Research on entrepreneurship, results out

The interesting debate touched on the ideal ecosystems for entrepreneurs based on four key archetypes as identified by research conducted by the Monitor Group in 26 countries. The summit was attended by some of the best and brightest minds in business, academia and government.

The models discussed were:

• The Silicone Valley Model - IP is created at local academic institutions or government research centres, and is commercialised with the help of VC or Angel funding.
  
• The Mothership Model - Large local companies; spin-off smaller entities, help employees set up new ventures, support external smaller ventures as clients, suppliers and distributors.
  
• The External Trigger Model - An external event releases abundance of skilled-experienced workers through layoffs, new legislation, policy changes and other triggers.
  
• The Role model Model - The success of a local great entrepreneur emulates others in the community to start businesses within or outside the local hero's industry.

The outcomes from these discussions has been captured in a multi-authored White Paper that incorporates key topics and proposes insights and recommendations for the creation of dynamic entrepreneurial environments in the country.

Outgoing Endeavor MD, Malik Fal, states, "A deliberate effort must be made to foster a culture of entrepreneurship in South Africa. Local entrepreneurial heroes need to be sought out and celebrated."

Sanjeev Orie, head of acquisitions for business banking at FNB adds, "As a company with entrepreneurial spirit at its heart, the bank is committed to supporting South African entrepreneurs to take advantage of the business opportunities present in our country by offering sound financial and innovative banking solutions. By partnering with such initiatives, we hope to initiate ongoing interventions and lead the debate on issues pertaining to entrepreneurship in South Africa, as well as to develop a greater understanding of our local entrepreneurial landscape".

The report can be found on the FNB, Biznetwork and Endeavor SA websites.