GARIKAI Dzoma, the founder of Zimpricecheck, won the 2024 Value Creation Challenge (VCC), beating 11 other finalists in a competition for budding entrepreneurs at the finale last Friday, winning US$13 000 in seed funding.
VCC, which empowers young entrepreneurs by providing skills needed to turn innovative ideas into successful ventures, is sponsored by Old Mutual in partnership with the British Council and British embassy.
It marked the end of the annual event, which attracted 646 entries for this year’s challenge.
Of the 12 finalists, Tsepo Manganda’s Pured Agro Processors was adjudged top performer in emerging industries, with Dzoma’s Zimpricecheck winning in the innovative technology section.
Tafadzwa Nengare of Nengare Incorporated was adjudged top performer for the creative industry section, with Innocent Chigiya’s Crystal Cred winning the sustainability award.
Tafadzwa Zhawari’s Charis Nutrition Consultancy won the incubatee of the year award.
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The top performers were awarded seed funding of US$6 500 each, while all 12 finalists received US$1 500 each.
Finance deputy minister David Mnangagwa, who was the guest of honour at the finals, said entrepreneurship was vital in shaping Zimbabwe’s economy.
“I have seen how entrepreneurship is transforming our landscape. Zimbabwe holds immense potential and initiatives like the Value Creation Challenge are key to harnessing innovation for community and economic solutions,” he said.
“VCC is in line with the national development agenda and financial inclusion, youth empowerment and job creation are all at the core of the government’s vision for Zimbabwe’s future as outlined in Vision 2030.
“The ministry’s contribution to the ecosystem is in the form of the National Venture Capital Company (NVCC) formed in 2021, whose aim is to assist SMEs and high potential startups to secure funding and strategic partnerships.”
Added Mnangagwa: “It is our desire to collaborate with private sector players who have knowledge and expertise in this domain and development partners through platforms such as VCC as we foster an enabling environment for innovators to thrive.”
The organisers said Zimbabwe offered numerous opportunities for entrepreneurs, fuelled by its rich natural resources, youthful population and expanding technological sector.
With a dynamic youth demographic eager to innovate, there’s a surge in creativity poised to address existing challenges.
"At Old Mutual Zimbabwe, entrepreneurship is a cornerstone of our responsible business strategy. We are deeply committed to supporting the growth of businesses in Zimbabwe, driving economic progress, and ensuring that both present and future generations in our communities benefit," said Old Mutual Zimbabwe chief executive officer, Sam Matsekete.
"Sustainable transformation is at the heart of our business operations. Old Mutual aims to empower the people of Zimbabwe to shape their own future and take the revival of their economy into their own hands. The Value Creation Challenge is inspired by this mandate and has achieved significant milestones in contributing to national development through job creation in the communities we serve."
They said Old Mutual’s Eight2Five Innovation Hub played a vital role in this ecosystem, providing essential resources and mentorship to empower new ventures and drive economic growth.
“Zimbabwe aims to achieve upper-middle-income status by 2030, while Britain seeks to become the fastest-growing economy in the G7 by 2029. Both nations recognise that entrepreneurship is key to growth through investment in creative ideas, business development, and job creation. Supporting Zimbabwe’s economic growth is important to us,” said Pete Vowles, British ambassador to Zimbabwe.
“Remember, you cannot function in silos. The British embassy is here to help you to forge those vital connections.”