Accounting student awarded US$5000 seed capital to finance start-up

Gideon Shilunga, a 4th year Bachelor of Accounting student, recently received USD5000 from the Tony Elumelu Foundation (TEF) to finance his e-commerce business called Republik Ventures.

The seed capital, worth approximately N$76 500, was presented to the 24-year old entrepreneur after attending the foundation’s entrepreneurial training for the past eight months.

In an interview with Forum Online, Shilunga disclosed that: “The experience was invaluable. I learned a lot during those eight months of intensive training. However, I am even more grateful that I received capital to finance my business”.

Shilunga’s business idea was selected out of a pool of 400 000 business ideas from all around Africa, from which only 4 000 received seed capital.

“Being selected out of a multitude of 400 000 means a lot to me”, said an elated Shilunga. He further mentioned that this opportunity will propel the business to success. “With this seed capital, I will be able to upscale my business and pay for all the administration costs while doing so”.

Shilunga’s plans

Republik Ventures is an online store that is set to revolutionaries online shopping in Namibia, especially with the new ideas Shilunga intends to incorporate in his business.

“Soon Republik Ventures will not only be an online store that sells products but one that creates a platform for individuals to resell their products safely,” disclosed Shilunga.

He further pointed out that his business was previously facilitated through Facebook and Instagram which tainted his credibility. But with this seed capital, he intends to set up a website of his own.

“With a website and application, Republik Ventures will be able to establish its credibility as a business as well as be able to better serve the community,” said Shilunga.

Tony Elumelu Foundation

The founder of the Tony Elumelu Foundation is the leading champion of entrepreneurship in Africa. The foundation aims to catalyse economic growth, poverty eradication, and ensuring job creation by empowering male and female entrepreneurs across the continent.

To date, the foundation has empowered nearly 16 000 young African entrepreneurs through its seed programme, and it has supported 1,200 000 Africans from all 54 African countries.

Original story by: Lydia Sageus

Recommended For You

About the Author: John Rittmann