Here's how you can tap into Incuvest support

hilst it is opportunities galore

Wfor the country’s SMEs to be viable concerns, several challenges stifle growth and sustainability.

The Enterprise and Supplier Development element of the amended B-BBE Codes is not only vital to an organisation’s scorecard but has the potential to empower many and positively contribute to the South African economy. However, there is a general lack of resources and intimate knowledge about the Enterprise Development and Supplier Development scorecard requirements. Therefore, engaging with the right incubator to drive the process will benefit both the “contributing organisation” and beneficiary alike. Whether you are a contributor or a beneficiary there will be some challenges to the process.

Here’s how you can tap The South African business landscape provides many opportunities for Small into Incuvest support ➚ and Medium Enterprises (SMEs), and black owned entities in particular.

BY: GERALENE VAN WYK

Incuvest, a leading South African incubator founded in 2011 to empower SMEs reach their full potential, is standing in the gap to provide forward looking solutions to entrepreneurs.

“Incuvest addresses some of these challenges, through being a one-stopsolution for contributors and assisting qualifying black owned beneficiaries in an extended and successful way,” says Geralene van Wyk, Operations Manager.

Opportunities to the beneficiaries in Incuvest’s acceleration program: • When a beneficiary enters the Incuvest program an in-depth needs analysis is conducted to determine where to start; • The beneficiary’s legal and financial compliance is dealt with, by ensuring that they comply with all relevant legislation. This also ensures that they are eligible for tendering opportunities in different sectors; • Beneficiaries are assisted with skills to write impactful business plans; and • Monthly workshops that focus on the self and business development of every beneficiary, are conducted in consultation with the latter.

“As cash flow is one of the biggest threats for a small business, we do assist and educate in this regard. Most issues surrounding cash flow relate to how the cash is being managed. Incuvest advises a beneficiary on money management matters with the option to assist them in securing financial aid. Incubators such as Incuvest, upon approval, will support a beneficiary in the form of a grant,” Van Wyk says.

Opportunities to the contributors towards the Incuvest acceleration program: • Navigating one’s way through B-BBEE compliancy, status and levels can be a complicated and confusing process. Incuvest assists and support a contributor through the process. The amended Codes place emphasis on

Enterprise and Supplier Development, as priority elements. • Contributors can dictate their involvement. Contributors are not limited to only contributing grants,

Incuvest welcomes their mentorship and education as part of the program. • Beneficiaries are monitored closely, and are transparent about their progress and success, contributors can therefore rest assured that their contributions are put to good use.

“Contributors can help in creating sustainable employment, in a country with an unemployment figure of 27.7%. We are very proud of the 336 (and counting) jobs that were created through this program,” Van Wyk says.

Incubators, like Incuvest can no longer choose which challenges they want to

"As cash flow is one of the biggest threats for a small business, we do assist and educate in this regard.” "

address. A holistic approach needs to be followed, to foster real change and solutions. Core challenges of both beneficiaries and contributors need to be faced and tackled. Enterprise and Supplier Development incubators, can be a wonderful vehicle for real change and growth if it is utilised and managed in a proper and controlled way.

The Incuvest team has a passion for developing and empowering beneficiaries, ensuring that their dreams are realised. The end result that Incuvest as Incubator wants to achieve, is ensuring that the beneficiaries in the program become self-reliant and sustainable businesses that contribute to the economy of South Africa.

“We are also committed to our contributors who make this possible. We are committed to a convenient, transparent and flexible process for all the

parties involved,” she says. 