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Stanbic Bank AcceleR8 a dynamic platform to fuel entrepreneurial innovations and ideation
Larona Makgoeng
By: Henry David
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Established on the premise of Stanbic Bank’s Social Economic and Environmental (SEE) Value Drivers, AcceleR8 space has since inception taken vital strides as a dynamic platform to drive entrepreneurial innovations and ideation. Through this platform, the bank has endeavored to provide the essential motivation and infrastructure to enable entrepreneurs as well as advance youth employability.
At the helm of this dynamic platform is Larona Makgoeng; and recently, Strides had a chat with him to garner some insights on the bank’s overarching aspirations and inspirations as regards AcceleR8.
Makgoeng says AcceleR8 is a futuristic, progressive, collaborative and co-creation space with the objective of providing sustainable solutions to the challenge of unemployment through entrepreneurship.
“At AcceleR8, we help different companies that require services across the board. We will soon enable entrepreneurs navigate the business ecosystem through coaching, mentorship, advisory on access to markets and access to funding shoes programing is nearing completion, “says Makgoeng, adding, “It is a space for networking, cross coordinating ideas and co-creation for problem solving. We enable enterprises start operations, navigate working capital issues, workspace and provide Internet connectivity. We give them a platform to start and survive.”
To supplement the expertise of Stanbic staff, Makgoeng says AcceleR8 engages and continues to court strategic partnerships with government and other private entities whose mandate(s) happens to be in sync with that of AcceleR8.
“The AcceleR8 model allows us to engage experienced people to impart knowledge and strategic assistance to the companies at the incubator. These partners understand where the opportunities are. For instance, when it comes scoping of opportunities, we have a partnership with Statistics Botswana. They understand where the gaps are in the market, which sectors needs an investor and how we can make good use of such opportunities leveraging on the data that they own. We also work with UNDP, the likes of BITC and LEA with a focus on creating access to markets opportunities, all these are new relationships whose objectives align around solutioning for the problems that we face collectively” said Makgoeng.
Due to the diverse and unique needs of businesses to assert themselves in the market, the bank has not capped incubation time frames. Creativity follows no timeframes and it is up to the entrepreneurs to determine the place possibly being a 24-hour operation center if they wish. To encourage wider participation, the space, is currently housing max around 20 businesses owing to adherence Covid-19 protocols, otherwise prior to the health crisis the space was designed to host well over 50 people at a given time. The place does not have specific industry limitations or focus. However, Makgoeng makes it clear that the bank looks for the participation of individuals who are determined and committed to deliver on their value propositions.
“We have an open policy, we have tried not to make this place bureaucratic and removed any form of red tape. It’s free come in free walk out. You just need to have something viable that can create impact. Something that can change your fortunes and of other people when you solve a specific problem. We need people who are first and foremost, committed; people who are not going to look for excuses, people who will do their utmost best to deliver on their ambitions and goals,” said Makgoeng.
Makgoeng said due to its rough nature, entrepreneurships demand a mindset shift to produce results and attain success.
“Entrepreneurship is rough: It requires grit and passion. It requires a great deal of resilience. The individual must be self-driven as there are no external entities that can prepare anyone to succeed in business other than the individual himself. One must be prepared to ride the storm and overcome it,” says Makgoeng.
Looking to the future, Makgoeng says the mandate of AccelR8 need not change but become much bolder and gain momentum in providing innovative solutions on the premise of entrepreneurship and employability to Botswana’s bulging youth population.
Located in Gaborone, Accelr8 space has been instrumental in youth empowerment in Botswana. Among other things, it has hosted events like the launch of Kagiso Madibana’s book, ‘Queen of Mayhem’ and Project 124 2020 Pitch Session in collaboration with Hollard and Launchit, Angel Investor Network and many others.
The Ghodrati Foundation is a private, not-for-profit organization with a vision to contribute to the socio-economic development of Botswana. The organization is determined to fund charitable causes in addition to launching special programs designed to promote and avail opportunities in education.
The flagship initiative of the organization is the Ghodrati Foundation Scholarship. This is a partnership with New Era College of Arts Science and Technology, which seeks to provide financial aid to students who did not obtain enough points when sitting for their BGCSE exams to earn a Botswana Government scholarship, but who also show a strong capability in science and mathematics, creative arts and sports.
The foundation is built around the core value that everyone deserves a chance at education and to date it has helped change the lives of over two dozen students, some of which managed to qualify for a Botswana Government scholarship in their second year, after proving their academic diligence. The Foundation aims to become a bridgeway to help previously disadvantaged students attain their dream of becoming high achievers with Engineering qualifications. VISION The Ghodrati Foundation aims to develop socially just and economically prosperous communities by unlocking the intellectual and creative potential of the citizens of Botswana.
MISSION The Ghodrati Foundation will create opportunities by providing a platform that will nourish and empower excellence in the arts, academia, and athleticism through responsible, resourceful, and equitable solutions.
VALUES People Diversity Empowerment Equity Service Integrity Independence
For more information on how to apply for the Ghodrati Foundation Scholarship Contact: (+267) 73933533 scholarship@neweracollege.ac.bw
