Mitchan Adams, the founder and CEO of Aions Creative Technology, firmly believes that heritage is not solely about the past; it’s equally about shaping the future. With this perspective in mind, he is on a mission to leave behind a legacy of collective accountability that could redefine the entrepreneurial landscape in South Africa.
As a venture builder (VB) dedicated to nurturing start-ups, Adams is well aware of the stark reality that 70% to 80% of these fledgling businesses fail within their first five years. However, he is determined to reverse this trend by leveraging the unique approach of VBs, which combine financial investment with invaluable mentorship.
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His ultimate goal, says Adams, is to transform the narrative from one marked by a trail of failures to one that celebrates a heritage of triumphant entrepreneurship.
Having been a serial entrepreneur himself, he identifies the predominant reasons for start-up failures, particularly in disadvantaged communities where job creation and economic growth are most urgently needed. He points to the lack of funding and fundamental business acumen as the primary culprits.
In his eyes, venture builders are the missing link between venture capitalists, who provide funding but often lack the requisite business expertise, and incubators, which offer skills and resources but fall short in terms of financial support.
A comprehensive study conducted by the Global Entrepreneurship Monitor South Africa (GEMS) evaluated the entrepreneurial framework conditions in 50 countries, encompassing factors such as financing availability, government support programmes, educational opportunities, and the strength of commercial and legal infrastructure.
Alarmingly, South Africa lagged behind the global average in every single category. Adams asserts that, for meaningful and widespread impact, the government must play a more substantial and accountable role in nurturing entrepreneurship.
“South African start-ups are in dire need of funding and tax incentives to bolster their working capital,” Adams emphasises. “However, the Business Broad-Based Black Economic Empowerment (B-BBEE) transformation scheme lacks adequate incentives, and non-compliant businesses face insufficient penalties.”
Within the start-ups that Aions has invested in, Adams cultivates a culture of collective responsibility. “I strive to instill in entrepreneurs and their employees the notion of long-term gains. When everyone wholeheartedly embraces a company’s values and its collective mission, the vision extends beyond the next payday.”
Adams envisions a future where the impact of VB models can be quantified, not only in terms of economic growth but also in social transformation. “We anticipate witnessing the emergence of a new generation of entrepreneurs who will build prosperous businesses, guided by employees who share a collective mindset,” he enthuses.
As he reflects on the legacy he hopes to leave behind, Adams articulates his aspiration: “I aspire to leave behind a legacy that inspires individuals to collaborate, safeguarding not only their own and their colleagues’ livelihoods but also the future of their companies and, ultimately, fuelling nationwide economic growth.”
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