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According to the newly issued Entrepreneurial Ecosystem of South Africa: A Strategy for Global Leadership Report, SA is one of the top countries in Africa for entrepreneurship.
SA was ranked number two out of 30 countries in the sub-Saharan African region. It was also ranked 55 out of 137 countries surveyed globally, which was followed by Namibia, Gabon, and Ghana.
The report was created by the Global Entrepreneurship and Development Institute (GEDI) and SEA Africa. It was commissioned by the Allan Gray Orbis Foundation and the South African Breweries (SAB) Foundation.
According to the press release, the report was not only issued in order to benchmark SA globally, but to assess areas for improvement to guide policy and resources in the coming years.
“The report confirms South Africa’s position as an entrepreneurial leader on the continent and provides an insightful road map for us to focus in on those areas that will provide the greatest leverage for accelerating our entrepreneurial ecosystem even further,” says CEO of the Allan Gray Orbis Foundation, Anthony Farr.
SA provides better conditions for entrepreneurship when compared to 20 other countries with a higher per capital GDP, such as Russia, Mexico, Brazil, and China.
“We work with approximately 80 new entrepreneurs every year and have positive experiences of innovation and growth, along with a well-developed (if a little fragmented) entrepreneurship ecosystem. We have struggled to reconcile this with some misconceptions regarding South Africa’s lack of entrepreneurship and our perceived poor performance against other countries,” says SAB Foundation Director, Bridgit Evans.
“Along with Allan Gray Orbis Foundation, we wanted to give an alternative view. We are pleased with the results, which show that South Africans can congratulate themselves and be proud of what has been achieved in the entrepreneurial space, while still being realistic about what needs to improve in order to drive economic growth and job creation,” continues Evans.
The report also listed negative aspects about SA’s entrepreneurial ecosystem, suggesting the company needs better finance, skills, access to markets, education, and the right network in order to grow and thrive.