Entrepreneurship, it’s far beyond meetings at coffee shops, sleek silver grey PCs and colourful socks, it’s a design that’s a function of human-centred solutions and banking on the market in the gap. And, in most emerging markets like Africa and Asia, small and medium businesses contribute a large portion to not only a country’s Gross Domestic Product (GDP) but also in alleviating social ills like unemployment and limited access to affordable healthcare. And no business can operate as an island; access to markets, capital investment and capabilities are just some of the tools needed to operate and scale a business, something that the Entrepreneur of the Year® (EOY) Awards offers and enables.
What is Entrepreneur of Year Awards?
Proudly sponsored by Sanlam and BUSINESS/PARTNERS, the Entrepreneur of the Year® Awards is an annual competition that recognises and honours small and medium enterprises in South Africa who are innovative in their businesses, and create not only profitable businesses, but enterprises of social and economic impact. The competition invites esteemed entrepreneurs, investors and veterans in business like Matsi Modise and David Morobe to judge this notable competition, and uses various filtering processes to mitigate bias and error.
So, what’s in it for Sanlam and BUSINESS/PARTNERS in investing in such a platform? “We’ve been in business for over 38 years and understand that entrepreneurship can be a lonely journey. As such, we created the competition as a platform to acknowledge the efforts made by business owners to assure them that they are on the right track and to link them with other entrepreneurs for networking and business opportunities,” says Gugu Mjadu, Spokesperson for the Entrepreneur of the Year® competition sponsored by Sanlam and BUSINESS/PARTNERS.
Gugu adds that the awards were also introduced with the aim to contribute towards stimulating entrepreneurial activity in the country. “We want aspiring entrepreneurs to look at the EOY award winners and believe that it is possible to achieve success and wealth via entrepreneurship,” she adds.
What Access to Market?
With so many competitions, events and awards in the entrepreneurial ecosystem, it can be difficult to track the impact and progress of the capital that the entrepreneurs receive from these organisations. According to the SME Landscape Report An Assessment of South Africa’s SME Landscape: Challenges, Opportunities, Risks & Next Steps’ 2018/2019, it was revealed that almost 52% of entrepreneurs care and prioritize about access to market than anything else for their businesses and also need assistance in access, especially small and medium business, using this is a springboard to enabling their companies to scale.
But what is Access to Market? And how does it enable small and medium businesses to thrive? Market access is the conditions and measures set by countries to enable or to restrict transactions and trade of their products. These conditions for small and medium enterprises are also upheld by the bureaucracy that exists in both public and private sectors, at times making it difficult for the smaller players to get a piece of the market share. This is why, more than ever, it’s important for big players like Sanlam and BUSINESS/PARTNERS to enable market access, through either their own market or with the financial capital that is up for grabs in this year’s awards.
EOY's Strategy for Entrepreneurship Access in South Africa
“Take 2017 Innovator of the Year® winner and owner of Pimp my Book, Mpodumo Doubada – he says the direct spin-off from the EOY awards was a far more positive reception from various universities and corporates – who had heard about their company through the media and became a little more open to trying their innovative approach. Post winning, he also opened a new store in Pretoria, signed on more than 1000 new bursary students to their bursary division. The best part is that their revenue has grown by 40% since winning the award. ” says Gugu.
Through the awards and its objective to get the entrepreneurs to build and grow a successful business, the entrepreneurs get an opportunity to leverage social networking and capital, this, with fellow entrepreneurs and credible business experts who carry insights in industries of interest. Winners also have the added advantage of receiving formal mentorship or technical assistance as one of their prizes which they can use to develop tactics for accessing markets.
Adoption Strategy for your Business
So, whether it’s the prizes to the total value of R2 million which include cash prizes of R500 000, expanding networks, receiving media and mentorship exposure, it’s important that not only you just enter the EOY Awards, but to also enter it with clarity of why and how it can benefit the scaling of the development of your business.
Entries close on 31st of May, so don’t forget to submit your applications by visiting www.eoy.co.za