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The Barloworld Siyakhula Incubation Hub (BSIH): Helping To Foster Youth Entrepreneurship

Through the recently launched Barloworld Siyakhula Incubation Hub (BSIH), enterprise and supplier development within the Barloworld group is set for a major boost.

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Through the recently launched Barloworld Siyakhula Incubation Hub (BSIH), enterprise and supplier development within the Barloworld group is set for a major boost.

A bold partnership between Barloworld and the Department of Trade & Industry (dti), the initiative aims to build world-class, black-owned SMEs within the group’s value chain while promoting transformation. Youth-owned businesses are one of the Hub’s key focus areas.

“At Barloworld, we believe in investing in the future of South Africa” says Matthew Govender, MD of Barloworld Siyakhula. “Building young entrepreneurs is vital to ensuring the future growth and sustainability of our country.”

Through the BSIH, Barloworld aims to incubate approximately 20 – 40 SMEs per annum over an initial 3-year period, helping up to 120 businesses become sustainable, value-adding suppliers.

Related: The Ups And Downs Of Borrowing From The Bank

Babinakosha Construction & Projects, co-owned by 25-year-old Keitumetse Mokoena, has signed on as one of the inaugural class of inductees. A provider of maintenance services for construction, equipment and roads, Babinakosha was inducted into the programme through its client partner, Avis Fleet.

Mokoena says that since joining the programme in 2016, she hasn’t looked back. “This programme has been an amazing experience” declares the 25-year-old former law student from Benoni. “Not only has the Hub improved my business – they’ve boosted my self-confidence as well.”

Mokoena has recently completed training through the BSIH aimed at boosting her business management and entrepreneurial skills. As a result of this support, she believes that she is now equipped to leverage other opportunities.

“I feel like I’m now ready to take the business to greater heights,” she says.

For Wame Keitumetse, the BSIH has proven invaluable for shaping her career. A former Admin Assistant at the Hub, Keitumetse was recently promoted to a full-time position within Barloworld’s IT Department. She believes that her time at the BSIH was crucial to her professional development.

“The Barloworld Siyakhula Incubation Hub has taught me a great deal about managing business relationships – and about teamwork and collaboration” says Keitumetse. “I believe that I’ve been well-prepared for the business world.”

Shinaaz Zoutenberg, co-director of Hyperlink Distributions, lauds the BSIH for its focus on fostering excellence among its beneficiaries. Her Durban-based company provides transport and logistics services to the FMCG, manufacturing and petrochemical industries.

“It’s not often that you find an organisation so committed to developing young businesspeople” confides Zoutenberg. “I feel really privileged to be a part of this initiative.”

Related: DTI Funding

For 32-year-old Aubrey Mabulane, the launch of the Hub has shown Barloworld’s commitment not only to training young entrepreneurs – but to providing market access. Through his firm, Mabulane I.T., Aubrey was recently awarded a supply contract with the BSIH, affording him the opportunity to install the computers, telephones, servers and networking equipment which are pivotal to the Hub’s operations.

“The BSIH has provided me with an invaluable business opportunity in a very competitive marketplace” says Mabulane, a former employee of Barloworld’s I.T. department.

“It’s rare that a young black entrepreneur is entrusted with contracts of this scale. I’m looking forward to building upon this partnership.”

Through the BSIH, eligible SMEs receive comprehensive support tailored to their development needs. Assistance includes access to markets and finance, workspace, administrative support, training and supplier workshops among other interventions. Incubatees exit the SIH initiative after a period of five years, or upon reaching a turnover of R50 million – whichever comes first.

According to Govender, the Barloworld Siyakhula Incubation Hub (BSIH) has the potential to make a major impact upon the growth of youth-owned businesses in South Africa. “We’re working to make sure that young entrepreneurs and suppliers have the support that they need to succeed” he says. “We want to help foster the next generation of businesses.”

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Entrepreneur Today

Win A Seat At 10X-e’s 10X-ECUTION Bootcamp (Valued At R5900)

Automatically receive 20% off the Bootcamp just by entering!

