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Seed Academy Making Strides In The Development Of Female Entrepreneurs

WDB Seed Fund continues to creatively address funding scarcity.

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At a time when South Africa faces a number of significant economic challenges from slow growth to high unemployment, creating suitable funding opportunities for entrepreneurs and small businesses has never been more important.

“The question of funding is not just about entrepreneurs getting the support they need to grow their businesses but also about ensuring meaningful enterprise and supplier development,” says Donna Rachelson, Group CEO of Seed Engine, incorporating Seed Academy and the WDB Seed Fund.

According to findings from Seed Academy’s recent Real State of Entrepreneurship in South Africa 2017 survey, access to funding remains a substantial barrier to growth for many growth stage businesses. Rachelson says it was this common context that led to the creation of the WDB Seed Fund – an investment fund that develops sustainable businesses to impact the South African economy through focusing on the “missing middle” (growth stage businesses), and the development of black women and youth entrepreneurs in particular.

Related: DTI Funding

Created by Seed Engine, WDB Investment Holdings and Grovest, the WDB Seed Fund provides access to funds, markets, high level mentorship and business support to investee companies, whilst simultaneously offering significant tax benefits for corporate and individual investors.

As a section 12J fund, the WDB Seed Fund offers an efficient tax structure that allows investors to deduct the full amount of their investment into the fund from their taxable income in the year in which the investment was made. In addition, investment into the fund qualifies as ED and SD spend which then count toward the corporate BBBEE scorecard.

“The WDB Seed Fund goes beyond ticking all the right boxes. The Fund goes a step further to enable meaningful transformation by creating impactful entrepreneurs and empowering suppliers to effectively compete in supply chains,” explains Rachelson.

Support for black women and youth entrepreneurs remains fundamental to unlocking South Africa’s entrepreneurial potential. Seed Academy is making strides in this area through the AccelerateHer programme, a joint initiative of WDB and Seed Academy. Through the three-month intensive training and development programme Seed Academy is able to identify high potential entrepreneurs and businesses and equip them to be funding ready, thus creating a pipeline for the WDB Seed Fund. Following the immense success of the inaugural programme, recruitment for the second AccelerateHer is now underway.

Selected entrepreneurs are eligible for access to development opportunities through Shell’s Enterprise and Supplier Development programme and stand the chance of being rewarded R50,000 towards their business. Black, female entrepreneurs aged between 18 and 35 with a business idea aligned to Shell’s value chain are invited to submit their entries online at www.seedengine.co.za/accelerateher, before 30 October 2017.

Related: How To Start A Business With No Money

Even more recently Seed Academy partnered with SAB Lerumo and Ndalo Media to assist 23 female black-owned businesses undergo an intensive enterprise and supplier development programme. As with AccelerateHer, the programme is a pipeline for the fund, and one promising business was identified to be put forward to the WDB Seed Fund after undergoing three months of skills development and training which included master classes in B2B selling, labour standards, supply chain management, marketing, funding and pitching.

“While we are seeing some improvements, women entrepreneurs are still underrepresented in relation to the population – a statistic Seed Engine through Seed Academy and the WDB Seed Fund aims to change by providing necessary funding opportunities for promising small and early-stage business to become sustainable and successful enterprises,” concludes Rachelson.

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.

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Entrepreneur Today

Dream Big – Engen Dealer Lydia Ramatisa

All the odds were stacked against her, but Engen service station owner Lydia Ramatisa is proof that with hard work, commitment and passion, success is indeed possible.

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Lydia Ramatisa, franchisee at Engen’s Orkney Convenience Centre in Klerksdorp in the North West, could easily have become yet another teenage-mother dropout. Instead, the arrival of her baby girl Rethabile 14 years ago sharpened her focus, driving her to chase her dreams.

“I was in Grade 11 and suddenly I had to find work so I could feed my baby. It was a tough lesson,” Ramatisa recalls.

Today she is a beneficiary of Engen’s decision to prioritise the empowerment of black women in a bid to effect positive change in South Africa.

In 2012, the National Empowerment Fund set up a R50-million affordable loan facility for black entrepreneurs to acquire Engen retail dealerships.

According to Unathi Njokweni-Magida, Engen’s Head of Transformation and Stakeholder Engagement, 46% of the company’s 1 020 retail service station are now black-owned, with 10% of them women-owned.

Ramatisa recalls how she got her first position with Engen as a cashier at the Uncle George Service Station in her home town of Jouberton, also in Klerksdorp, 12 years ago. She had sought a better-paying job after first working in a bakery for just R800 a month.

Related: Engen Gave Me The Platform To Chase My True Calling – Former Pump Attendant

“I used to work extra hours at the Uncle George location, just to make sure the business was running well. My main aim was to see the customers always happy with our service,” she says.

That’s because while Ramatisa may not have an education beyond Grade 11, she quickly figured out that if the customers were happy, the business would thrive.

