On Monday, March 17, 2026, Windhoek officially launched Accelerate36—a structured initiative designed to position Namibia’s capital as Africa’s next emerging startup hub.
The goal: Build a pipeline of high-growth, governance-ready companies capable of listing on the Namibia Securities Exchange (NSX) Development Capital Board (DevX) and eventually graduating to the NSX Main Board.
The partners:
- Grindstone — Growth accelerator co-owned by Knife Capital and Thinkroom
- Namibian angel investors (Ben Bertolini and others)
- Government agencies (Ministry of Finance, regulators)
- Pension funds and asset managers
- NSX (Namibia Securities Exchange)
The vision:
Within five years, ten Namibian startups will achieve successful exits, generating “remarkable returns on investment” for early backers.
The launch event brought together policymakers, regulators, investors, founders, and ecosystem builders. Three Namibian startups—Yyeni (AI-driven edtech), PatientCare (digital healthcare), and Mindsinaction (skills development)—pitched their ventures as early signals of the innovation ecosystem Accelerate36 aims to scale.
Catherine Young, Managing Partner of Grindstone:
“This initiative could be the forerunner of robust liquidity in otherwise scarce funding landscapes. Namibia could establish itself as a pioneer in Africa for development exchanges. The time to act is now.”
Eben van Heerden, Partner at Knife Capital:
“In my vision over the next five years, I see a picture of plaques of honour for ten startups that have been funded in Namibia and have exited successfully. These startups will deliver remarkable returns on investment for those who back them.”
Ben Bertolini, Namibian angel investor:
“We have the influence, brainpower and energy in this room to ensure that we transform the Namibian capital markets.”
This isn’t just startup cheerleading. It’s a national economic infrastructure project disguised as a tech accelerator.
The Problem Accelerate36 Is Trying to Solve
Namibia faces a structural paradox:
On one side: The country has:
- Strong entrepreneurial talent
- Political stability (one of Africa’s safest democracies)
- Favorable business climate
- Government support for innovation
On the other side: The startup ecosystem is tiny:
- 48 startups (StartupBlink data)
- $0 in reported startup funding
- Ranks #512 globally (grew +74.2% in 2025, but from a microscopic base)
- Relatively few startups scale into governance-ready, investment-grade companies
Meanwhile, Namibia’s capital markets face their own crisis:
- Shrinking investable universe (few listed companies)
- Pension funds required to allocate a portion of portfolios to alternative investments
- No domestic pipeline to deploy that capital
The coordination failure:
- Startups need capital → but pension funds won’t invest in early-stage, unproven ventures
- Pension funds need alternatives → but startups aren’t governance-ready or investable
- Result: Capital sits idle. Startups don’t scale.
Accelerate36’s thesis:
Build a structured pathway from idea-stage to public listing:
- Validation stage: Founder support, problem validation
- Growth stage: Accelerator programs, governance training
- Listing on DevX: Access to public capital markets
- Graduation to NSX Main Board: Full liquidity, institutional confidence
By creating this pipeline, Accelerate36 aims to:
- Unlock pension fund capital (give institutional investors governance-ready companies to back)
- Create liquidity for founders (DevX listings provide exit pathways)
- Build investor confidence (public listings require transparency, audited financials, governance standards)
- Expand Namibia’s investable universe (more companies = deeper capital markets)
It’s not just about startups. It’s about fixing Namibia’s capital markets.
The Development Capital Board (DevX): Namibia’s Version of AltX and GEMS
Accelerate36’s centerpiece is the NSX Development Capital Board (DevX), a specialized listing segment for high-growth, early-stage companies.
International precedents:
- South Africa’s JSE AltX (Alternative Exchange)
- Kenya’s Growth Enterprise Market Segment (GEMS)
- London’s AIM (Alternative Investment Market)
These markets serve the same purpose: bridge the gap between private VC and public listings by offering:
- Lower listing requirements than main boards
- Faster regulatory approvals
- Access to public capital for smaller, younger companies
- Structured pathways to graduate to main boards
Why this matters for Namibia:
Traditional VC barely exists. Namibia has:
- No major VC funds
- Limited angel investment networks
- Few international investors
DevX offers an alternative funding pathway:
- Instead of raising from Sand Hill Road or London VCs, Namibian startups can list on DevX
- Institutional investors (pension funds, asset managers) buy shares on the public market
- Companies access capital without dilutive VC rounds
The trade-off:
- Benefit: Public capital, no VC dilution, structured liquidity
- Cost: Higher governance requirements, public disclosure, regulatory compliance, investor scrutiny
Accelerate36’s role: Prepare startups so they’re DevX-ready (governance, transparency, financial controls, investor readiness).
