By Neo Kolane
The Basotho Enterprises Development Corporation (BEDCO) awarded 50 youth entrepreneurs M100,000 each in Maseru on Wednesday this week to finance their businesses.
This was part of the youth business plan competition which seeks to support the growth and development of the micro, small and medium enterprises (MSME’s). It is a joint African Development Bank (AfDB) Lesotho government project called the Economic Diversification Support Project (EDSP).
Each business will be provided with incubation and mentorship services to ensure their success and growth.
The chief executive officer of BEDCO, Idia Penane, urged the winners to stay committed and embrace the support that they will be afforded through these services intended to grow and sustain their businesses.
Penane said despite being the future economic drivers and employers in the future, Lesotho youth unfortunately may not be employed although having graduated from the tertiary schools.
She further said it is through such initiatives that an unemployment gap is bridged enabling them to take part in job creation.
When addressing the winners, Penane said businesses are similar to new born babies, they require nurturing, a lot of patience and most of all resilience.
She went on to say that there will be numerous challenges along the way and most people will be tempted to call it quit.
“I however want the winners to know that there is no single successful businessman or woman who has not suffered in the hands of struggles, depression and failure. Rather, those who succeed rise above the challenges that they face,” she urged.
The deputy project manager of EDSP, ‘Makali Nathane said the focus of the project will support high potential businesses established by Basotho youth and women as well as enterprises in the priority sectors of manufacturing, agriculture, and tourism
Nathane said that the business plan competition is a stream of the youth enterprises development project under the umbrella programme designed to respond to pillar one of the National Strategic Development Plan II. It seeks to promote inclusive and sustainable economic growth and private sector-led job creation.
“We aim to grow entrepreneurship in Lesotho; it is known that no one can venture into business without having any capital so we decided to adopt the approach of the business plan competition.
“During the second launch of the competition in November last year, we advertised, encouraging people to participate. Some say it is good to be true,” she said.
Nathane said after being awarded these prizes, there will be monitoring so as to determine the growth and otherwise of the businesses that have successfully attained financial support.
“We are going to engage a professional incubator who will assist to monitor your businesses,” Nathane warned.
The head enterprise development at BEDCO Lemphane Lesoli said that 1 000 Basotho youth entered the completion.
Lesoli revealed that 350 youths entered the completion, and 200 were trained on business development plan and idea pitching.
“Out of the 200 youth, 154 submitted applications. Adjudicators vetted business plan of the 100 youth who pitched and 50 youth won,” Lesoli said.
In an interview with theReporter, one of the winners, Bokang Monyamane who is the founder of Easy Fire said that being a winner “means scaling up. “
He was clear that the journey he undertook was humbling and that he learned a lot of things such as financing.
“My company did not even have six months of existence but I am here, a winner, I am very humbled,” he said.
In 2018, BEDCO received support from the African Development Bank through the government of Lesotho under the Economic Diversification Support Project to support the growth and development of small businesses. Through this initiative, a business plan competition was launched in 2019 targeting youth-owned enterprises.
