Standard Bank in partnership with City of Tshwane empowering the entrepreneurs of tomorrow
Standard Bank in collaboration with the City of Tshwane, launched the Tshwane Idea Validation Bootcamp, which was focused on giving entrepreneurs the opportunity to make their businesses a success through receiving expert training on how to run a business.
With a vision to bolster the region’s economic growth, this partnership laid the foundation for further collaborations with the bank for similar initiatives in the future.
Over 300 individuals participated in the bootcamps. Short-listed candidates were taken through the principles of starting a business through a two-day entrepreneurship bootcamp; day one covered the principles of starting a business through a business canvas model intervention and day two allowed applicants the opportunity to present a business pitch and demonstrate how they had applied the learnings from day one into a viable business proposal.
One winner was chosen from each region, based on their presentation and went on to experience and complete the more comprehensive training programme.
The seven selected entrepreneurs participated in an online training programme for four months after the bootcamps, on multiple business modules namely, marketing, finance, business model, strategy and more.
After this, they underwent three rounds of virtual practice pitching to get them ready for the finale, where each of them presented their business proposal. All shortlisted SMEs are black youth-owned; five are start-ups with no business experience, four are women-owned enterprises and one is 50% women-owned.
The two-day Idea Validation Boot Camps were attended by participants who were chosen based on their responses to socio-economic development problems in their communities. “The selection criteria was imperative for us as it informed the important role that SMEs play in their communities in terms of empowerment,” says Lee Mawela, Private Banking Suite Head, Standard Bank Tshwane Central.
The bootcamps were managed by a business development service provider, Human Capital Learning Solutions (HCLS), identified by the Standard Bank Enterprise Development team for their skills development expertise, and the project was managed by Standard Bank Tshwane.
“When we first embarked on this project, the key objective was the assistance of aspiring youth entrepreneurs in the validation of their business ideas, while also establishing whether they could become viable businesses in the future,” says Lume Kleynhans Head of Business Clients, Standard Bank North Region.
The virtual finale saw Mbuso Hopewell Langa, Owner of iLanga Biowaste and Processing, win first place. Patricia Kunjane Talana, Director of The Jades Mixed Fashion Arts and Trading, took second place, followed by Kamogelo Nhlapo, Owner of Groundwork Innovation in third place.
According to Langa, the quality of the submissions and the concepts presented were very impressive: “The high level of innovation displayed by young people highlighted the incredible entrepreneurial potential we have in this country. I would like to thank Standard Bank and the City of Tshwane for not only providing financial support, but for also empowering us as entrepreneurs with invaluable business knowledge. I am optimistic about the future of my business; this is only the beginning of my journey.”
City of Tshwane Divisional Head, Economic Development, Benjamin Manasoe says, “I congratulate the winners and all those who participated in this programme. It is in our mandate to promote a culture of entrepreneurship as well as to celebrate the success of our young people. We remain steadfast in our journey of creating an inclusive economy that allows all members of society to make a positive contribution to the Tshwane economy and we are grateful to Standard Bank for being committed to the same.”
“As a trusted financial partner, Standard Bank recognises the critical role SMEs play in growing South Africa’s economy and creating jobs. We are delighted to be able to celebrate, support and contribute to the success of small businesses through initiatives like the bootcamp,” concludes Mawela.