Connect with us

Entrepreneur Today

Businesses Must Be ‘Fire Ready’

Businesses urged to avoid major financial loss in fire season 2012.

Entrepreneur

Published

on

Biz_Insurance

Over 200 people were left homeless and at least two others died in widespread fires in the Western Cape in late January. As temperatures look set to remain high throughout March, the importance of businesses adhering to fire safety regulations is once again in the spotlight. South African businesses are urged to comply with fire regulations or bear the risk of major financial outlay and liability due to damaged property and assets or human lives.

Manuel Chikwanda, senior risk engineer at Lion of Africa Insurance says the recent spate of fires in the province has raised some major concerns regarding the readiness of many businesses to deal with unexpected fire. He says as fire season approaches – especially in fire-prone areas such as the Western and Eastern Cape, businesses and home owners need to take the necessary steps to ensure that all fire safety assessments are conducted and that standards are met.

“The cost of non-compliance far exceeds the cost of compliance when you consider the loss of profits, operational delays and reputational damage that occurs when a business is incapacitated due to an extreme event such as fire.  Businesses must not fool themselves that they are saving money by ignoring fire-safety requirements,” says Chikwanda.

Assess safety procedures

According to Chikwanda, home owners and businesses should regularly assess their fire safety procedures. This means ensuring that there are approved fire protections in place and provision of safe passage for all people in an emergency. He recommends that a number of bodies, such as the Automatic Sprinkler Inspection Bureau, Fire Detection Installers Association, and Fire Protection Association of Southern Africa can be approached for professional assessment of fire safety.

“Insurance companies and brokers also have in-house risk engineering teams that also assist with assessing fire safety adequacy at shopping centres, large retailers, and other premises” he says.

According to Chikwanda, some aspects of fire safety require daily attention. He believes it is these issues that are often neglected by companies because they do not form a part of the organisation’s key tasks.

“Checking that exit doors and escape routes are free of obstacles and work smoothly as well as testing public address systems should become a part of a business’s daily routines. However, a full fire safety assessment should be scheduled at least once every year as part of a robust risk management program,” he says.

Duty of care

Chikwanda says that in many cases business owners are not aware of the insurance implications of not having sufficient fire protection in place.  He explains that the contract of insurance places the duty of care upon the insured, which generally encompasses compliance with relevant statutory requirements for prevention of loss, as well as other best practice requirements that could be imposed by insurers.

Not having sufficient fire protection in place could therefore be construed as a breach of the insurance contract, Chikwanda says, and at worst could result in claims not being honoured. “Inadequate fire protection always results in the severity of loss being much higher than it would otherwise have been. This high loss ratio consequently results in an increased cost of insurance in subsequent periods,” says Chikwanda.

Entrepreneur Magazine is South Africa's top read business publication with the highest readership per month according to AMPS. The title has won seven major publishing excellence awards since it's launch in 2006. Entrepreneur Magazine is the "how-to" handbook for growing companies. Find us on Google+ here.

Entrepreneur Today

Applications For MEST Class of 2020 Now Open To Aspiring Software Entrepreneurs Across Africa

Applications for MEST Africa’s 1-year, fully-sponsored entrepreneurial training program in Accra, Ghana are now open for aspiring entrepreneurs from across the African continent.

Entrepreneur

Published

on

mest-class
Interested applicants have until February 8th, 2019 to apply for the class of 2020. Successful applicants will receive in-depth training and mentorship, access to a global network and the opportunity to build the next generation of global software companies alongside successful graduates like Anitrack’s Winnie Akoko, Qisimah’s Sakhile Xulu, Bidiibuild’sKelvin Wachira, Kudobuzz’s Kena Amoah, MeQasa’s Kelvin Nyame, Amplify’s Segun Adeyemi and more.
 
“The MEST program has given me the opportunity to focus on developing the technical and business skills I need to succeed in the tech industry,” said Millicent Koranteng-Yorke, a member of the Developers in Vogue 2018 cohort and the MEST Class of 2019. “It is a chance for me to gain practical knowledge, experience and insight into my fields of interest and to develop solutions to the problems I am passionate about.”
 
Truly Pan-African, the MEST class of 2019 is its most diverse yet, representing entrepreneurs from 12 African nations. The Class of 2019 also welcomed the highest representation of women in a MEST cohort to date, at 37%. MEST will continue its strong focus on recruiting female leaders in tech, partnering with organisations including Developers in Vogue (DIV), Yielding Accomplished African Women(Yaa W), and Tech4her.
 
