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.