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Thursday 20 September 2018
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The Entrepreneur: Innovation Hubs And Business Incubation Facilities

The Entrepreneur: Innovation Hubs And Business Incubation Facilities

 

Businesses are born on principle. An entrepreneur is born out of one’s willingness to take a risk which can either be financial, career wise, emotional or just a good old business risk.

Growing a successful business requires a very particular set of skills or talent. The entrepreneurial journey is often marred with many possibilities which determine one’s ability to succeed or to fail. Economic factors are the most notable culprit when it comes to sustaining a viable business environment which can also support start-up companies that operate in various sectors.

Entrepreneurs need support especially from government organisations, corporate and communities in which these businesses are set-up.  South Africa, like the rest of Africa is faced with high levels of unemployment and the challenge of trying to distribute wealth to previously disadvantaged communities who make up 80% of the population. The burden of providing employment and cutting the gap through concentrated skills development cannot be carried by the government alone.

Organisations like the Innovation Hub (subsidiary of the Gauteng Growth and Development Agency) and other business development agencies have brought in dedicated industry professionals to help start-up companies navigate the business terrain and gain as much exposure and skills to start cutting the unemployment gap. So far the results have been quiet far reaching, leaving a lot of room for improvement and continued growth.

Business incubation programmes are tailor-made to enable start-ups to realise their full potential and get access to the market, within their specific areas of specialisation. Major considerations still remain with regards to economic instability and other challenges arising from delayed payment modelled which bigger organisations employ when it comes to paying small companies for out-sourced services.

In light of the recent  economic review which declared that South Africa is undergoing a recession, Mr Sandile Zungu , president of the Black Business Council (BBC) weighed in on these developments by saying, “The recession will have a negative impact on the ability of our members to continue doing business and we are calling on the government to introduce measures which will bring the much needed economic growth in the country in order to deal with the triple challenge of poverty, inequality and unemployment.” This goes a long way in proving that despite many member organisations coming on board to try and support small businesses, the government is still expected to formulate policies that promote growth and build lasting relationships for entrepreneurs.

Incubation Hubs have been quickly adopted across Africa and host of these facilities enable direct investment opportunities towards the start-up companies that are within their books. A collaborative approach has proved successful for most entrepreneurs who can leverage off each other’s particular set of skills and provide the best solutions to their clients. The basic principle of such incubation is the belief that one can either succeed quickly or fail quickly, the hope is that they realise success.