People starting up their own businesses seem to have grown in South Africa over the years. A lot of these small and medium-sized enterprises (SMEs) came together during Global Entrepreneurship Week and converged at Rosebank. The week-long project was hosted by Enterpriseroom in collaboration with Nedbank where SMEs were given the opportunity to explore available business opportunities with companies such as Coca-Cola, Discovery, IBM and Old Mutual (OM).
Enterpriseroom is a transformation consultancy which focuses on accelerating SMEs while creating opportunities for youth employment thus contributing to inclusive and enduring economic growth for the country.
Financial analyst at Old Mutual, Lebogang Morulane shared how OM supports SMEs and said their core business is selling financial products and also keeping up with the fourth Industrial Revolution. “We have a lot of gaps in digital marketing, cyber security and software development. So, if an SME wants to be a sustainable supplier to OM, then their strategies should be in line with filling the mentioned gaps.”
He added that when OM funds a business with a loan, they look at whether the business will be able to repay the loan and if they are capable of sustaining the business. Morulane also said that OM was in partnership with Masisizane Fund.
Marketing and stakeholder relations manager at Masisizane Fund, Lindelwa Skenjana said their business is about converting a business into societal value and vice-versa. “We provide funds to BEE (black economic empowerment) franchising SMEs. We have a three-sector focus which includes manufacturing and supply chain, agri-business and franchises. They have to be 51per cent black-owned businesses.”
Skenjana added that the project wasn’t just about throwing money at SMEs, but they also support their clients after getting into business as they are aware of the challenges they go through.
Details: Enterprise Room 011 268 0286
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