The Gauteng provincial government`s Blue Catalyst initiative to put would-be entrepreneurs together with mentors and financing has taken off, with viable businesses already in the pipeline, says Blue Catalyst.
Blue Catalyst is an online meeting place launched three months ago to boost new Gauteng business.
"We have signed five commercially viable business ideas and are very pleased with the number of quality ideas we have received already, without any active marketing," said Kevin Fleischer, CEO of Blue Catalyst, at a briefing session in Johannesburg yesterday.
The Blue Catalyst core investment and commercial team has grown to 12 professionals who have experience in running business. The team`s first task is to build a sound business case, after which finance is found for new business initiatives.
Fleischer said there are more than 650 highly skilled individuals, including 175 catalyst mentors, involved in Blue Catalyst`s online network. "They consider ideas submitted by would-be entrepreneurs, get involved in discussions, and assist in converting technology or knowledge-intensive business into commercial opportunities.
"There are five business ideas we have signed, and we are discussing and reviewing another four business opportunities," Fleischer said.
Three 'mandates` have already been completed, including a designer of a hypodermic safety needle, and a business process re-engineering team. "Since our early involvement, the businesses have progressed and have moved on with new investors and operating partners," said Fleischer.
"It proves we are growing fast - there is a significant pipeline of business ideas that are stuck in this so-called venture capital gap.
"We have about 80 to 90 'smart` ideas circulating on the portal," said Fleischer. "We are seeing smart ideas across most industries, including packaging, sanitation, biotechnology, IT, medical, electronics and telecommunications.
"Ideas should be properly expressed to us, making it easier for the entrepreneurs to network with mentors, business advisors and academics. It is not about the money, rather about finding key areas of weakness, and finding the right people to catalyse business ideas."
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