A transformative milestone in the Western Cape’s business landscape unfolded as Property Point, a leading business accelerator, and sponsor Growthpoint Properties celebrated the graduation of its latest cohort of entrepreneurs. Over the past two years, these businesses have collectively generated a staggering R152.3 million for the Cape Town economy, demonstrating the resilience and potential of small enterprises in the region.
The Western Cape has been grappling with formidable economic challenges, including soaring unemployment rates and persistent economic disparities that disproportionately affect vulnerable communities. Unemployment in the Western Cape stands at a daunting 26.5%, making initiatives like Property Point vital in the ongoing effort to bolster the regional economy.
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The latest cohort of 10 entrepreneurs represents a beacon of hope amidst many challenges.
Their remarkable efforts have not only generated substantial revenue but have also led to the creation the intensive two-year programme, these businesses achieved a median annual revenue growth rate of 44%, with the total value of contracts secured reaching R9.2 million.
Shawn Theunissen, founder of Property Point, applauded the tenacity and innovation displayed by these Cape Town-based entrepreneurs.
He stated, “They have carved out success stories that highlight determination and innovation. Their journey underscores the importance of support and dedication in driving growth, even in challenging economic circumstances. This achievement goes beyond mere business success; it addresses the urgent need for job creation and economic growth in the Western Cape.”
What makes this cohort particularly noteworthy is their commitment to legacy-driven entrepreneurship. They have recognised that business success should encompass not only profit margins but also social transformation, environmental stewardship, and community empowerment. This ethos aligns with the broader aspirations of South Africa for a more inclusive and sustainable future.
Estienne de Klerk, CEO of Growthpoint South Africa, emphasised the pivotal role of entrepreneurs in fuelling economic growth.
He stated, “In the world of entrepreneurship, challenges are not merely roadblocks; they serve as the crucible where resilience is forged, and determination is steeled. Each member of this graduating cohort of entrepreneurs has confronted and conquered these challenges with commendable tenacity and an unyielding spirit, leaving an indelible mark on the path to success.”
In a nod to gender equity and women’s empowerment, 60% of the businesses in this cohort are women-owned, further advancing diversity in the business landscape.
Meet the remarkable graduates
The businesses that completed the Property Point programme and have made substantial contributions to the Cape Town economy include:
- EDWCAPE: A construction services company based in Landsdowne.
- Velocity Fire Services: A fire apparatus dealer based in Kenwyn.
- MRH@Work: A construction company based in Wetton.
- Cape Premium Cleaning: A commercial cleaning services company based in Plumstead.
- Globescope Security: A national security services company based in Blackheath.
- Lyon Security Solutions: A security company based in Epping Industria.
- SA Fire Watch: A fire protection and advisory company based in Ottery.
- ES & EL Engineering: A general engineering consulting firm based in Salt River.
- Silver Solutions Group: A construction service company based in Durbanville.
- Design Scape Architects: An architectural firm based in De Waterkant.
Property Point also recognised the remarkable achievements of this cohort with special awards, including:
- Top performing business: EDWCAPE
- Runner-up: Velocity Fire Service
- Job Creation Award: Lyon Security Solutions
- Most Improved Award: EDWCAPE
- Property Point Brand Ambassador Award: Globescope Security
- Innovation Award: SA Fire Watch
The graduation of this cohort not only celebrates their success but also serves as a reminder of the potential that entrepreneurship holds in addressing pressing economic challenges and driving inclusive growth in the Western Cape. With their impressive accomplishments, these entrepreneurs are set to inspire future generations and continue to make a positive impact on the regional economy.