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Ministry of Industrialisation, Business, Trade and Tourism has applauded the 265 Pitch Night Consortium for fostering innovation and business incubation programmes that are helping young entrepreneurs. The ministry’s Principal Secretary Wiskes Nkombezi made the remarks during the third edition of the 265 Pitch Night in Lilongwe on Friday organised by Synergy, Equip and Hope Business Hub. He said the platform motivates emerging entrepreneurs by giving them space to present their ideas to potential financiers, mentors and markets, boosting growth, jobs and the wider economy. “We believe that such initiatives provide the platform for small and medium enterprises [SMEs] to develop confidence and get opportunities such as coaching and mentorship and most importantly the linkages that would result in financing and market opportunities,” said Nkombezi. In his remarks, Hope Business Hub lead trainer James Nyirongo said the initiative brings together investors and innovators while shaping youths into future business leaders. “Limited access to affordable financing in high-impact sectors such as manufacturing, value addition and tourism has stifled import substitution, hindered job creation and slowed economic growth,” he said, adding that the initiative has helped to empower 400 SMEs in the country. Sunge Mipando of Baron’s Car Hire, whose fleet of vehicles has grown from two to 30 since 2009, encouraged young entrepreneurs who showcased their business proposals to aim high. More than 9 500 SMEs have been engaged through live pitching events across the country, with over K350 million unlocked by de-risked entrepreneurs through support and exposure.
