CAPE TOWN - South Africa’s entrepreneurial activity is at its highest level since 2013, the global entrepreneurship monitor's (GEM) latest report for South Africa has revealed.
According to the GEM) 2017/2018 report, total early-stage entrepreneurial activity (TEA) in South Africa is at 11.0%, 4.1 percentage points higher compared to 2016’s score of 6.9%.
Apart from the country's 4.1 percentage points TEA growth, entrepreneurial intentions has also increased in the last few years to 11.7%, up from 10.1% in 2016/17.
“It is encouraging to see that entrepreneurial intentions in the country have increased in the last few years, currently sitting at 11.7% and up from 10.1% in 2016/17,” said Kobus Engelbrecht, spokesperson for the 2018 entrepreneur of the year competition which aims to honour, benefit and uplift South African Small and medium-sized enterprise (SMEs).
Engelbrecht added that with a positive outlook on entrepreneurship in the coming year, it is ever important to celebrate local entrepreneurs for the work they do in building the local economy, creating jobs and developing their communities with the view to inspire others to follow in their footsteps.
Pointing to the recent launch of the 2018 entrepreneur of the year competition sponsored by Sanlam and Business Partners Limited which is now open for entries, he said: “In our 30th year of celebrating and rewarding entrepreneurs, we want to encourage established entrepreneurs to enter this year’s competition, not only for the cash prize money at stake, but for the value received through the stringent judging process, business mentorship prizes, as well as the resultant exposure.”
Speaking in light of the launch of the competition, executive director at Business Partners Limited, Christo Botes said that this long-deserved recognition of the SME sector only further validates the competition’s unwavering commitment to celebrating excellence in entrepreneurship and fostering future economic growth.
“Now in our 30th year, this renowned competition continues to pay homage to the fearless South African entrepreneurs who dedicate themselves to their enterprises and businesses: driving growth, combating unemployment and contributing towards the country’s economic development. It is therefore wonderful to see the public sector taking the required steps to improving the environment in which these entrepreneurs operate in order to promote further growth in the sector.”