File image: IOL.

CAPE TOWN - In light of Global Entrepreneurship Week 2017, Nedbank is running a small business incubation programme from 13-17 November to strengthen entrepreneurial mindsets and create innovative business ideas. 

The incubation, organised by UCS business in association with Nedbank seeks to celebrate entrepreneurship. In a two-day intensive training programme, Small and Medium Enterprises (SMEs) are tasked with creating a viable business model that can be sold.  One hundred local entrepreneurs with a turnover of R500 000 or more have been invited to the one week intensive entrepreneurship celebration and incubation taking place at Nedbank Training Campus in Westdene from November 13 to 17. 

Participants have an opportunity to interact with successful local entrepreneurs as well as an opportunity to pitch to investors and venture capitalists. Small businesses attending will get advice on managing cash flow, practical entrepreneurial skills and training. The contestants, in teams of approximately four are then assessed by facilitators. 

There will be R30 000 in prizes to be won. 

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“This programme tests innovative thinking, leadership and how entrepreneurs can stay ahead of the curve”, said National Training Manager, Jacques V Rensburg. Nedbank says that SMEs is the biggest driver of economic growth in the economy. 

Thus, they regard SMEs as having the ability to play a role in job creation and reduce the dependence on State social support. According to Nedbank Senior Manager for Enterprise Development, Nirmala Reddy, Nedbank is always looking at innovating and providing practical solutions for small businesses. Their focus is especially on startups and alleviating red tape. 

“Through our ongoing client engagements, we are cognisant that it has become increasingly difficult for startups to take off. Through initiatives such as these, which form part of our Banking and Beyond offering, we hope to make it easier for entrepreneurs and startups”, says Reddy.

In addition to the incubation programme, Reddy says that Nedbank-powered website SimplyBiz® launched in 2010 is a resource, support and networking portal aimed at small business owners. 

As an added support for business owners, they can, until 15 December 2017, get expert answers to their questions within 24 hours. 

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- BUSINESS REPORT ONLINE