In a move that will help promote sustainable job growth in South Africa, the Telkom Foundation has boosted this year`s EnterPrize competition for small business entrepreneurs with a R2 million sponsorship.
The first EnterPrize competition in South Africa was launched in March last year with Telkom as the primary sponsor. Telkom has pledged a total amount of R6 million over three years to the competition, having already invested R4 million in it to date.
The EnterPrize competition is currently operating in 10 countries and is managed by the National Business Initiative (NBI) which is audited annually by Deloitte and Touche. To date, the competition has generated 1096 business ideas, 15 viable businesses and 100 jobs in South Africa. A key success feature of the competition is the active involvement of the local business community in the transfer of skills from established to emerging business.
Participants in the competition receive access to research, coaching, mentoring and training from experienced business people, helping them gain entrepreneurial skills to succeed with their companies. The competition is open to anyone wishing to start or grow a business as an individual or a team, provided that the goal of the business is a turnover of at least R500000 a year. The entrepreneurs are judged on the future high potential of their existing business plans, which are supported through skilling and opportunities to develop into fully fledged businesses.
The R2 million contribution is line with the Telkom Foundation`s key objective to support social development through job creation as a key to the socio-economic development of South Africa.
"We are proud to be associated with this initiative as its primary sponsor. On its own, EnterPrize won`t end joblessness. But, as this competition grows, that effect will expand. There`s nothing like a good plan to lay the foundations for the success of any small or medium-sized business," said Telkom Executive, Zeona Motshabi at the launch of EnterPrize 2001.
The Telkom Foundation is responsible for the development of Telkom`s corporate social responsibility programme. Since its inception in 1998, it has empowered various disadvantaged communities through the Small and Medium Enterprise (SME) sector as an alternate source of economic growth and job creation. In particular, projects that promote education, job creation and the empowerment of women, children, the disabled and previously disadvantaged individuals receive priority support from the Foundation.
Telkom would like to encourage South African companies to participate in the development of new entrepreneurs within the business sector of South Africa.
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