“I got interested in everything about the operations of the service station, and soon began acting as a supervisor, directing, managing and helping train the staff to do their best work.”

After eight years at the Jouberton location, where she rose to assistant manager, Ramatisa got the chance to run her own concern when her boss, Dr Abdool Ebrahim, suggested she apply for her own Engen franchise.

“I told him I was an uneducated woman but he was adamant that I was young and ambitious, and that I was exactly the kind of person Engen was looking for, who they could help to learn and grow.

“Once I got to the interview I had no more fear. I just wanted to show them exactly what I had to offer,” she remembers.

That was in 2015, when the Orkney site was ready to reopen after a two-year shutdown.

“Engen put their trust in me, and I became the majority shareholder in the operation, which includes the petrol and Quickshop, as well as a Corner Bakery and Barcelos.

Ramatisa and her team have since doubled previous sales figures for all parts of the operation, and were named by Engen in the top two operations for the region in July.

“It’s extremely hard work, but I am so proud of what we are achieving,” she adds.

Ramatisa also changed the future for Rethabile, and her other daughter, Bonita, 3, explaining that she invests in their education wherever possible.

“I may be a single mother, and I may not have much of an education, but I am proof that hard work really does pay off. When I failed to matriculate, I promised myself that that would be my last failure.

“Other women out there need to know that they can do the same if they put in the time and effort, and if they have love for what they do.”

Njokweni-Magida says that by continuing to attract and grow the talents of young women like Ramatisa, Engen is helping build a prosperous future for all South Africans.

Related: How Does One Start a Petrol Station in South Africa?

“We are focused on integrating more women across our entire value chain, and are very proud of success stories like this one.”

Other than the significant boost in the number of black and women dealership owners, the Engen Limited board comprises 54% black members, and 31% black women. The Engen management committee is 64% black, and 36% black female, while senior management in the organisation is 65% black of which 36% are black female.

Ramatisa says she “fell in love” with Engen’s operational methods.

“I remain passionate about the Engen brand, and thank the company for proving that if you offer someone an opportunity, along with mentorship and guidance, anything is possible.”

Her message to other women like her? “Don’t be afraid to dream big. I am proof that you can do anything you want in life.”

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Winners Of The 2018 FAIRLADY Santam Women Of The Future Awards Announced

FAIRLADY magazine has announced the winners of the annual FAIRLADY Santam Women of the Future Awards at an exclusive VIP luncheon at Summer Place in Hyde Park.

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The three winners were selected from a shortlist of finalists by a panel of South African judges – FAIRLADY editor Suzy Brokensha, Professor Thuli Madonsela, Head HR business partners at Santam Annette La Grange, media entrepreneur and international speaker Jo-Ann Strauss and businesswoman Dawn Nathan-Jones.

Through an independent survey, Santam found that the first 1 000 days of a business are the hardest. If you’re still in business by day 1 001, they’ve found, you’re likely to succeed long term. These high-fliers have either already surpassed that critical point or are well on the way to doing so!

“Through this competition, we have seen remarkable women that have achieved amazing results.  Our aim is to ensure that these businesses have a greater impact in the South African economy. We’re honoured to have been part of their entrepreneurial journey.” said Mokaedi Dilotsotlhe, Chief Marketing Officer at Santam.

Related: 13 Female Entrepreneurs Rising To The Top In SA

We are proud to announce the winners:

Patricia Schröder of Reclite SA has been named the 2018 FAIRLADY Santam Woman of the Future (awarded to a female entrepreneur who has survived the first 1 000 days of business). Reclite SA collects, transports and recycles lighting, batteries and electronics. ‘Winning the Woman of the Future Award is recognition for all the hard work that my team and I have done and a reminder that hard work does pay off in the end! It will also serve as inspiration for other women to chase their dreams and passions,’ says Patricia.

She receives R50 000 in cash, a mentoring session with one of the judges, an Issey Miyake fragrance hamper worth R6 990, an IMM Graduate School short course worth R15 000, a Michel Herbelin watch worth R10 500, a Samsonite Karissa Biz Bailhandle and Spinner suitcase worth R7 298, a Madrid ladies handbag and purse from Jekyll & Hide valued at R4 799, a Cross pen worth R2 500 and one media training session.

Vere Shaba of Shaba & Ramplin Green Building Solutions is the winner of the 2018 FAIRLADY Santam Rising Star Award (awarded to a female entrepreneur who is still within her 1 000 days of business). Her engineering consulting firm specialises in green building certifications, engineering solutions, energy solutions and strategic partnerships across the African continent. ‘Winning this award will enable me to create opportunities in the green building sector for South Africans in the future, as well as expand the business into key economic hubs in Africa and Europe,’ says Vere.

