Eskom competition moves to next stage as entries close

The Eskom Development Foundation’s annual Business Investment Competition (BIC) moves a step closer to finding this year’s winner as entries close and the crucial stage of adjudication was underway on 23 – 24 August 2018. Black-owned small and medium enterprises from across the country, that have been operating for more than two years registered for the competition.

 

Small businesses that have been selected as finalists will now be making their cases in front of a team of adjudicators over the two days. The adjudicators will score them based on specific criteria and determine the winners of the different categories as well as the overall winner of the competition.

 

With ZAR1,3 million worth of prizes up for grabs in the competition, the finalists will slug it out for great prizes which they can use to take their businesses to higher levels. Eskom started the BIC with the aim of recognising, rewarding and boosting small businesses that are contributing to skills development, job creation and economic growth in the country. The entrants, which come from across all nine provinces, compete in three sectors; manufacturing, engineering/construction and trade/services.

 

Since it was initiated in 2008, the BIC has been helping small enterprises grow their operations through the financial rewards, the business skills and training provided as part of the prizes, and the exposure that they get for being part of the competition. The overall winner receives ZAR300 000, while each sector’s winner takes home ZAR125 000. The first and second runners-up in each sector receive ZAR75 000 and ZAR50 000 respectively.

 

All BIC finalists will get an opportunity to exhibit at the annual Small Business Expo (SBE) and the #BuyaBusiness Expo held from 6 – 8 September, at the TicketPro Dome in Johannesburg. The Small Business Expo is exclusively dedicated to the development and growth of small and medium enterprises by giving them an opportunity to market themselves and interact with corporates, potential investors and customers.

 

The Eskom Development Foundation CEO, Cecil Ramonotsi, says while there are many competitions that exist to boost small enterprises, the BIC takes things a step further with all its amazing additional prizes. “The BIC is not only giving these businesses a chance to improve their operations and create jobs. It also provides them with the skills they need to be sustainable and grow,” says Ramonotsi.

Do you want to export to Southern Africa?

According to the CEO of Sanlam Africa Investments, St. John Bungey, the subtleties of investing in Africa should be respected. The growth path and the demographics are solid reasons to invest in Africa but specific strategies are needed. He notes three (3) key ingredients: respect for local knowledge, understanding the local environment, and partnering with the right local people. (Sunday Times)

In an article by the Global Africa Network, fully 30% of South Africa’s exports are to other countries in Africa, but a massive 83% of this volume is into Southern Africa. This means that the potential for South Africa to grow its exports into other parts of Africa is enormous. While South Africa is still seen as a good staging post for international firms to base their Africa strategies, some industries have refined that process. In the automotive industry, for example, head offices in Europe and the US have mandated their South African operations to lead the drive into Africa.

The above is one of the motivations for our hosting quarterly sessions focused on the Southern Africa region, each focusing on different aspects that would allow South African based enterprises and initiatives the opportunity to build and expand their networks for business growth.

Close to our passion as The Business Development Agency (Pty) Ltd is to help develop enterprises across Africa, and the realization that networks can indeed become the one thing required to kick-start a business’s next level of growth. The Doing Business in Southern Africa: Understanding Markets & Opportunities session is the 1st of a series of gatherings centered around the business opportunities and activities in this very region.

As an entity that also offers advisory services to big and small businesses alike, these platforms also serve as a great way to gather data from investors, business leaders, entrepreneurs, public sector entities, and other stakeholders in order to play our part effectively to developing and scaling businesses on the continent.

WHY ATTEND?

  • Understand the economic landscape of & opportunities within the Southern Africa markets.
  • Learn about effective marketing from experts.
  • Network with like-minded entrepreneurs and professionals.
  • Access to researcher; consultants; business developer; and risk managers.
  • Access to investors and other financiers.
  • Understand compliance needed to do business.
  • Access to public sector stakeholders.
  • Have access to business consulting services. [20% discounted fee post this event]

We are only aiming on having a maximum of 40 delegates in order to make it as interactive as possible.

