By: Mpho Shelile
MASERU
Deputy Speaker of Parliament and Ambassador of the BAM Group Foundation (BGF), Hon. Tšepang ’Matlhohonolofatso Tšita-Mosena, has elaborated on the impactful M50,000 Pitching Project aimed at supporting small and medium-sized enterprises (SMEs) in Lithabaneng and surrounding areas.
Speaking to Informative Newspaper, Hon. Mosena explained that the main reason behind this initiative aimed at giving back to the community is to promote and grow local businesses.
She observed that many Basotho have good products and exceptional skills, but still depend solely on being employed, which often leads to dependency on work.
“This project is not just about encouraging entrepreneurs with revolving funds, but particularly about providing them with mentorship to help grow and sustain their businesses,” said Hon. Mosena. “What we are trying to do is help them develop the necessary drive and networks needed to run their businesses, with the prize awarded as a cherry on top.”
This economy growth driven initiative began earlier this year and is targeted mostly at young people and women. According to Hon. Mosena, the inspiration for the competition came from the observed lack of confidence among many Basotho in their products, particularly at infant stages.
“Yet another goal is to promote local businesses and services found in our local communities, to encourage internal commercialisation. We must buy local, support local and promote local,” she added.
The fund stems from a previous countrywide online campaign where M1,000 grants were given to individuals with incredible ideas to start small businesses and test their sustainability. “The grants given out by BGF are circulatory, meaning that once someone has made use of the funds, they pay the money back so another person can benefit from the same opportunity,” she said.
Hon. Mosena clarified that the M50,000 is not awarded to one person, but will be shared among winners who present strong business ideas and innovations, with each receiving up to M5,000.
She further shared that the deadline for the competition has been extended to allow more people to be part of the growing network. “To make this process easier, we have created a WhatsApp group as a database of all interested entrepreneurs around the area,” she said.
Hon. Mosena believes that one of the key goals of this initiative is to encourage collaboration. “We want to see our entrepreneurs working together, collaborating, and understanding the importance of partnership rather than seeing each other as competitors. I’m not saying a little competition is bad, but partnership is key.”
Her advice to Basotho youth and aspiring entrepreneurs is clear: “Times are getting harder. We all know how foreign policies are affecting us, and we will never beat poverty if we do not become export-oriented.”
“I want our people to be proud of their products and to support one another. As BAM, we want to see collaborations that lead to the scaling-up of products,” she said, also urging entrepreneurs to take full advantage of the African Continental Free Trade Area (AfCFTA). She however encouraged entrepreneurs to start locally.
“Of course, they should first supply their products and services to their neighborhood, district then nationwide in Lesotho, and if the products are good and the market responds well, they can start exporting.”
“If we look at Lesotho’s economy, it may seem like the market is small, but once we look beyond our communities and eventually our borders, we will realise that beyond the sky is the limit,” she said. “And there is no better place to start than from home.”
To register for the initiative one can send their business information to +(266) 59709209 to be guided if they qualify for entry. BAM Group Foundation is the philanthropic arm of BAM Group of Companies, focusing on women and youth empowerment, entrepreneurs development and community building.