible creations of their minds into commercially viable value.
Dlamini stated that through the program, they aspire to increase the number of participants in innovation and entrepreneurship among the youth, increase the readiness of youth-led businesses for incubation programs, access to financial services and market penetration, and increase the contribution of youth-led companies to employment generation and economic growth.
“Having done that, we will have had the job half done. The other half would be for companies and government entities to be deliberate in supporting these entrepreneurs,” he said. The CEO stated that everyone needed to look into their procurement processes to accommodate start-up companies so that they also grow and be big enterprises that would contribute immensely to the country’s economy.
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He acknowledged the great work of innovators and start-ups in Eswatini stating that they observe their passion, perseverance, and hard work with so much admiration. “We have no doubt that you are a unique class of innovators and entrepreneurs, and the pipeline group, especially the youth in institutions of higher learning and schools, will draw inspiration from you,” he said.
Dlamini said together with their partners, they would continue to develop the ecosystem to present more opportunities and eliminate the challenges they currently face.
Furthermore, the CEO mentioned that the event was one of the critical milestones in the partnership between the Royal Science and Technology Park (RSTP) and Standard Bank, which began on February 24, 2021.
He expressed gratitude to the Ministry of ICT for the continued promotion of science and innovation in the country and the determination to remove all obstacles that could hamper the creation of a knowledge-based economy.
“I am also thankful to Standard Bank for their commitment to realizing an innovative entrepreneurial ecosystem that empowers the youth with an attitude that whatever they aspire to achieve CAN BE. I believe it when they say Eswatini is their home and they drive her economy,” he said.
Dlamini stated that this was evident through their financial investment into start-up capital for promising solutions, which had been identified through the pipeline capacity development program Ematfuba-Ami, working together with the RSTP Business Incubator since 2020.
He stated that they worked with a shared goal to empower the youth, women, and vulnerable groups to produce innovative, sustainable solutions and to create employment opportunities for themselves and others.
He also thanked the Standard Bank Eswatini CE Mvuselelo Fakudze for working so well with them and appreciating the investment which they believed did not only align with Standard Bank’s corporate social responsibility but respond to the call by His Majesty to enable the youth to play a crucial role in the economic development of the country.
“Through having the youth being entrepreneurial, the country will reach a point where it relies less on the SACU receipts,” he said. Meanwhile, Standard Bank Eswatini CE Mvuselelo Fakudze said as a bank they believed that to drive Eswatini’s economy, they must empower small and medium enterprises with financial assistance as well as the training and development that could foster holistic sustainable business growth.
Fakudze stated that through the Bank’s corporate and social investment initiatives, they invest over E750 000 per annum into inculcating the entrepreneurial spirit in Eswatini. “This includes grassroots initiatives such as the Junior Achievement program that targets high school students. We are especially proud of our partnership with RSTP as it is the capstone of all our SME development programs,” he said.
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The CE mentioned that it was only through the Emetfuba–Ami programme, that they offer seed capital and access to Enterprise Direct where they could offer participants coaching and further financial solutions to equip them to grow their businesses. He stated that innovation required grit, to pursue solutions and not necessarily profit and that profit was a direct reward for excellence in one’s pursuit of solutions that society could use.
“That is the foundation of good business,” he advised. Moreover, the CE stated that through this program they believed that the winners had been able to define their business vision and strategy as this would determine the type of financing they will need for their business.
He stated that businesses had different needs, and no financial solution was one-size-fits-all.
“As you engage with our Head of Enterprise Banking and her team, they will hold your hand as you go through the highs and lows of business.
Some days will be easy, and some will challenge you and you might even be convinced to give up, DON’T. You may fall seven times, but you must get up eight. We’re here to back you!” further advised the CE.