Over the course of 1 year, successful applicants will come to MEST HQ in Accra, Ghana and take part in an intensive entrepreneurial training program centred around business, communication and software development. The training is delivered by global experts and includes extensive hands-on project work, as well as mentorship from successful entrepreneurs, CEOs and other executives from Silicon Valley, Europe and Africa. The program culminates in an investor pitch for seed funding and the opportunity to grow their business out of one of the Pan-African MEST incubators in Lagos, Accra, Cape Town and Nairobi.
“Our goal at MEST is to enable entrepreneurs in Africa to build scalable businesses – not just apps,” said MEST managing director Aaron Fu. “One of the ways we look to do that is through the significant  Pan-African diversity in our program, which offers our EITs a strong network and a deeper understanding of problems and markets across the continent, from day 1.”
 
“This year, building on our 2018 admission of the most number of female founders in our history, we are also focused on continuing to increase our  representation of female founders, as we recognise the incredible value female leaders provide in tech.”
 
Establishing and expanding its presence on the continent over the past 10 years, MEST has invested over $20million in training nearly 400 individual entrepreneurs, and invested in 50+ early stage software companies from across Africa. MEST entrepreneurs have developed solutions addressing local, regional and global markets, received follow-on funding from global investors, and been admitted to top accelerator programs such as Y-combinator, 500 start-ups and TechStars.
 
Some MEST portfolio successes include:
  • Qisimah, the first MEST-funded company with a South African CEO, selected as the Best National Digital Solution for the International World Summits Award in Business and Commerce

  • Tress, the all-female team with a product that’s changing the billion-dollar hair industry, recently accepted into Y Combinator

  • Asoriba, the church management startup that’s swept through West Africa, recently partnered with payments giant, Interswitch and has been featured on CNN, BBC, Forbes

  • Meqasa, Ghana’s number one real-estate portal which went on to raise $500,000 from Frontier Digital Ventures, and recently acquired Jumia House in Ghana.

  • Kudobuzz, an advertising and marketing software, was selected as one of the 14 ventures to represent Africa at the 2017 edition of PitchDrive, and recently acquired MEST-backed company AdGeek.

  • SynCommerce, a start-up helping customers sell across channels and keep inventory in sync, recently won the gaming and entertainment category at TechCrunch in Nairobi.

Related: 7 Factors That Influence Start-up Valuations

The Application Process
  • Attend a local MEST information session

  • Complete the application form

  • Successful applicants are contacted for a phone interview

  • Qualified applicants are asked to complete an aptitude test

  • Top candidates in each region will be invited for an in-person interview in Ghana, Nigeria, South Africa, Kenya or Cote d’Ivoire

  • Applications for the class of 2020 close February 8, 2019

Continue Reading

Entrepreneur Today

Eskom Competition Winner Targets More Growth

The Eskom Development Foundation is tasked with implementing Eskom’s CSI strategy in sectors including enterprise development, education, healthcare, social and community development.

Entrepreneur

Published

on

eskom

After recently winning a competition for small businesses, South Side Plumbing and Construction is looking at growing its brand and expanding its operations. Two months ago the company scooped R125 000 in prize money after winning the trade and services category of the 2018 Eskom Business Investment Competition (BIC).

The company, which is based in Eldorado Park (Johannesburg), provides specialised services in plumbing and construction. Director Peter Lengweng started the business in 2015 with his partners, Jonathan and Cathy Khan, and they now have 45 permanent and 20 part time employees.

peter-lengweng

When the company was started, they primarily wanted to attract clients in the insurance sector and that’s how they got most of their clients. They devised a clever way to get their end-user clients by approaching and securing contracts with insurance companies. The insurance companies receive claims from their clients, and the ones that require services that Lengweng’s company provides are then assisted through this relationship. The company also does domestic work but most of their business is generated through the insurance companies.

Lengweng has a strong background in marketing and he believes no company that is serious about succeeding can go about its business and actually achieve maximum success while completely ignoring the importance of marketing it.

“We are going to be using a big chunk of our winnings from the Eskom BIC to rebrand the company. When we started, I did the company branding myself, which is not my forte, so winning a competition such as this one that comes with this kind of cash injection gives us a great opportunity to do things right in that respect and also augment our cash flow. We also want to grow the company by opening branches in other provinces as we currently only service the Johannesburg area in Gauteng,” says Lengweng.

Read next: Is Venture Capital Right For You?

Continue Reading

Entrepreneur Today

AlphaCode Awards R16 Million To Fintech Start-ups In One Of SA’s Richest Start-up Initiatives

This R2 million scale up accelerator offers mentorship, expert guidance and support services to help these more established businesses to scale and create jobs.

Entrepreneur

Published

on

alphacode-awards

Last night, Rand Merchant Investment Holding (RMI), through AlphaCode, awarded entrepreneurial packages valued at R16 million to eight of South Africa’s most promising financial services start-ups. The entrepreneurial packages consist of R1 million in grant funding and R1 million in support, which includes mentorship, monthly expert-led sessions, exclusive office space in Sandton, marketing, legal and other business support services as well as access to the broader RMI network.

