DBN calls for innovation at Good Business Awards

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Windhoek

Development Bank of Namibia (DBN) Communication Manager Jerome Mutumba has announced the 2015 Good Business Awards and Innovation Award.

Speaking about the event, Mutumba said although the DBN Good Business Award showcases the best of enterprise financed by the Bank, and development impact, it also serves as a showcase for what Namibian enterprise can strive to become.

Talking about winning enterprises, Mutumba said that enterprise excellence, particularly enterprise administration, determines the long-term viability of an undertaking. An enterprise that is sustainable in the long-term, creates long-term development benefits. He pointed out that previous development models used a non-inclusive, hand-me-down approach to development, but the inclusive model used by DBN gives ownership of projects to beneficiaries. He said, however, that excellent administration is at the heart of long-term viability and benefits.Commenting on the inspiration that the Bank expects to arise from the awards, Mutumba said that enterprises which win awards should be seen as models for other enterprises. He said that the winners of awards will be those that not only create wealth for owners, but will also be those that create employment, help communities to sustain themselves and make best possible use of Namibian resources.

Mutumba noted a global trend towards social entrepreneurship in which enterprise becomes sustainable not just through profitability, products and services, but also by creating benefits for communities, stakeholders and the environment. He said that will Good Business Awards will also be those that create benefits over and above the rewards of the traditional business model.

Past winners, and recipients of DBN finance, include NamPost Savings Bank, which massively increased accessibility of banking services across Namibia, and IUM, which has contributed to private education, alleviating pressure on public sector tertiary institutions.Talking about the DBN Innovation Award, Mutumba said that innovation of business processes is expected to bring improvement in business methods, as well as improved resource utilisation. He said that although the term innovation has the connotation of technology, it can also apply to processes and use of resources.Mutumba highlighted the Bank’s particular desire to see innovative enterprise proposals from sectors identified in NDP 4: manufacturing, transport and logistics, and tourism.

He said innovation is perceived as a high risk field in finance, yet the returns to successful innovation are generally very high. He went on to say that the Innovation Award is not just geared to give a start or boost to one enterprise, but is also expected to show the financial sector the scope for innovation that is emerging in Namibia.

He concluded by saying that the DBN Innovation Award is open to all, and encouraged innovators to develop proposals and submit them.

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