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The Riversands Incubation Hub is on the lookout for talented black entrepreneurs to join its accelerator programme.
The hub, which has been built specifically to encourage black entrepreneurship and is funded by Century Property Developments and The Jobs Fund, officially opened in March 2015.
To be eligible for the full incubation programme, businesses need to:
- Be 51% black-owned
- Be viable and operating with a potential for growth
- Be entrepreneurial and ability to execute on ideas
- Suit the Hub model and markets
- Satisfy the Hub’s ratio of cost and risk to benefit
- Create economic opportunity for the surrounding area.
According to Riversands, those small businesses selected for on-campus incubation will undergo a rigorous mentorship, support and training programme. They will also benefit from a professional address, office and manufacturing spaces with better rental terms.
“The Hub offers SMEs a powerful mix of mentorship, access to opportunity and world-class facilities. Those fortunate enough to be selected for it will make history. They’ll form part of the first intake of a project that is set to become the largest incubation project in Africa. We will have the scale to catalyse entrepreneurial activity and be a vital bridge between small business and corporate South Africa,” says Jenny Retief, CEO of Riversands Incubation.
At capacity, the hub will be home to 150 small businesses with auxiliary training and skills development programmes to develop black-owned businesses and aspirant entrepreneurs. “We are also actively looking for partner organisations. These organisations will benefit from the addition of an agile, dedicated supplier while gaining valuable BBEE points,” adds Retief.
As the Ventureburn Startup Survey, conducted earlier this year, showed there is a very clear need for support for black entrepreneurs. The survey found that just 17% of South Africa’s tech startups have black founders.
Applications can be found on the Riversands Hub page.