To find out more about this event, or book your seat, contact: info@thebda.co.za

Our Social Media

Twitter: @TheBDAgency

Facebook Page: The Business Development Agency [@BDagency]

UNLOCK YOUR AUTHENTIC SELF

August 25, 2018 Mind Retirement Institute is hosting Unlock Your Authentic Self Session with various guest speakers and people who will share their life testimony on how they discovered their true self.

Venue: 012 central, Church Street, Pretoria CBD, South Africa

Time: 9h00-12h30

Ticket Price: R450 incl Breakfast and Entry to Market@theshed Flea Market

This session will help you with:

Discover who you really are

Find out your true passions

Build your self-esteem

Let go of past mistakes and accept yourself

Break free from crippling self-doubts

Embrace your individuality

Love yourself

Find your life purpose

Show the world the real you

Create a joyful life by living authentically

 

Guests Speakers:

  1. Puseletso Modimogale (Host): Transformation Coach, Author: Mind Retirement, Business Woman
  2. Kunle Ayo: Multi-Award winning Jazz Guitarist, Founder:Beam The Light
  3. Kea Moloto-Modise: Founder of Bontlebame, Owner: Arise Magazine 
  4. Nonto Sibisi: Founder: Mbombezikazi & the Author: Isithunzi Sami

 

“No problem can be solved from the same level of consciousness that created it.” — Albert Einstein

  • If you would like more information or to schedule an interview with Puseletso Modimogale, please contact  Milton Limema on +27814430705 

Small business funding gets innovative

South African entrepreneurs and small business owners have long cited a lack of funding as the biggest hurdle in the way of their business success. But many are overlooking a multitude of traditional and disruptive funding opportunities available, say business and finance experts.

Speaking ahead of the annual Small Business Expo, small business and finance experts report that the funding challenge is often a perceived, rather than a genuine one. And small business owners have it in their power to overcome the challenge through proper planning, preparation and research.

Nedbank Group economist Busisiwe Radebe says many small business owners still see ‘traditional’ funding – a loan from a bank – as the only option for business finance. “But traditional funding is not for everyone. It’s an older model, with an important place in financing, but for younger, disruptive players or those with no track record, disruptive funding might well be the way to go for start-up finance.”

Radebe notes that banks are built on risk management, and they are in fact custodians of other people’s money, therefore they will not always be willing to lend money to newcomers with no business plan, assets or credit history. “This should not stop people from asking, however. Large banks have business divisions, where even a potential start-up can get advice and find out what they need to put in place in order to qualify for a loan in future.”

“Many entrepreneurs are ill-prepared when they approach banks for funding,” says Thapelo Tsui, relationship banking manager and small business development expert at Nedbank. “In our experience, a certain amount of hand-holding is necessary to help would-be entrepreneurs prepare to apply for funding and manage their finances responsibly. As a result, Nedbank is working to help small businesses understand the processes and manage their finances more effectively.”

Darlene Menzies, CEO of Fin Find, says: “Too many people think banks are the only place to go for finance. They aren’t. There are numerous, VC funds, crowdfunds and grants available to small businesses in South Africa.” The Fin Find platform aggregates over 450 funding products available to local small businesses.

Megan Dedekind, senior investment manager at Business Partners, echoes this view: “In addition to the challenge of finding the funders, many new businesses do not understand what funders are looking for. In addition, many are inclined to over-extend themselves in terms of debt.” 

