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
On the 2nd of May, Thomson Reuters Labs – Cape Town, in partnership with The Durban Innovation Hub and The Makerspace, and supported by the World Economic Forum Global Shapers hosted an Africa 4.0 Innovation Breakfast Experience with a focus on The Power of Co-creation and Africa 4.0 as a pre-cursor to The World Economic Forum (WEF) Africa 2017.
Unpacking Africa 4.0
The breakfast brought together corporate innovation panellists from Grinrod, Thomson Reuters and Kusini Water to unpack Africa 4.0 and provide insights into Africa’s data scarcity gap, how corporate innovation has its role to growing the continent and exploring where Africa is going. Thought leader of industry and founder of WEF, Klaus Schwab describes the Fourth Industrial Revolution as a revolution that is empowering and human centred that is driven by the convergence of new technologies with the physical, digital and biological worlds. It is a revolution that will impact economies and industries, and will stretch itself to challenge ideas in how we communicate, consume and produce.
What does investing in the Fourth industrial revolution mean for Africa - dubbed Africa 4.0?
In understanding what Africa 4.0 is and its impact, Thomson Reuters’ SVP, Head of Innovation for Africa, Saidah Nash Carter kickstarted the discussion by unraveling what was at the centre of the Fourth Industrial Revolution. “Humanity and the impact that technology has on people is the ultimately the heart of the latest revolution, and our role as Thomson Reuters can be to leverage its proven strength in data innovation to convene and empower the increasingly interconnected ecosystem.” Nash Carter expanded on the concept, talking to the opportunity that Africa 4.0 presents for inclusive growth for developing markets.
Tapping the opportunity of Shared Business Value creation through Africa 4.0
“It is possible to do good business, profit and social impact are not mutually exclusive.” Using the Port Maputo in Mozambique as a case study, panelist Cathie Lewis, Group Company Secretary of Grinrod, expressed the concern about shared business value creation when engaging in the commercial value of corporate innovation. Grinrod is a global holding company that operates in the freight logistics, shipping and financial services, and does so with the unique objective of servicing Africa trade flows.
Speaking to the company’s customer relationship with Maputo Port, Lewis expressed the opportunity to create a shared business value chain in Mozambique since the aid-reliant country’s financial aid cut by a couple of donors in 2016 meant unstable economic growth and activity. The opportunity in shared business value creation is in the World Bank’s Mozambique’s strategy in reinvesting the natural wealth and the country’s build environment asset of the Port and decentralize it for human and institutional capital and do good business.
The value created from solutions of such challenges lies at the intersection of Africa 4.0 and its technologies and recognizing that value add needs to come from the corner of multi-stakeholder engagement. This ecosystem is one that recognises the stakeholders at Port Maputo, the Mozambican government to workers, and immediate communities. The objective of Africa 4.0 should aim to look at how we can harness these new technologies to share business value creation for all stakeholders involved
Investing in multi-stakeholder cooperation across all industry
Bringing the conversation to multi-stakeholder investments, Nash Carter recognised the value of entrepreneurs in empowering communities and economies, just as Murendeni Mafumo is with Kusini Water. Using nano-technology and solar power to produce water, Kusini Water thrives on sustainable business models of lease agreements, pay per litre of water used and sale of the systems. A passionate water scientist and entrepreneur, Mafumo echoed his conviction of decentralization of resources in industries, and using the opportunity of collaboration as a tool of accelerating innovation, and shared business value.
Collaboration of startups, private and public sectors is at the heart of innovation, this value creation should not only be empowering, but be built on self-sustaining models like Mafuno's business.
Harnessing the power of Africa 4.0
With a defined term of Africa 4.0 for us to understand, how do we leverage the potential of this revolution of humanity to achieve SDGs, Vision 2030 and the agendas of all stakeholders involved? This can be enabled with disruptive leadership that is both responsive and responsible, and continued investments in push strategies of partnerships that share the same purpose in value creation and empowerment for everyone involved in the Fourth Industrial Revolution.
Data from the 2015/16 Global Entrepreneurship Monitor (GEM) survey reported that South Africa’s rate of established businesses was at 3.4% (more than below Africa’s average of 8%), while necessity-driven entrepreneurship was up 18%. To complement this statistic was the Total Early-stage Activity (TEA) which had increased, while the rates of these phases of TEA remained relatively low. With 62% of businesses closed South Africans and only between the ages of 25 and 44 are the most entrepreneurially active, why would current societal pressure blur the opportunity of being employed (and educated)? After all, is that not one of the values and impact of entrepreneurship, social or not?
It seems the greater cause of entrepreneurship is being totally missed at present with the aspirations to make it the latest trend without consequence to its opportunity of job creation. Starting a startup is no glamorous venture. It’s beyond scheduling Instagram posts with #MotivationMonday captions, uploading a picture of a “Meeting well done, can’t wait for what’s to come” when in actual fact you got a call a day later and lost the deal you thought was putty in your hands. Beyond the glamour frenzy, downplaying the aspirations of an employed peer because entrepreneurship is the only way to actualise one’s dreams and monetize passions, is what has been irking me for some time. Are we ever going to recognise and introduce the opportunity of Intrapreneurship to aspirant workers and entrepreneurs without the worry of being an entrepreneur with a lack of resources? So what is this concept of Intrapreneurship all about?
Intrapreneurship is a fairly recent concept that has a key focus on employees who are drivers of innovation in the company and have grand appetites for risk and return on investment. Intrapreneurs are more than in it for the paycheck, it’s innovating and crafting business value with the bigger idea of advancing not only their growth in the company, but the vision of the entity and adding value to the culture and employees of the company aswell.
For the aspirational entrepreneur, intrapreneurship is a platform to hone your entrepreneurial skills with all the resources at your disposal and the opportunity to fail fast and build and grow a business or product within the company. Intrapreneurship is the opportune playground to kickstart your entrepreneurial journey. And should one have no aspirations of being an entrepreneur, is intrapreneurship still for them? Absolutely! The concept is ideally about leadership, recognising and fostering growth to become a truly innovative leader. Entrepreneur or not, everyone with a role and responsibilities expectant to be remunerated for their services needs these skills.
With the high income inequality, underemployed, unemployment, weak job creating capacity in this country and the GEM highlighting that the job growth aspirations of entrepreneurs likely declined 4 times in 2015, the opportunity to intrapreneur has never been more ripe.
The rise of the entrepreneur does not have to equivocally bring shame to the employed, or a salary be seen as a bribe to pay off one’s dreams. Believe it or not, you can actually be both, an intra- and entrepreneur. If you are of the opinion that a salary is a pay off of one’s dreams and you’re pursing entrepreneurship, whose dream will you be paying off?