The AlphaCode Incubate initiative, in partnership with Merrill Lynch South Africa and Royal Bafokeng Holdings, identifies South African financial services entrepreneurs with extraordinary ideas and businesses that could impact the financial services industry. More than 200 start-ups applied to participate. Of these, sixteen made it to final pitch evening and eight recipients were selected.

The eight winning businesses are:

Name Description Founders Video link
Akiba Digital A gamified mobile app making it easier and more rewarding to set, manage and meet savings goals. Tebogo Mokwena and Kamogelo Kekana https://bit.ly/2yOjYoX

 

ISpani Group Provides access for insurers into traditionally under insured communities through prepaid vouchers and USSD sold by a network of spaza shop vendors. Prince Nwadeyi, Khathazile Moroe, Patrick Machekera and Louis Buys https://bit.ly/2CrgbkE

 

Jamii De-risks tenant rent default through offering tenants incentive-based discounts on food and transport and bolt-on retrenchment cover. Adrian Taylor, Marc Maasdorp and Bartek Dutkowski https://bit.ly/2ytdc8F

 

Nisa Finance An invoice financing platform that enables financiers to issue invoice-backed loans to SMEs quickly and affordably by fully-automating the application and invoice verification through ERP system integration. Thando Hlongwane, Tekane Ledimo and Sinqobile Mashalaba https://bit.ly/2yptcIW

 

Pago A low cost mobile micro payments platform for the informal sector to enable an inclusive economy by digitising remittances through the use of blockchain technology. Philip Mngadi and Noel Lynch https://bit.ly/2S1QKvn

 

Prospa A mobile savings wallet for low-income earning South Africans that makes it easy to save small amounts infrequently using prepaid vouchers. Dhanyal Davidson and Carl Ngwenya https://bit.ly/2JbwbJf

 

SELFsure Enables millennials to significantly reduce car insurance premiums by self-insuring part of the risk via peer to peer lending. Proud Chitumba, Amos Mugova and Tshepiso Shamane https://bit.ly/2J6HVfV

 

Yalu A self-service credit life insurance platform which replaces a customer’s current policy with a more affordable, simpler and rewarding policy. Nkazi Sokhulu, Tlalane Ntuli, Steve Goeieman and Life Mhlanga https://bit.ly/2PH87QF

 

The programme has disbursed R13 million in funding to 15 black-owned financial services businesses since it began three years ago. “Some have experienced exponential growth and we have been amazed at the level of traction they have received locally and internationally. The intention behind AlphaCode’s Explore, Incubate and Accelerate programmes is for RMI to discover the next OUTsurance or Discovery; we want to identify, partner and grow the future of financial services in South Africa,” says Dominique Collett, head of AlphaCode and a RMI senior investments executive.

During the event, contestants had just three minutes to pitch their businesses, with a couple of minutes set aside for questions from a formidable panel of judges. These included Phuti Mahanyele, CEO of Sigma Capital; Raymond Ndlovu, investment executive, Remgro; Nakedi Ramaphakela, finance director, Royal Bafokeng Holdings; Anthony Knox, MD Investment Banking of Merrill Lynch South Africa and Dominique Collett.

Julie Benadie, regional executive of Operations and Corporate Affairs at Merrill Lynch explained: “We believe in supporting disruptive ideas so that creative fintech solutions will emerge to address the challenges that South Africa faces. We want South Africa to become a fintech centre of excellence with its already advanced financial services infrastructure.”

The AlphaCode Incubate programme deals with common challenges that financial services startups face. All participants are early stage businesses, under two years old and at least 51% owned by black South Africans.

“AlphaCode is also now also seeking additional fintech entrepreneurs for our Explore programme. This offers a 12-month data science and business skills programme for 20 aspirant South African fintech entrepreneurs in conjunction with The Explore Data Science Academy,” Collett added.

Candidates will go through an intensive six-month data science-training programme, where they will learn how to design a 10X business along with the core digital skills needed to build a fintech organisation. This will be followed by three-months of business skills training. Interested fintech entrepreneurs should apply at www.alphacode-explore10x.club by 30 October 2018.”

In addition, AlphaCode recently selected four more established fintech businesses for its Accelerate programme: Entersekt, Livestock Wealth, Click2Sure and Invoice Worx. This R2 million scale up accelerator offers mentorship, expert guidance and support services to help these more established businesses to scale and create jobs.

Continue Reading
Advertisement

SPOTLIGHT

Advertisement

Recent Posts

Follow Us

Entrepreneur-Newsletters
*
We respect your privacy. 
* indicates required.
Advertisement

Trending