The Five-Year Vision: Ten Exits, Remarkable Returns
Eben van Heerden’s target is audacious: ten successful exits in five years.
What that means:
- Ten Namibian startups will:
- List on DevX
- Scale operations
- Deliver measurable returns to investors
- Either graduate to NSX Main Board or exit via acquisition
Is this realistic?
Arguments for optimism:
1. Namibia’s ecosystem grew +74.2% in 2025
- Tiny base, but momentum is building
- More founders, more support, more visibility
2. Regional models prove it’s possible
- South Africa’s JSE AltX has listed dozens of startups
- Kenya’s GEMS has enabled early-stage public listings
- If they can do it, Namibia can
3. Government and institutional backing
- Pension funds need alternatives
- Accelerate36 has regulatory buy-in
- Policy alignment (national economic diversification)
4. Global remote-work trends favor smaller markets
- Namibian startups can serve global markets remotely
- Digital products/services don’t require large domestic markets
Arguments for skepticism:
1. Namibia’s market is tiny
- 2.5 million people
- Limited purchasing power
- Startups need to target regional/global markets immediately
2. Capital scarcity
- No VC ecosystem
- Angel investors are few
- Pension funds are conservative (won’t back unproven founders)
3. Talent drain
- Namibia’s best founders often leave for South Africa, Kenya, Nigeria
- Harder to retain talent in small market
4. Track record is zero
- No Namibian startup has achieved unicorn status
- No DevX-listed startups yet (DevX is the goal, not the reality)
5. Five years is short
- Building ten investable companies from scratch in 60 months is extremely aggressive
The realistic outcome:
Accelerate36 will likely produce 2-3 successful DevX listings in five years, not ten. That’s still transformational for Namibia—but falls short of the “ten exits, remarkable returns” vision.
The Three Startups That Pitched: Yyeni, PatientCare, Mindsinaction
At the Accelerate36 launch, three Namibian startups presented:
1. Yyeni — AI-driven education technology
- Problem: Access to quality education in underserved areas
- Solution: AI-powered learning platforms
- Market: Namibian schools, potential regional expansion
2. PatientCare — Digital healthcare access
- Problem: Limited healthcare infrastructure, especially rural
- Solution: Telemedicine, digital health records, remote consultations
- Market: Namibian patients, potential pan-African expansion
3. Mindsinaction — Skills development
- Problem: Youth unemployment, skills gap
- Solution: Digital skills training, job placement platforms
- Market: Namibian youth, corporate partnerships
What these startups signal:
- Sectors: Edtech, healthtech, skillstech (not fintech, which dominates Lagos/Nairobi)
- Target: Addressing local development gaps (education, healthcare, employment)
- Scalability: Regional expansion potential (Southern Africa, East Africa)
Why they’re good Accelerate36 candidates:
- Solve real problems (not just consumer apps)
- Potential for social impact (aligns with pension fund ESG mandates)
- Governance-ready (structured business models, not just MVPs)
The challenge:
Can they generate returns that justify institutional investment? Or will they remain impact-driven but unprofitable?
The Grindstone Model: Why Knife Capital Is Involved
Grindstone is the growth accelerator co-owned by Knife Capital (South African VC firm) and Thinkroom.
Knife Capital’s track record:
- Backed South African startups that scaled successfully
- Experience with JSE AltX listings
- Expertise in preparing companies for public markets
Grindstone’s role in Accelerate36:
- Run accelerator programs (founders lab, growth bootcamps)
- Provide governance training (preparing for DevX listings)
- Connect Namibian startups to South African capital markets (fallback if NSX DevX doesn’t have enough liquidity)
Why Knife Capital is betting on Namibia:
Eben van Heerden sees opportunity where others see limitations:
- Small market = less competition for early-stage deals
- Government support = policy tailwinds
- Pension fund mandates = guaranteed institutional demand for alternatives
Catherine Young’s framing is critical:
“Namibia could establish itself as a pioneer in Africa for development exchanges.”
Translation: If Namibia cracks the code on public listings for early-stage companies, it becomes a model for other small African markets (Botswana, Lesotho, Eswatini, Mauritius).
That’s not just financial return. That’s ecosystem-building at scale.
The Tension: Can You Build a Startup Hub When There Aren’t Enough Startups?
