Namibia has improved its ranking in StartupBlink’s global startup ecosystem rankings this year, with results showing that the country has climbed of 12 places since first joining the Index in 2021.
In Africa, Namibia climbed one spot to 8th place, right above Ghana (ranked 9th) and Tunisia (ranked 10th).
The only ranked city, Windhoek, surged by 35 spots to rank at 616th, extending its positive trend over the last three years, totalling a climb of 240 spots within the global top 1,000. However, Windhoek dropped one place in Africa, now ranking 23rd, above Zambia’s Lusaka and Cape Verde’s Praia, which are ranked 24th and 25th, respectively.
StartupBlink’s Global Startup Ecosystem Index for 2024, released today, ranks the strength of startup ecosystems for both countries and cities. StartupBlink ranks ecosystems based on an algorithm that assesses three key measures: the quantity of startups and supporting organizations, the quality of startups and support organizations, and the business environment of each ecosystem.
“Namibia’s progress in fostering entrepreneurship and innovation, as reflected in the Startup Ecosystem Index, is a testament to the commitment of stakeholders. Our entrepreneurs drive transformation, making Namibia a hub for emerging industries. With targeted programs empowering youth and strategic policies in place, Namibia is poised for sustainable development and economic prosperity. The ‘Informal Economy, Startup, and Entrepreneurship National Policy’ underscores our dedication to this vision. A flourishing entrepreneurial ecosystem in Namibia is contingent upon a synergistic relationship among diverse stakeholders. Each stakeholder brings unique strengths and resources to the table, collectively propelling the nation towards a future defined by sustainable development and economic prosperity. We invite global stakeholders around the world to join us in propelling Namibia to unprecedented levels of prosperity,” Lucia Iipumbu, Minister for Industrialisation and Trade says.
According to the Index report, the Namibian startup ecosystem offers local entrepreneurs a secure and stable environment which promotes entrepreneurship and innovation in the region. The main challenges for Namibian startup ecosystems are the lack of physical infrastructure, heavy bureaucracy, low access-to-market, and low levels of funding for startups. There is also work to be done in developing sufficient entrepreneurial talent in Namibia, especially given the country’s small population. Yet, the country achieved a milestone in 2022 with YC-backed JabuPay, a startup that became the first in the country to raise Series A investment.
“There are several organizations that deserve mention as we talk about the success stories and the development of Namibian startup ecosystems. One major example is the Namibia Investment Promotion and Development Board (NIPDB), which advances local ecosystems with initiatives, and by collaborating with partners like Sanlam to support entrepreneurs, in line with their mission to encourage entrepreneurship in Namibia.
“Similarly, Startup Namibia aims to improve the conditions for the establishment and growth of startups in selected regions of Namibia, runs an incubation and innovation center called Basecamp, and works with the Digital Transformation Center on challenges for digital startups and enhancing digital skills. Another public sector organization that helps to the growth of the startup ecosystem, the Namibia Investment Center provides assistance and information to foreign investors. Private sector organizations are also active in the ecosystem. For instance, Impact Tank, Namibia’s first social impact venture builder, promotes social entrepreneurship to create sustainable impact,” notes StartupBlink adding that the organizations mentioned above are critical players to develop the startup ecosystem in the country, but the Namibian startup ecosystem is still in its very early stages.
“However, its seed activity is promising. More success stories and a stronger entrepreneurship network can help Namibia become a regional innovation hub in the future.”