Mthuli Ncube Advocates for Entrepreneurship Centres in Universities

Finance, Economic Development, and Investment Promotion Minister Professor Mthuli Ncube has called for the establishment of entrepreneurship centres within higher learning institutions to foster entrepreneurial talent and innovation. Speaking at the launch of the National Venture Capital Company of Zimbabwe (NVCCZ) in Harare, Professor Ncube emphasized the importance of creating an ecosystem to support aspiring entrepreneurs.

The Role of Entrepreneurship Centres

Minister Ncube highlighted that these centres would provide essential training and mentorship while connecting budding entrepreneurs with venture capital firms and industry professionals. He said, “We need to create an entrepreneurship ecosystem, and I feel that it is the next step that we need to take.”

The centres would also guide entrepreneurs in crafting viable business plans and building sustainable ventures. By acting as hubs for collaboration, they aim to foster innovation, job creation, and economic growth.

The National Venture Capital Company of Zimbabwe

The NVCCZ, launched during the event, is designed to address funding challenges faced by startups and early-stage businesses. Minister Ncube described the initiative as a critical vehicle to bridge the funding gap, enabling startups to scale up and compete globally.

“Through NVCCZ, we are providing patient capital, mentorship, and strategic guidance to support high-growth ventures,” he said. The NVCCZ will also collaborate with innovation hubs established at universities to identify and nurture promising entrepreneurial talent.

Showcasing Zimbabwean Innovations

During the launch, three groundbreaking projects showcased the transformative potential of venture capital support:

• PureAid Agroprocessors: Founded by Thepo Manganda, this startup processes tomatoes into powder to minimize post-harvest losses for small-scale farmers. With extended shelf life for tomatoes, the project addresses Zimbabwe’s annual post-harvest loss rate of up to 47%.
• KumbaCare: A telemedicine application developed by Agatha Mandova, a nursing student. KumbaCare improves access to affordable healthcare in rural areas and includes an insurance plan offering medication and consultations for just $1 per month. By 2030, KumbaCare aims to impact five million lives and establish 1,000 virtual clinics.
• Mobility for Africa: This startup, led by Shantha Bloementhe, designs electric tricycles for rural terrains, reducing manual labor burdens for women. These robust vehicles are tailored for tasks like transporting firewood, water, and agricultural produce.

Bridging the Gap with Venture Capital

NVCCZ CEO Tinotenda Kambasha stressed the importance of venture capital in addressing national challenges. He stated, “By actively investing in promising startups, NVCCZ will foster a vibrant entrepreneurial ecosystem that drives economic growth and improves livelihoods.”

Minister Ncube commended President Emmerson Mnangagwa’s support for innovation, citing the establishment of innovation hubs at universities as a testament to his commitment. The NVCCZ will work closely with these hubs to bridge the gap between innovation and commercialization.

The establishment of entrepreneurship centres and the NVCCZ marks a significant step towards fostering innovation and economic growth in Zimbabwe. By providing critical funding, mentorship, and collaboration opportunities, these initiatives promise to empower entrepreneurs and position Zimbabwe as a hub for innovation and development.