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Boosting entrepreneurship: govt launches incubation programme

Business

Staff Reporter

In a significant stride towards fostering a thriving entrepreneurial ecosystem, the Ministry of Trade, Industry, Business Development, and Tourism in Lesotho will today kick off the Incubation Programme.

The official awarding ceremony for the five chosen Entrepreneurship Support Organisations (ESOs) will be presided over by Mokhethi Shelile, Minister of Trade, Industry, Business Development, and Tourism.

This momentous event is scheduled to start at 18:00pm at Avani Maseru.

This initiative is part of the Lesotho government’s endeavors under the World Bank-funded Competitiveness and Financial Inclusion (CAFI) Project.

The CAFI Project encompasses the establishment of the Lesotho Entrepreneurship Hub and Seed Financing Facility (LEH&SFF), aiming to fortify the burgeoning entrepreneurial landscape in Lesotho and enhance accessibility to early-stage funding for startups and innovative Small and Medium Enterprises (SMEs), the ministry said in a statement yesterday.

The statement further indicated that over a span of five years, the LEH&SFF endeavours to provide a comprehensive array of business support services, specialised entrepreneurship training, and facilitate access to seed capital for Basotho startups and innovative SMEs.

Central to this mission is the empowerment of ESOs to offer incubation services to a cohort of up to 500 startups and innovative SMEs during the same period.

“Each ESO will be entrusted with nurturing 10 enterprises over a six-month incubation cycle,” the statement read.

This landmark programme is poised to be a catalyst in propelling the entrepreneurial spirit in Lesotho, offering vital resources and mentorship to startups and SMEs.

By channeling strategic support towards these ventures, the government seeks to bolster economic growth, job creation, and innovation within the nation.

The incubation programme is a testament to Prime Minister Ntsokoane Sam Matekane’s commitment to fostering a dynamic entrepreneurial ecosystem that can thrive and compete on both regional and international scales.

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