Here’s the core paradox:
Accelerate36 assumes:
- Namibia has enough high-potential startups to fill a pipeline
- Those startups can be made governance-ready
- Pension funds will invest in DevX-listed companies
- Returns will be strong enough to attract more capital
But the data suggests:
- Namibia has 48 startups total
- $0 in reported funding
- Most founders are idea-stage (not MVP, not revenue)
The pipeline problem:
To list ten companies on DevX in five years, Accelerate36 needs:
- 50+ startups in the accelerator pipeline (assuming 20% success rate)
- 20+ startups reaching DevX-readiness (governance, financials, investor appeal)
- 10 startups successfully listing and delivering returns
Does Namibia have 50 high-potential startups?
Probably not right now.
Can Accelerate36 create them?
Maybe.
How?
- Import talent: Attract Namibian diaspora entrepreneurs (South Africa, Botswana, Europe)
- Remote-first startups: Build companies serving global markets from Windhoek
- Regional expansion: Target Southern Africa (Botswana, Zambia, Zimbabwe, Angola)
- Government contracts: Public sector procurement for edtech, healthtech, agritech
The bet:
By creating infrastructure (accelerator, governance training, listing pathway), Accelerate36 will catalyze startup creation.
The risk:
Infrastructure alone doesn’t create startups. Market demand, talent, capital, and founder ambition do.
The Verdict: Accelerate36 Is Infrastructure, Not a Silver Bullet
Accelerate36 is Namibia’s most ambitious startup initiative to date.
What it gets right:
- Addresses real problem: Namibia has capital (pension funds) but no investable startups
- Structured pathway: Validation → Growth → DevX listing → NSX Main Board
- Government + private sector alignment: Policymakers, regulators, investors, accelerators working together
- Grindstone credibility: Knife Capital’s track record de-risks execution
What’s uncertain:
- Does Namibia have enough startups? 48 total, $0 funding, #512 global rank
- Will pension funds invest? Conservative institutional investors may wait for proof of returns
- Can startups scale? Small domestic market means regional/global expansion required
- Will DevX attract liquidity? Public markets need buyers—if trading volume is low, listings fail
The realistic outcome:
Best case:
- 2-3 DevX listings in five years
- 1-2 successful exits (acquisition or NSX Main Board graduation)
- Accelerate36 becomes proof of concept for small African markets
- Other countries (Botswana, Mauritius, Rwanda) replicate model
Base case:
- 1 DevX listing in five years
- Modest returns, but insufficient to attract follow-on capital
- Accelerate36 runs 2-3 cohorts, then stalls due to lack of deal flow
Worst case:
- No DevX listings
- Startups fail to reach governance readiness
- Pension funds remain skeptical
- Accelerate36 becomes another well-intentioned initiative that launches with fanfare and fades into irrelevance
The determining factor:
Founder quality and ambition.
If Namibia can attract/retain 10-20 exceptional founders who are willing to:
- Build for regional/global markets
- Submit to governance standards
- Accept public market scrutiny
Then Accelerate36 works.
If not, it becomes infrastructure without users—like building a highway with no cars.
Ben Bertolini’s challenge is the right framing:
“We have the influence, brainpower and energy in this room to ensure that we transform the Namibian capital markets.”
Transform is the operative word. This isn’t incremental. It’s structural change.
And in Africa’s startup ecosystem—where Lagos, Nairobi, Cairo, Cape Town, Accra dominate—the idea that Windhoek could emerge as a hub is audacious.
But audacity is how ecosystems get built.
If Eben van Heerden’s ten-exit vision seems unrealistic, remember:
- Paystack (Lagos) was “unrealistic” until Stripe acquired it for $200M
- M-Pesa (Nairobi) was “unrealistic” until it became Africa’s dominant mobile money platform
- Jumia (Lagos) was “unrealistic” until it listed on NYSE
Namibia’s advantage:
It’s not competing with Lagos or Nairobi. It’s creating a different model—public listings instead of VC rounds.
If that works, Accelerate36 could be the blueprint for small African markets everywhere.
If it doesn’t, it joins the long list of well-intentioned initiatives that overestimated readiness and underestimated the hard work of building companies from scratch.
Five years from now, we’ll know which outcome it is.
Accelerate36 launched March 17, 2026, in Windhoek, led by Grindstone (co-owned by Knife Capital and Thinkroom), Namibian angel investors, and ecosystem partners. The initiative targets ten successful startup exits within five years through listings on the NSX Development Capital Board.
