By: Mpho Shelile
MASERU
In order to foster an inclusive entrepreneurial ecosystem and empower women and youth businesses, the Lesotho government, through the Ministry of Trade, Industry, Business Development and Tourism, has launched the third cohort of its incubation program.
This initiative, spearheaded by the Lesotho Entrepreneurship Hub and Seed Financing Facility (LEHSFF), a project under the Competitiveness and Financial Inclusion (CAFI), aims to nurture 50 promising enterprises with the skills to thrive in the business industry and create jobs for Basotho.
CAFI was launched in 2023 by the Ministry of Trade with the aim of strengthening the entrepreneurial ecosystem. Each cohort undergoes a six-month incubation period and receives a non-refundable seed funding. The incubation program also offers comprehensive support, including mentorship, and training, to help these enterprises overcome the challenges they face and thrive in a competitive market.
In her opening remarks at the launch event, CAFI Director Matlali Nathane highlighted the crucial role of the project in shaping the future of Lesotho’s entrepreneurial landscape. “The incubation program is not just about providing financial support; it’s about creating a nurturing environment where innovative ideas can flourish. By focusing on women and youth, we are ensuring that the next generation of entrepreneurs has the tools, resources, and support they need to succeed,” she said.
Nathane encouraged the enterprises to endure the challenges they might face when working with the Enterprise Support Organisations (ESOs). “Embrace change and uncertainty because that is where growth lies. Be open-minded and willing to learn new things,” she advised.
She also congratulated the 50 enterprises on their achievement, acknowledging the dedication required to reach this milestone.
Mamashiya Ntšepeng Tšita Tikiso, the Entrepreneurship Hub Manager, shared her excitement in welcoming the 3rd Cohort.
She emphasised the importance of mentorship and the pivotal role it plays in ensuring the success of the incubates. “The journey ahead is not easy, but no entrepreneur starts a business with the goal of watching it fail,” Tikiso stated.
She assured the cohort that the government is committed to supporting Basotho businesses to create jobs for women and youth.
Tikiso also highlighted that the hub has capacitated about 27 ESOs so that they can guide and support enterprises during the incubation. She concluded her remarks with a powerful call to action: “Start now. Do not wait until you are halfway through the incubation process. Work hard until you can hire people and step aside to let your business progress.”
One of the standout participants in this cohort is Malikonelo Ntoa, the owner of Moments Gifts. Her business focuses on producing eco-friendly gifts using only Basotho products. Her venture provides employment opportunities to local entrepreneurs.
“My hope is for the incubation program to equip me with the knowledge and skills needed to expand my business sustainably,” Malikonelo said.
The third cohort is made up of a diverse group of entrepreneurs, each with unique ideas and business models that have the potential to drive economic growth and create sustainable employment opportunities for Basotho youth.
The Ministry of Trade, Industry, Business Development and Tourism remains committed to fostering a conducive environment for entrepreneurship and ensuring that initiatives like LEHSFF continue to drive positive change and support SMMEs in order to improve economic growth.
As the third cohort embarks on their journey, the hope is that they will not only achieve their business goals but also inspire others to pursue their entrepreneurial dreams. The government’s dedication to promoting inclusivity and innovation is a beacon of hope for Lesotho’s future, as it paves the way for a thriving entrepreneurial ecosystem that benefits all.