MultiChoice's Innovation Fund gains momentum
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JOHANNESBURG - PAY-TV firm MultiChoice said in a statement yesterday that its Innovation Fund has provided financial support to eight beneficiaries, all black majority-owned small businesses, which had helped them to create 47 jobs.
Small businesses are facing a myriad of challenges, including red tape and access to finance, while Covid-19 has exacerbated their fight for survival.
Nyiko Shiburi, the chief executive of MultiChoice SA, said: “South Africans pride themselves on coming up with innovative solutions to today’s challenges. These businesses embody that spirit, and we are proud to support them to bring their dreams to life. Small businesses are vital to our economic growth, as they create much-needed jobs. That’s why our Innovation Fund focuses on this sector. We're committed to play our part to make a meaningful impact on our economy.”
More entrepreneurs have been added to the fund since its re-launch early last year, with businesses owned by women making up more than half of the portfolio, while a third were youth-owned, MultiChoice said.
The eight companies that were now Innovation Fund beneficiaries were:
– Bubblegum Club: Born as a cultural intelligence agency, it has grown into a digital publication and a content production studio.
– Duma Collective: A 100 percent black female-owned creative communications agency.
– Mzansi Live: A pan-African independent multimedia management company that developed Mzansi2Cario, a broadcast media marketplace.
– Swypa Deliveries uses door-to-door scooters to deliver goods and services for township-based businesses for orders placed through their app.
– The Plug: 100 percent independently black woman-owned online publication focusing on urban culture.
– The Throne: A 100 percent black woman-owned boutique agency specialising in influencer marketing, social media strategy and talent management, and the home of The Throne Magazine.
– Whoosh Innovations: A 100 percent black youth-owned payment solutions provider based in Tshwane.
– Yellowbone Entertainment: a film and television production company focusing on bringing authentic black South African content to international markets.