Tshwane, 19 April 2018– The Innovation Hub- the Innovation Agency of the Gauteng Province celebrated the graduation of 12 entrepreneurs from its business incubation programmes. The graduation which will see entrepreneurs moving to an Alumni programme was held on 19 April 2018 at The Innovation Hub Conferencing Venue, Lynwood.
The Innovation Hub proactively supports entrepreneurs with innovations that address social and environmental challenges faced by Gauteng as well as those that enhance competitiveness of local industries. Through the Business Incubation programmes, The Innovation Hub provides an enabling environment that support entrepreneurs by providing mentoring and support to ensure business growth and sustainability of their businesses
A prerequisite for graduation is based on the growth of the Start Up in job creation, commercialization, growth in income and overall business management, which are all important requirements for keeping start-ups sustainable once they have exited the incubation programmes. After graduation, the start-ups, incubated at Maxum Smart (ICT, Advanced manufacturing, Media and Digital), Climate Innovation Centre South Africa (Waste, Water and Energy) and BioPark@Gauteng (Health and AgroProcessing) Business incubation programmes, are invited to join the Alumni programme, which would provide for business support services through a 12-month pre-commercial programme or a 36-month post commercialisation programme:
· Advisory and Skills Development;
· Infrastructure;
· Markets; and
· Funding opportunities.
Amongst the list of graduates was Mr Sifiso Ngobese, the CEO of Unconventional Media who developed a waste trolleys that also doubles-up as a mobile billboard, where companies can sponsor branded messages and use these trolleys as a marketing platform. The trolleys are called Abomakgereza. They also train and equip local informal waste collectors with basic business and entrepreneurial skills needed to take their waste trade to the next level. Another graduate, Pulego Communications has developed Co-Safety, n mobile app which enables citizens to report crime or provide anonymous tip-offs of incidents of crime, corruption, bylaw infringements and traffic to the police.
MD of Simodisa and The Innovation Hub board member Ms Matsi Modise, who gave a key note address, emphasized the need for entrepreneurs to identify their own market, to “understand, refine and redefine your market”, stressing that market value should take precedence to funding support. Concerning the role of the entrepreneurial ecosystem Modise stressed that incubators “need to start getting entrepreneurs investment ready”, but that “entrepreneurs also have the responsibility of creating traction for their business”. Chairman of The Innovation Hub funding committee York Zucchi, similarly added that “entrepreneurs need to understand their market value”, and like Modise, also highlighted that “entrepreneurs must talk about any projects administered by themselves, no matter how small, and regardless of profitability as these milestones set you above the rest.”
In closing Dr. Togo, GM of BioPark@Gauteng applauded the graduates for the journey that they had travelled and implored the graduates to pay it forward.