While funding is a critical factor in the success of any start-up, new businesses need a great deal more than this in order to remain viable and grow.
So says Clayton Booysen, independent software vendor (ISV) and developer relations lead for IBM SA.
"New companies often need business-focused guidance and mentorship. They need doors opened for them," he says. "For example, in many cases, technology based start-ups lack business skills and the know-how needed to secure venture capital," he notes.
Booysen has seen start-ups thrive as a result of their involvement in IBM's local chapter of the Global Entrepreneur programme and its SmartCamp.
"The start-ups' feedback indicates that the mentorship component of the programmes is the most valuable part of their engagement. Many have tweaked their business models as a result of the input and advice they have received from the business and venture capital advisors and mentors involved in the programmes."
According to Mauricio Sucasas, director of the ISV and developer relations growth market unit for IBM, IBM's $150 million investment fund and Global Entrepreneur programme take a unique approach to supporting start-ups. It backs promising companies where there are synergies with IBM's own focus areas, thus allowing the computing giant to extend concrete support based on its own expertise and ecosystem, he explains.
"We understand their technologies and help them assess their market strategies and access new markets."
According to IBM, the programme selects promising start-ups, allocates them an IBM relationship manager, and supports them by giving them access to coaching, feedback, resources and skills they would not normally have at their disposal.
"The company helps them build credibility and may also help by facilitating introductions to important industry partners. The SmartCamp component of the programme allows aspiring entrepreneurs to pitch their ideas in interactive sessions that deliver valuable insights and guidance, whether the participants reach the next level of the SmartCamp selection process or not," the company says.
IBM adds that, in the interactions with mentor panels at the SmartCamps, participants are shown weaknesses in their business models, and are given advice on improving their businesses and securing venture capital.
"This programme is mutually beneficial," says Sucasas. "It not only gives start-ups valuable support and mentorship, but it also gives IBM access to create solutions and approaches, which may present future partnership or acquisition potential."
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