By Neo Kolane
The Basotho Enterprise Development Corporation (BEDCO), Standard Lesotho Bank, and Revenue Service Lesotho are inviting proposals for the Bacha Entrepreneurship Project for 2024.
The project is intended to assist unemployed youth between the ages of 21 and 35 to become employers and drivers of economic growth by becoming entrepreneurs.
The initiative, which is now in its third phase, has been a cornerstone of the three organisations’ commitment to fostering innovation and empowerment of economic growth in the youth.
The three companies announced that in this years’ leg of the project, they will be selecting and funding five aspiring entrepreneurships by providing them with a total of M1.4 million in financial support.
This represents a significant opportunity for talented individuals with innovative ideas to turn their dreams into a reality and make a positive impact on the society at large.
The executive head enterprise development of BEDCO, Lemphane Lesoli, said since its inception, BEP has been instrumental in driving positive change and creating opportunities for aspiring entrepreneurs.
Lesoli said with an investment of M8.8 million, they have supported the dreams and ambitions of over 28 businesses while at the same time providing employment to over 103 young individuals.
He explained that this achievement underscores a transformative impact of entrepreneurship in driving sustainable development and creating a brighter future for the society.
“As we embark on this new chapter, I am thrilled to announce that the call for proposals will be now open for all industries, whether one is passionate about technology, tourism, agriculture or any other sector you are invited to submit your innovative idea.
“We invite you to support the innovative idea and bold initiative. This is your chance as the youth to turn your vision into reality to unleash your creativity and also contribute to the vibrant tapestry of our economy.
“We reaffirm our commitment to rooting out youth unemployment and fostering a culture of entrepreneurship in our society, changing the script from employee to employer within the youth. We believe in investing in our youth and nurturing the entrepreneurial spirit, we can unlock untapped potential and drive sustainable growth for generation to come,” he said.
At the same occasion, the public relations manager of RSL, Tṥepang Mcina, said the project has three phases until the ultimate winners.
Mcina noted that a panel of competent and experienced adjudicators from the Lesotho Chamber of Commerce and Industry, The Entrepreneurship Network, department of youth under the ministry of gender, youth and social development will appraise all submitted proposals.
“Out of all the proposals received, 50 will be short-listed for capacity building (Business plan development training). The candidates will then refine their business plans and re-submit them for the second round of evaluation.
Out of 50 business plans re-submitted, 15 will be shortlisted for pitching and psychometric test, following which a selection will be made.
A minimum of five business plans will be awarded with a combined start-up capital of M1,000,000 to execute the proposals.
Mcina explained that during the implementation phase of the projects, candidates will be constantly mentored and provided with entrepreneurial, financial and tax compliance guidance and support to transform their ideas into fully-edged businesses that are fully operational and integrated into the mainstream economy, thereby creating revenue and opportunities for employment in the wider community. Proposals should be sent to Bacha@Bedco.co.ls
