German Development Service (DED) and the Institute of Management and Leadership Training (IMLT) signed a Memorandum of Understanding, agreeing on a two year cooperation to promote entrepreneurial development in Namibia.
The cooperation’s main element is the advancement of the Business Simulation Programme, a computer-based training, where business theory will be transformed into virtual practice. The hereby offered seminars are specifically designed to foster the participants’ entrepreneurial, management and strategic thinking skills providing them with hands-on experience in founding and running a business.
The modern, competition-based teaching methodology is unique in Namibia and primarily targets students of higher education establishments, in addition to bank clerks in SME departments, business consultants/mentors supporting SMEs amongst others.
Significant lack of entrepreneurial capacities as well as business skills were identified as major constraints in the emerging sector of small businesses in Namibia. Small and medium-sized enterprises (SMEs) therefore need considerable encouragement and support as they form the backbone of the economy. Both partners‘ major objective is to encourage and improve entrepreneurial thinking and acting but also motivate self-employment as possible career option.
DED will invest more than 2 Million N$ in the project during the contract period of two years. This mainly includes technical support by Junior- and Senior Experts but also sponsoring of hardware and licensing. IMLT is the platform conducting the seminars and provides all infrastructure as well as the operational requirements of the Business Simulation Programme.