She receives R20 000 in cash, a mentoring session with one of the judges, an Issey Miyake fragrance hamper worth R6 990, an IMM Graduate School short course worth R15 000, a Michel Herbelin watch worth R10 500, a Samsonite Karissa Biz Bailhandle and Spinner suitcase worth R7 298, a Madrid ladies handbag and purse from Jekyll & Hide valued at R4 799, a Cross pen worth R2 500 and one media training session.

Lindiwe Matlali of Africa Teen Geeks won the 2018 FAIRLADY Santam Social Entrepreneur Award (awarded to a female entrepreneur who is making a real difference in her community). Africa Teen Geeks offers children between the ages of six and 18 free lessons on how to code. The NPO has partnered with UNISA to facilitate Saturday classes in their computer labs countrywide. ‘Knowing that we give kids hope and raise their aspirations is my biggest achievement and driver,’ says Lindiwe.

Related: Watch List: 50 Black African Women Entrepreneurs To Watch

She receives R20 000 in cash, a mentoring session with one of the judges, an Issey Miyake fragrance hamper worth R6 990, an IMM Graduate School short course worth R15 000, a Michel Herbelin watch worth R10 500, a Samsonite Karissa Biz Bailhandle and Spinner suitcase worth R7 298, a Madrid ladies handbag and purse from Jekyll & Hide valued at R4 799, a Cross pen worth R2 500 and one media training session

‘I always find the winners of the FAIRLADY Santam Women of the Future Awards absolutely admirable,’ says FAIRLADY editor Suzy Brokensha. ‘But what has really struck me about this year’s winners is how they are future-proofing the world through their businesses: Patricia and Vere through huge green initiatives that have gone out of the domestic and into the commercial world, and Lindiwe through giving marginalised kids a real shot at competing in this economy on an equal footing.’

Guests in attendance at the luncheon included businesswoman Wendy Luhabe, philanthropist and author Sonia Booth, businesswoman Judi Nwokedi, Miss World SA Thulisa Keyi, international activist Catherine Constantinides, media personalities Ashley Hayden and Penny Lebyane.

Read more about the winners and their businesses in the latest issue of FAIRLADY magazine, on sale Monday, 20 August 2018.

Follow FAIRLADY on Facebook, www.facebook.com/fairladymag, @FairladyMag on Twitter and @Fairlady_Magazine on Instagram.

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Business Linkages And Investment Readiness

The Africa Women Innovation & Entrepreneurship Forum (AWIEF) is hosting its flagship Growth Accelerator Programme for 2018, sponsored by Nedbank.

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The Africa Women Innovation & Entrepreneurship Forum (AWIEF) is hosting its flagship Growth Accelerator Programme for 2018, sponsored by Nedbank. AWIEF is seeking 25 ambitious, innovative and committed early-growth-stage South African women entrepreneurs, from a variety of sectors, looking for support to scale their businesses.

Access to finance is the most cited challenge to the growth of women-owned businesses in Africa. Bankability and investment readiness are major impediments to attracting business finance.

This is an intensive six-week programme designed to support participants with the business modelling and growth strategy required to scale their enterprises, become investment ready and develop entrepreneurial leadership. The programme will cover:

  • purpose and values
  • target market, competitive landscape and value proposition
  • delivery model
  • financial modelling
  • conduct a creative force
  • growth strategy
  • financing for scale
  • pitch training.

Related: Watch List: 50 Black African Women Entrepreneurs To Watch

Nirmala Reddy, Senior Manager of Nedbank Enterprise Development, says: ‘We support initiatives such as this in line with our pledge to help clients see money differently, which is aimed at making a difference in South Africa, not just for women and children and business, but also for communities throughout the country. The bank strongly focuses on the development of female employees and black-women-owned suppliers, and this can be seen through our development and training programmes. We are also proud that women make up 62% of the workforce at Nedbank.’

The 2018 AWIEF Growth Accelerator, with its first 25 participants, is implemented as a build-up programme that will culminate at the 2018 AWIEF Conference, Exhibition and Awards event taking place on 8 and 9 November at the Cape Town International Convention Centre, where participating entrepreneurs will pitch their business to an audience of investors, business leaders and corporate decision-makers.

The three best ventures stand to win monetary prizes from AWIEF and financial management advice from Nedbank.

The programme details are as follows:

  • Dates: Starts on 17 September and culminates on 8 and 9 November 2018
  • Location: Cape Town and Johannesburg
  • Participation fee: Free 

Eligibility

Businesses must be:

  • in a post-revenue phase;
  • scalable and innovative ventures;
  • in operation for not less than two years (ideally three to five years);
  • owned or led by ambitious and committed women entrepreneurs; and
  • seeking investment or funding to grow.

If you are interested in participating, click here to apply. Applications close on 31 August 2018.

The event is hosted by AWIEF and sponsored by Nedbank.

Read next: Kid Entrepreneurs Who Have Already Built Successful Businesses (And How You Can Too)

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