CoW reserves plots for innovation hub
02 Mar 2019 13:40pm
WINDHOEK, 02 MAR (NAMPA) The City of Windhoek (CoW) has reserved 3 216.98 square metres of land for the establishment of a start-up incubation and innovation hub.
The innovation hub will be located along Bernabe de la Bat Street opposite the Old Compound in Katutura.
This was approved at CoWs first ordinary council meeting for 2019 held on Thursday.
The start-up incubation and innovation hub project will receive an investment of Euros 4.5 million (N.dollars 72 856 013.36 at the current exchange rate) in the form of personnel, inputs and financial contribution, through a joint project between the Ministry of Industrialisation, Trade and SME Development, German Federal Enterprise for International Cooperation (GIZ) and CoW.
It said Namibian entrepreneurs would be supported with a co-working space, access to finance, community development and capacity building at the innovation hub.
CoW Manager of Corporate Communications and Marketing, Harold Akwenye explained at a media briefing on Friday that the income generated through monthly rental at the hub would contribute towards the sustainability of the start-up incubation and innovation hub.
He said the City would retain ownership of the land on which the hub will be established and will lease it out for the project, whereas the infrastructure and equipment will be owned by the Ministry of Industrialisation, Trade and SME Development.
Akwenye added that terms of reference will still be established to determine how the hub will be set up and how start-up businesses will be assisted financially.