Venture capitalist Vusi Thembekwayo’s #Top40 mentorship programme has extended its application deadline in response to huge interest expressed by entrepreneurs. The #Top40 is part of MyGrowthFund (MGF), an initiative launched by Thembekwayo to discover nurture high-growth black entrepreneurs through funding, incubation and enterprise development platforms.
The #Top40 programme, which opened for applications on 15th May, has to date received 1 100 applications ahead of its initial deadline of 31st May midday.
The mentorship programme is open to entrepreneurs generating R1 million annual revenue and looking to grow. The selected 40 businesses will undergo an 18 month mentorship programme with Thembekwayo and a professional team specialising in finance, marketing, HR and IT.
“We have had to extend the deadline due to an overwhelming response from entrepreneurs. What this has shown us is the high quality of entrepreneurs in South Africa who are doing well, but need mentorship to get them to the next level,” says Thembekwayo
He said most entrepreneurs failed to get to the next growth phase of their business after a year in operation. “We want to help these businesses that have hit the ceiling, scale up and progress to the next level,” he said. This process, when done on scale, will have a meaningful impact on job creation in the country, he adds.
Thembekwayo said part of the requirement for the mentorship programme was audited financial statements. Strict performance targets would be set for the businesses to maximise value and output for the entrepreneur.
Creating healthy habits
“Success is about habits. Most entrepreneurs fail because they have poor habits. Over the 18 months, MGF will implement systems in the business of the beneficiary entrepreneur that will ensure success habits, such as practical financial and cash flow scheduling; robust market access systems that are scalable and measurable; and people management. Rewards and motivation systems ensure entrepreneurs maximise their single most important asset – their people,” adds Thembekwayo.
Applications can be made on the MGF website: http://www.mygrowthfund.co.za/top40.
Applications now close on 7th June 2017 at 12:00.