DURBAN - Discovery Chief Executive and Endeavor South Africa patron board member, Adrian Gore, announced that Big Business in South Africa would launch a new initiative aimed at deliberately accelerating, the expansion of ten established black-owned companies into “substantial” enterprises with a value in excess of R500-million within five years.
The initiative will leverage the powerful procurement, financial and mentorship muscle of the CEO Circle, which includes business leaders from some of the largest corporates operating in South Africa.
"What we are trying to do is create a system where, if we come across a great company that has potential to scale . . . we would like to bring them to our shareholders so as to match the appropriate company with the appropriate set of shareholder companies and ask the CEOs to commit to helping to promote that organisation in their supply chains. This is not a contractual obligation . . . we are simply asking for a top-down referral by our shareholders into these big corporates," said Gore.
Endeavor South Africa is excited to be partnering with the CEO Circle in this initiative and will be overseeing the process of identifying and selecting candidates from the applications received. Applications are open to all established black-owned enterprises with yearly revenues of R50-million or more and with five-year records of growing at yearly rates of above 20 percent.
The recently launched Endeavor ScaleUP programme will form the backbone of the selection methodology that will be used to deliver a rigorous selection process, including interviews, financial reviews and review panels by industry experts.