South Africa has been at the forefront of this trend, with Johannesburg and Cape Town emerging as major hubs for contemporary African art. South African artists such as William Kentridge, Zanele Muholi, and Nelson Makamo have become internationally recognised, fetching impressive prices at auctions and gaining global collectors. Kentridge, for instance, sold one of his works for $1.56 million at Sotheby’s in 2021, reflecting the potential for South African art to compete on the world stage.
READ MOREThe report on Township Entrepreneurial Ecosystems: The Entrepreneurs Lived Experiences by the Gordon Institute of Business Science (GIBS) offers a fresh perspective on the unique challenges and opportunities faced by entrepreneurs in South Africa's townships. This report highlights the distinct nature of township ecosystems from the perspective of the entrepreneur, which had been largely overlooked in previous studies
READ MOREWith the job market looking more like an arid desert, where do we turn? The answer might lie in an unexpected oasis of the educational landscape: Technical and Vocational Education and Training (TVET) colleges. These institutions are more than just schools. They are potentially the engine rooms of innovation and job creation that South Africa desperately needs. Let me explain why.
READ MORETechnical and Vocational Education and Training (TVET) institutions play a crucial role in equipping individuals with the essential skills needed to drive industrial development in developing countries. Their significance is increasingly acknowledged, especially in the context of the Just Energy Transition and the shift towards a Green Economy. The United Nations Educational, Scientific and Cultural Organisation (UNESCO) has highlighted this in its strategy, "Transforming Technical and Vocational Education and Training for Successful Just Transitions." In this evolving landscape, TVET institutions are expected to be at the forefront, providing the new and necessary skills that will enable a workforce capable of thriving in a green economy and fostering entrepreneurship to harness emerging market opportunities.
READ MOREIn South Africa there is a societal preference for secure jobs over entrepreneurial ventures. Entrepreneurship is also often seen as less desirable than government or corporate jobs, a sentiment which is pervasive nationwide. According to the Global Entrepreneurship Monitor Report for 2022/2023, only 5% of South African adults expect to start a business in the next three years, one of the lowest rates among 49 participating economies. Additionally, nearly 60% of adults in South Africa fear failure, which deters them from starting a business. This mindset poses a significant obstacle to fostering a vibrant entrepreneurial culture in townships, limiting innovation and economic diversification. This view is shared by Herrington and Kew in their study which also ranked South Africa as one of the lowest-performing countries in terms of entrepreneurship due to low support mechanisms, high transaction costs and poor access to credit.
READ MOREThe GEC+Africa 2024, hosted in South Africa, brought together thought leaders, policymakers, and entrepreneurs from across the globe to explore and advance Africa’s entrepreneurial ecosystem. This summary report encapsulates the event’s key discussions, insights, and outcomes, highlighting the dynamic interplay between innovation, policy, and financial strategies crucial for driving sustainable growth. With a focus on technological innovation, regional integration, and empowering female entrepreneurs, the GEC+Africa 2024 emphasized the importance of collaboration and inclusive practices in shaping Africa’s economic future. Explore the transformative events and sessions that defined this landmark gathering in our GEC+Africa 2024 Summary Report.
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