Standard Bank in partnership with the city of Tshwane to empower the entrepreneurs of tomorrow
Standard Bank, in collaboration with the city of Tshwane, launched the Tshwane Idea Validation Bootcamp, which aimed to give entrepreneurs the opportunity to make their business a success by receiving expert training on how to run a business.
With the aim of supporting the region’s economic growth, this partnership has laid the groundwork for future collaborations with the bank on similar initiatives in the future.
Over 300 people participated in the training camps. The shortlisted candidates were led to discover the principles of business creation as part of a two-day entrepreneurship bootcamp; the first day covered the principles of starting a business through an intervention on a business model and the second day allowed candidates to present a business case and demonstrate how they had applied the lessons of the first day in a proposal viable business.
A winner was chosen from each region, based on their presentation, and then experienced and completed the more comprehensive training program.
The seven selected entrepreneurs participated in an online training program for four months after the bootcamps, on several business modules namely, marketing, finance, business model, strategy and more.
After that, they underwent three rounds of virtual presentations to prepare them for the final, where each of them presented their business proposal. All of the shortlisted SMEs are owned by young black people; five are start-ups with no business experience, four are women-owned businesses and one is 50% female-owned.
The two-day proof-of-ideas boot camps were attended by participants who were chosen based on their responses to socio-economic development issues in their communities. “The selection criteria were imperative for us as they informed the important role SMEs play in their communities in terms of empowerment,” says Lee Mawela, Head of Private Banking Suite, Standard Bank Tshwane Central.
Bootcamps were managed by a business development service provider, Human Capital Learning Solutions (HCLS), identified by Standard Bank’s business development team for their expertise in skills development, and the project was managed by Standard Bank Tshwane.
“When we first embarked on this project, the main objective was to help young aspiring entrepreneurs validate their business ideas, while determining whether they could become viable businesses in the future.” , says Lume Kleynhans, Head of Business Customers, Standard Region at Bank North.
The virtual final saw Mbuso Hopewell Langa, owner of iLanga Biowaste and Processing, take 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 the young people has highlighted the incredible entrepreneurial potential that we have in this country. I would like to thank Standard Bank and the Town of Tshwane not only for their financial support, but also for providing us as entrepreneurs with invaluable business knowledge. I am optimistic about the future of my business; this is just the start of my journey.
Tshwane Town Economic Development Division Chief Benjamin Manasoe said, “I congratulate the winners and everyone who participated in this program. It is in our mandate to promote a culture of entrepreneurship as well as to celebrate the success of our young people. We remain committed on our journey towards creating an inclusive economy that enables all members of society to make a positive contribution to Tshwane’s economy and we are grateful to Standard Bank for its commitment.
“As a trusted financial partner, Standard Bank recognizes the essential role SMEs play in growing South Africa’s economy and creating jobs. We are thrilled to be able to celebrate, support and contribute to the success of small businesses through initiatives like the bootcamp, ”concludes Mawela.