Disruptive funder ProfitShare Partners is one example of new models for business financing available in South Africa. Founder and CEO Andrew Maren explains that the model aims to close the gap between start-up finance and growth funding for those businesses struggling to secure traditional loans. ProfitShare Partners offers small businesses 100% funding on valid purchase orders, allowing them to compete for larger contracts. This transaction-based loan does not incur interest, but rather a share in the profit from the transaction. It’s a low-risk model for the lender, says Maren, and it also reduces risk for the small business, since ProfitShare Partners carefully assesses the transaction before approving the funding. “We are inundated with applications, but since our platform is tech-based, we are able to keep the costs of delivering the service manageable,” he says. “ProfitShare Partners has helped at least 40 clients grow from turnover in the hundreds of thousands to turnover in the millions, with one growing to over R35 million turnover in just two years. For many small businesses, this support bridges the gap and almost grooms them to become bankable, and once they have a track record and a financial history, they move on to traditional business banking models.”

Nokwazi Mzobe, Founder of Matoyana Business Solutions, author of the Small Business Handbook and driver of the Fearless Women campaign, adds that disruptive funding options also include stokvels and crowdfunding. “Platforms such as Thundafund or even smaller initiatives through platforms like BackaBuddy are proving very successful in raising funds to empower and help people,” she says. 

Beyond traditional lending and disruptive funding lies a model for sustainable business development that rests heavily on responsible, involved support for viable small business models. “You might term this model ‘responsible funding’,” says Eskom Foundation CEO Cecil Ramonotsi.

Eskom Development Foundation, through myriad interventions, has invested heavily in small business development across the country in recent years. However, Ramonotsi notes that the investments were never traditional loans or disruptive funding – they were always strategic and fiscally responsible investments made with a view to delivering maximum socio-economic returns for the country. 

Eskom Foundation’s business development efforts include the Simama Ranta Schools competition to spark entrepreneurial development at an early age, and its annual Business Investment Competition (BIC), for black-owned SMEs in the engineering and construction, trade and services, manufacturing and agriculture/agro-processing sectors. BIC, which was launched in 2008, has attracted entries from over 357 businesses in the past five years alone.  In addition, Eskom’s Contractor Academy has issued contracts to the value of R2,6 billion. 

 “We believe that simply allocating a loan or a grant to any start-up that applies for funding is not enough to assure their sustainability or economic development for South Africa,” says Ramonotsi. “Eskom’s responsible funding approach takes into account the fact that the four sectors we focus on in the BIC contribute the most to the GDP and play a very instrumental role in the country’s economic growth. In addition, entries are carefully assessed for their viability and sustainability, ensuring that the winners are truly capable of growth and job creation. And to help BIC winners deliver on their potential, we remain engaged and follow up with them, to ensure they have the best possible chance of business success.”

Funding for start-ups and small business will come under the spotlight at the Small Business Expo in Northriding next month, when experts in the fields of small business management, financial management and funding will deliver talks and host workshops throughout the three days of the event.

The Small Business Expo will be staged in partnership with the Eskom Development Foundation from 6 – 8 September at the Ticketpro Dome. Online registration by 2 September is free, or R70 at the door, and visitors will benefit from free training in the Standard Bank Women in Business theatre, the Nedbank Money Matters theatre, Business Services theatre and the Eskom Powering your World theatres. Register today at www.smallbizexpo.co.za

 

About the Small Business Expo

The Small Business Expo, running alongside #BuyaBusiness Expo, is devoted to the development of small and medium sized enterprises, providing an invaluable platform for small businesses to market their businesses and interact with business leaders and corporate companies. This expo exposes visitors to a wide range of business models, incubation programmes, business contacts, speakers and other entrepreneurs who will engage them on starting or growing their business.

The Small Business Expo features numerous highlights, including free workshops and talks in the Nedbank Money Matters Theatre, Standard Bank Women in Business Theatre, Eskom Powering Your World theatre and Business Services theatre. Explore exhibits, visit the #BuyaBusiness expo alongside, and explore new business opportunities. 

The Small Business Expo is presented by Reed Exhibitions in partnership with the Eskom Development Ticketpro Dome, Northgate. The expo is supported by the Randburg Chamber of Commerce and Industry and Minara Chamber of Commerce, and is endorsed by the Black Management Forum (BMF) and approved by AAXO.

For more information, visit https://www.smallbizexpo.co.za/