MAHLATSE TOLAMO | AUGUST 20, 2020
On the 12th of August, our Growth Challenge winners, MaxiCash, HonestCare, Nubian Smart, Exploring Intellect and Ngcobo Molapo Logistics, enjoyed an invaluable opportunity to meet the Johannesburg Stock Exchange (JSE) CEO, Dr Leila Fourie, as a reward for their hard work.
We launched the Growth challenge on the 14th of November 2019 in partnership with the JSE. The aim of the initiative is to cultivate a properly thought-out long-term strategy, develop resiliency, mirror market challenges and acknowledge and celebrate the positive financial performance of startups.
Spring. It’s a season of fresh growth, new beginnings and rejuvenation. The scent of flowers, seedlings blooming, animals exiting their confined hibernations and birds cheerily hark in this new warm season of rebirth.
I believe that spring can create a natural source of motivation and encouragement, in tandem with our government, to make our economy blossom again. And here is how
– Corporate: Big businesses must be encouraged to open and get their staff back onsite. Because in this regard, it’s not only about restoring corporate productivity, it’s also about the impact on small periphery businesses. For example, I was saddened when I went to buy street food from the Mama in Bryanston and she told me that pre-pandemic she used to sell 60-80 plates a day, but now, she rarely sells more than ten, because offices are standing empty. There are thousands of these small periphery businesses everywhere that rely on corporates and they need to get back to productivity, not to mention the larger periphery businesses, such as internal office cleaners, external window cleaners, etc. The list is endless and the economic domino effect is crippling.
– Travel and Tourism: As the Northern hemisphere approaches autumn (aka “fall” in the USA), many tourists will seek regions with warm weather to visit. We have to open up our borders safely with strict health protocols with, for example, a certified negative virus test a week before their arrival, still subject to rigorous airport screenings. With the many travel agencies, hotels and restaurants closing down, this will be a big opportunity to get these businesses back up and running. And once again, the peripherals, such as waiters, cooks, cleaning staff, maintenance and tour guides, etc. will be earning a living again. These all help reinstall consumer spending power, which helps pump money back into the economy, and are relevant to nearly every industry sector.
– Health and Fitness: It was encouraging to read that South Africa did not have a flu season this year. I guess this was due to home confinement and possibly that many took precaution by self-medicating, having hot water, lemon and honey, etc. I probably distributed over 300 lemons to my work colleagues during this period. So staying healthy and exercising is crucial to lessen the risk, as well as to keep wearing masks, social distancing and regular sanitisation.
– Startups: Our startup ecosystem has been dealt a crushing blow. From those that have surrendered their slim hope of continuance and those that have retrenched staff significantly, to the venture capital industry, which is now investing extremely conservatively, and the corporates that are over-cautious to talk partnerships or collaboration, now, more than ever, is the time to let hope spring eternal by building our economy on collaborative trust between small and big business.
– Conferences, Events (including weddings) and Entertainment: These are big money spinners, also employing many peripherals, so they have to get back into the economy, super-safely of course. Conferences and events attract millions of visitors annually with huge spending power. Entertainment, such as performers, musical artists and the creative industry at large, which includes film and TV productions, hire thousands of freelancers, many of which have been side-lined and unpaid since March.
In closing, we must acknowledge our Health Practitioners and Frontline workers, who many will agree have done a great job, bearing in mind there was no clear-cut remedy to fight this virus quickly.
Now I think we must spring into action and open the economy fully and safely – and remember it will take teamwork and diligent adherence to existing health protocols.
Kizito Okechukwu is the co-Chair of the Global Entrepreneurship Network (GEN) Africa; and Executive Head at 22 on Sloane.
From the 4th to 9th November 2024, the 22 On Sloane Cape Town Hub came alive with energy, innovation, and collaboration as we hosted our first major ecosystem activity, The Google Startup Bootcamp. This milestone not only marked the debut of our facility in the heart of Green Point but also underscored our commitment to nurturing Africa’s dynamic startup ecosystem. The Google Startup Bootcamp is part of the Google for Startups Black Founders Fund initiative, which has pledged over $30 million in equity-free funding to empower Black-led startups across the globe. For one week, participants engaged in transformative workshops, one-on-one mentorship sessions, and invaluable networking opportunities. It wasn’t just about learning, it was about building relationships, refining ideas, and laying a stronger foundation for their ventures.
READ MOREA key takeaway from the summit was the reaffirmation of the importance of strategic partnerships. The NISED Framework mandates biennial summits to track progress and engage stakeholders on collective goals. Attendees were encouraged to consider actionable steps, posing the questions: “What quick wins and impactful interventions should we prioritise, and what actions must each of us take to bring them to fruition?” The summit also marked progress on policies that prioritise inclusivity, such as support for spaza shops and informal traders to upgrade their infrastructure and comply with regulations...
READ MOREThe future of South Africa’s rural economy holds great promise, but realising this potential requires bold, coordinated action. SMMEs have the potential to be powerful drivers of rural transformation, catalysing growth across sectors from agro-processing to sustainable energy and tourism. To achieve this, the current knowledge gap must be bridged through comprehensive research and data collection. This call to action demands collaboration between government agencies, research institutions, and private sector partners. Only with a solid foundation of empirical evidence can targeted policies and interventions truly support rural entrepreneurs and unlock the potential of South Africa’s hidden economic gold.
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