Limits hindering SA SMEs growth identified
JOHANNESBURG, (CAJ News) – SOUTH Africa needs to improve commercialisation of innovation in universities to boost the creation of small and medium enterprises.
This one of the key findings of a survey conducted recently to investigate constraints which are hindering the growth of start-up and scale-up businesses in South Africa.
Among other challenges noted are related to skills deficit, funding, remote location, government procurement limitations and limited commercialization of innovation from universities.Titled ‘Accelerating the Growth of SMEs in South Africa’, the survey is compiled in partnership with the Impact Trust.
It is endorsed by partners that support entrepreneurship, including: First National Bank (FNB), Omidyar Network Africa as well as the South African Venture Capital and Private Equity Association (SAVCA).Matsi Modise, Managing Director of SiMODiSA, the researchers, said the survey was an important intervention because it provided firsthand insights around the main factors which negatively affected entrepreneurs.
“We believe that the findings provide an outline of building an enabling ecosystem which will not only lead to a flourishing SMEs base but create sustainable jobs,” Modise said.
Heather Lowe, FNB Head of Enterprise Development, said the insights provided a blueprint on the interventions required by entrepreneurs.“We cannot continue to speak rhetorically about the challenges which have stagnated SME development over the last two decades. Both public and private sectors need to work with entrepreneurs on solutions to address these challenges,” she concluded.
– CAJ News
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