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SA proves to be well-suited for entrepreneurs
Media, telecoms sectors perform best
May 20, 2010
By Mzwandile Jacks
South Africa is a good place for entrepreneurs in the hi-tech, telecoms, media and marketing industries, according to Endeavor SA, a global non-profit organisation.
Endeavor SA, which provides mentorships to entrepreneurs in developing nations, said companies in these sectors had defied the sluggishness of the global economy last year.
The organisation made these observations when it released what is called "South Africa 34/100 Fast Facts".
This offers a first snapshot of how South Africa is creating new economic value, as well as the constraints local entrepreneurs are facing.
This is based on the first 34 qualified applicants to the South Africa Fast Growth 100 list. South Africa 34 represented dynamic, innovative and nimble companies spurring growth and creating jobs.
Malik Fal, the managing director of Endeavor SA, said the aim was to find hundreds of other companies like them.
"We would like to unveil the 100 South African fast-growth companies to the world later this year," said Fal.
The South Africa 34/100 aims to find the fastest-growing firms with global potential and and help them take advantage of market opportunities.
South Africa 34 comprises companies that have performed strongly over the last few years and are anticipating growth to continue for the next two years.
According to the findings, South Africa 34 has created more than 1 500 jobs since inception and these jobs have been created in the last few years. Each of the 34 companies expected to grow this year, with many expecting growth of more than 25 percent.
Fiona Pieterse, a manager at Endeavor SA, said it wanted to show there were small companies that were growing, despite problems afflicting them.
"The challenges we have found are that local small business do not have the right skills. We find that someone has an MBA, but they simply do not have people skills to conduct business."
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