ABSA PUMPS K3.3 IN INNOVATION HUBS
ABSA Bank Zambia has said it is investing about K3.3 million in putting up innovation hubs in Solwezi four other districts across the country.
The hub which is the first of its kind in the district is aimed at mentoring and training upcoming entrepreneurs.
Speaking during the launch of the first Absa Innovation Hub in Solwezi, Absa Bank Zambia managing director Mizinga Melu disclosed that the hub will be managed in partnership with Jacaranda Hub.
Ms Melu said this is to support the startups and entrepreneurs outside the developed cities such as Lusaka where business incubators and accelerators are highly concentrated.
“These hubs will be fully funded by Absa and I am glad to announce that our initial investment into this project is K1, 300, 000 and the hub will be fully managed by Jacaranda Hub under the NextGen programme,” said Ms Melu.
She said through the innovation hubs, the mentorship for businesses will be conducted for a period of at least eight weeks for sectors such as mining, agriculture, services among others and capacity build them by doing business across the country from within the hub.
She said the hub is also meant to cut down the cost on a few things that make business expensive such travelling to other towns to pitch.
She said the bank has committed to not only provide infrastructure but also to provide training in fundamental skills of business, capacity building, skills development, investor readiness, mentorship and coaching required for their success.
And Technology and Science Minister Felix Mutati who graced the event said the task of repairing the country’s economy will not be easy and that one of the available options will be to turn ideas into business and seizing the opportunities that will encourage investment given the incentives provided in next year’s national budget.
He said the government is creating opportunities by making it easy for entrepreneurs to do business by way of dealing with administrative barriers.
Meanwhile, Jacaranda Hub Chief Executive officer Mara Michelo said her organisation is committed to lobbying from government and the corporate world on behalf of the startups to ensure that a vibrant environment for the youth is created as the business value chain needs a coordinated structure.