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Transform chaos into systematically achieving business goals, at scale. Hosted by founder, Jason Goldberg

Enter by emailing your company name, your name and your designation to Monique: mchaitezvi@edgegrowth.com

About 10X-e:

Scaling – the Bermuda Triangle of growth – is hard, and fraught with failure. Very few of even the top 1% of ventures succeed at scaling, mostly due to poor execution, due to lack of experience scaling businesses. The 10X Program brings the ‘Science of Scale’ and seasoned Scale Up Leaders to help founders navigate the Bermuda Triangle of growth

Our team has helped some of the Continent’s most exciting high growth businesses scale up through the most treacherous parts of the journey. We tailor make multiple workshops to the specific needs of you, your team, and your business. Our workshops serve to address the most pressing challenges that your business faces, helping remove the hurdles towards 10X growth.

For more information on 10X-e, visit: https://10xe.co.za/ 

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Entrepreneur Today

Off The Beaten Track

What Tourism Month means in South Africa and how Mango Airlines is focusing on local opportunities.

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This September, being Tourism Month, we have so much to talk about in South Africa, and so many people to engage with, both domestically and abroad. We are privileged to be able to leverage a broad range of destinations – arguably world-class in nature, and they expand way beyond a beautiful mountain, and an ecosystem of game.

The vast majority of leisure tourists, however, remain attracted to the Mother City and various Safari destination, while business tourists tend to stick to hub cities for short durations of time before departing again.

“There is a golden opportunity to expand on the same offerings – while not detracting from them in any way. Our responsibility is to drive tourism into new areas, really emphasising the differentiators that are incredibly attractive to local and international tourists,” said Benediction Zubane, Head of Marketing at Mango Airlines.

“Often tourists visit one of the more well-known sites in an area, and are completely unaware of the other features and destinations close by. We’re seeing a lot of success in township tourism which goes to show how diversifying can really drive new tourism opportunities,” explained Zubane.

Related: Travel Tour Agency Sample Business Plan

According to Statistics South Africa survey on Tourism and Migration, nearly 3.5 million international travellers visited South Africa in August 2017. Top numbers were tourists from USA, UK, Germany, France and The Netherlands, with African visitors primarily coming from SADC countries. Zubane added, “This means there is vast opportunity to begin engaging with travellers in new countries across the globe. We need to become our own best ambassador, talking-up our famous and lesser known destinations, proudly showcases our uniqueness. We should also be tourists in our own country and start exploring the wonders of the Rainbow Nation.”

Mango is passionate about helping its SMEs and entrepreneurial community to successfully overcome the unique challenges facing the tourism industry: “There has never been a more opportune time for small businesses and entrepreneurs to benefit positively from tourism in South Africa, and we hope to celebrate alongside our SME community as they fly high – both literally and figuratively,” he concludes.

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FNB Receives 50 Million US-Dollars To Accelerate SME Development

First National Bank puts their focus on SME development in South Africa.

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First National Bank (FNB) has received 50 million US-dollars from the DEG – Deutsche Investitions- und Entwicklungsgesellschaft to deploy towards small and medium enterprise (SME) development in South Africa.

DEG is a development finance institution whose mission is to promote private-sector enterprises in developing and emerging-market countries as a contribution to sustainable growth and improved living conditions.

Mike Vacy-Lyle, CEO of FNB Business says: “The new line of funding contributes to our ongoing efforts to accelerate our contribution to SME development in South Africa. We believe that SMEs are key to stimulating sustainable economic growth and job creation. Our intervention in SME development is not only limited to funding, we also invest heavily to improve capacity and supplier development capabilities in small businesses.”

FNB continues to pioneer products and services that have taken the angst out of South Africa’s entrepreneurs, from providing free instant accounting services to online documents reservation services, and forming public-private partnerships to digitise the registration of businesses.

“Our message to entrepreneurs is that we remain committed to providing meaningful solutions to help them grow. We have exciting developments that will take us further in our journey, all aimed at advancing the SME agenda by taking the anguish out of doing business,” concludes Vacy-Lyle.

Related: The 10 Most Reliable Ways To Fund A Start-up

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