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Standard Bank head of enterprise development Mfanufikile Motha today said the bank has re-configured its Johannesburg-based incubator to align it with the bank’s broader entrepreneur development initiatives.
Motha was responding to a Ventureburn query on whether the bank’s Rosebank incubator is still active, this after former head Jayshree Naidoo left the incubator in December last year.
“The incubator is still active and productive, we just changed the configuration to have sector focus. We now do in-class and practical incubation programmes and it forms part of the wider entrepreneur development capability in the bank,” Motha said yesterday (16 May).
Standard Bank’s Rosebank business incubator was launched in 2015, former head Jayshree Naidoo left the incubator last year
He also said the incubator — which is currently managed by Motha and Standard Bank Group head of retail and business banking Sibongiseni Ngundze — is still providing co-working space to Standard Bank entrepreneurs.
“We will be launching the new configuration of incubation, which will include sector technical specialists and support,” he said, without clarifying when the launch would take place.
In a phone call with Ventureburn today, Naidoo confirmed she had left the incubator to pursue the re-launch of her own business, learning and development organisation the Youth Innovation Entrepreneurship Design Institute.
Standard Bank launched the incubator in 2015 with the aim of helping new business enterprises by providing entrepreneurs with market access and prototyping support.
At the 2015 launch the bank stated in a press release that the incubator would provide innovators with co-working space, mentoring, as well as training in enterprise development and content delivery for corporates.
Featured image: Standard Bank Group via Twitter