Denis Opudo
Startups’ partnership with the Old Mutual which a member of Startupbootcamp Africa accelerator programs brings many benefits. It improves customers’ satisfaction through well design business strategies and market research techniques. The Small and medium enterprises SMEs normally contribute about fifty to sixty percent of the South African GDP. The survey by the Old Mutual Savings & Investment Monitor indicated that 39% of urban residents were plotting to launch their own business last year.
The SMEs, in addition, contribute towards job creation, innovation and economic development in South Africa. They, however, face several challenges such as inadequate funds and poor business environment which inhibit their efforts to tap the full potential in the region. The only way forward is to seek partnership opportunities to change the authoritative traditional business model. The benefit attributed to partnership ranges from the acquisition of innovative ideas, mentoring and better employees’ performance.
Collaboration as a tool for Empowerment
The partnership initiatives create a suitable ecosystem that foster achievement of startups core objectives. According to the Chief digital officer of BCX (Rapelang Rabana), it is possible to achieve new economy. The appropriate strategy is to spine the world relatively faster in the right business direction. She added that partnership many benefits like provision of expertise, innovative development, customers’ access and investment capital. The concept is to provide the startups with required opportunity to work toward their own vision. The player innovative player in Old Mutua is mainly InnoVoice Company. The startup disseminates innovative ideas to the newly launched enterprises through a digital platform. It also enables the employee to take part in decision-making process via contributing to already existing business ideas. There is a widespread expansion of research, innovation, and leadership in the entrepreneurship sector in the present time. This model ensures the realization of sustainable business in South Africa and across the continent.
The emergence of Black Independent Financial Advisers
Infinitum Initiative is a primary arsenal in creating new employment and growth of independent financial advisers (IFAs). The initiative works by encouraging black financial advisers, removal of entrepreneurship barriers and training programmes.
There is training currently going on for 10 young, black professionals as well as business management in order to start their own business. The two years programme constitutes of skill development and Future independent brokerage.
Masisizane Fund is another Old Mutual partner which focuses on the employment creation and enterprise development. The initiative assists in poverty eradication and food security in the country and across Africa. The system operates through mentorship, financing SMEs, entrepreneurship promotion and capacity development.
For instance, Masisizane Fund impact is evidenced in the 2016 pilot for Pick n Pay Spaza Township Economy Revitalisation Programme. There are almost seven functional stores jointly funded by Brimstone, Pick n Pay, Old Mutual Foundation, Masisizane Fund and Masisizane Fund. The phase 2 of the initiative plans to incorporate eleven stores locate in Gauteng as well as 4 Cape Town stores. Up to date, around 223 job opportunities have been launched and retained in South Africa.
