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The competition - run by Enablis, the Canadian-based not-for-profit organisation that specialises in supporting entrepreneurs in developing economies - saw over 6,000 entrants submit plans for an entrepreneurial venture across 10 different industries, including technology, tourism and agriculture.
These were evaluated by industry and academic experts - including Da Vinci Institute Professor, Bernie van Zyl - whittled down to 92 finalists, and finally to the 20 winners announced Thursday, 22 January 2009.
The winners are now under priority consideration for between R100,000 and R2.5m in tailored funding from Enablis. They also became part of the peer network that the organisation has created here in South Africa - a group of some 300 public and private sector companies that offers access to networking, contacts, training, online resources and mentorship.
“The thinking behind the competition is two-fold,” explained Paul Lamontagne, the CEO of Enablis in South Africa.
“Firstly, a simple injection of cash into an early-stage business, without any associated commitment, does little to promote sustainable growth - that's why our funding mechanisms come with business support, advisory and mentoring services to reduce business risk. Secondly, with access to a broader set of support structures that help develop contacts and business potential, it's more likely that entrepreneurs can be successful.”
This year's competition was marked by two dominant trends: the realism with which the target markets were chosen, and the innovative thinking behind the business concepts themselves. The entrants showed sensitivity to servicing the needs of the emerging and the higher-end aspects of local and international markets, said Lamontange.
“We were impressed with the quality and the innovation this year, and we believe these emerging businesses have the potential to become the world-renowned business innovators of tomorrow.”
An independent study conducted by Research in Action in South Africa in 2008 found that 56% of Enablis' members reported an increase in revenue in the past year and 66% of members increased their customer base. They also reported over 1,000 new full- and part-time jobs could be created in the last year.
“Learning the business lingo for success includes speaking accurately to your customers, service providers, investors and industry sector. Looking at this year's winners, entrepreneurship in SA is more competitive and more economically-viable than ever,” added Lamontagne.
The competition, now in its fourth year, received vast local support - including that of start-up loan provider FNB, technology partner Microsoft and regional support from SEDA, Free State Development Corporation and Gauteng Enterprise Propeller, as well as Business Times, Postnet, Telesystems, Spier Green Capital and Revlon.