R50m to fund young entrepreneurs
Local businessman Ran Neu-Ner has committed R50m of his own funds to help young entrepreneurs develop and grow their businesses.
Neu-Ner is an entrepreneur, investor and group co-CEO of The Creative Counsel, who was recently named as 2016 Top Performing Business Leader by the National Business Awards.
Ran Neu-Ner, co-CEO of The Creative Counsel
“Talented entrepreneurs are being thwarted by the red tape of financial institutions, to the detriment of the country’s economic development,” says Neu-Ner. “Funding is the first of two major issues for startups. The second is the dire lack of mentorship. The country is losing many bright young people with great ideas to white and blue collar jobs because there is inadequate support yet it is this potential that could be creating more jobs and solving unemployment. This latent potential must be realised, which is where I hope to have an impact.”
He has partnered with Suits & Sneakers, an informal inspirational learning and networking platform, to manage applications, assist with training, and provide mentorship for the shortlisted candidates. Suits & Sneakers will house the Ran Neu-Ner Fund under its Impello Incubator programme. The first R10m investment will be disbursed in the first quarter of 2017 and the balance by the end of 2017.
“I have no doubt that we will come across amazing, innovative ideas and interesting entrepreneurs who have never been given a chance to dream the impossible. I am looking forward to working with Impello, which supports startups by offering ongoing informal education, networking events, mentorship and business resources,” concludes Neu-Ner.
Applications are open to young entrepreneurs who have business ideas or those who have already started their enterprises. The application must include the type of business, background on the entrepreneurs, financial history of the company, if applicable, and the financial focus of the business.
A team will review applications and shortlist viable ideas and businesses. A short list of eight entrepreneurs will then be mentored and trained in preparation for a formal pitch to highly experienced panel, which will collectively make the decision as to which candidates will receive funding.
Applications can be sent to az.oc.srekaensdnastius@ofni.
