This year’s Entrepreneur of the Year finalists have proven their mettle in a harrowing economic environment. Image: iStock
Some of South Africa’s “best and brightest” entrepreneurs were chosen after a month of deliberation.
The judges of the Business Partners Ltd Entrepreneur of the Year® competition had their job cut out for them to celebrate and showcase the accomplishments of local entrepreneurs who are setting new benchmarks in their industries. This often despite all odds, according general manager for impact investing at Business Partners Ltd, David Morobe.
“This year’s finalists have proven their mettle in a harrowing economic environment. Each of the businesses selected by the judging panel was chosen for their inherent resilience, as well as their ability to serve as entrepreneurial role models for South Africans and aspiring entrepreneurs.”
South Africa currently has one of the highest start-up failure rates in the world, with approximately 70% to 80% of small businesses failing within the first five years of operation.
Morobe said the pandemic catalysed an era of hardship for millions of SMEs across the country, with lockdown regulations interrupting business as usual and compelling many entrepreneurs to change direction in order to keep their doors open.
“While South Africa presses on towards post-pandemic recovery, the past few years presented their fair share of headwinds for new and existing ventures. Civil unrest, adverse weather conditions, infrastructure failings and the ongoing energy crisis all played out locally amid the turbulence of geopolitical uncertainties abroad.”
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Currently, as the most recent Business Partners Ltd SME Index showed, the major challenges small businesses have to deal with are cashflow, unfavourable economic conditions and lack of access to funding.
Morobe said these factors are among the most significant contributors to the erosion of business confidence, as well as several other key metrics.
According to the 2022 Global Entrepreneurship Monitor, total early-stage entrepreneurial activity in South Africa decreased by roughly half when compared to 2021.
Likewise, fear of failure among small business owners increased to 59.44% from where it was at 53.03% the previous year.
However, according to Morobe, it is encouraging that the percentage of South Africans who identified promising opportunities for starting a business, increased to 61.31%, compared to 57.88% in 2021.
“Contests like the Entrepreneur of the Year® competition play a vital role in honouring the pioneers and innovators who find creative ways to thrive, even in the most trying circumstances.”
He explained that what Business Partners Ltd wants to achieve with this competition therefore goes beyond the recognition of achievement.
“It is about so much more. It is about promoting entrepreneurship as a rewarding career path and in doing so, building a nation of entrepreneurial thinkers who can tackle some of the country’s most pressing issues, such as poverty and unemployment.”
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The finalists in the emerging businesses category are:
The small business finalists are:
The finalists in the medium business category are:
These finalists stand a chance of winning prizes valued at R2 million, including cash prizes of over R500,000, coupled with ongoing mentorship support.
“As in previous years, the 2023 Entrepreneur of the Year® competition offers so much value beyond cash prizes,” Morobe said.
“We designed this process to serve as a springboard to success, a way for these inspiring individuals to build their support networks, engage with their peers and establish themselves as they strive towards achieving their forthcoming milestones.”
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