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SAB Foundation and Endeavor Excelerator Help Boost Local Entrepreneurs

The South African Breweries Limited (SAB) Foundation and Endeavor South Africa, an affiliate of the premier emerging market entrepreneurship support network, has given a boost to the growth aspirations of 5 black owned businesses through grant capital.

The SAB Foundation’s Grant Capital Investment was created to provide support and financial assistance to high-impact, black-owned businesses in partnership with Endeavor. It is one of a number of programmes the SAB Foundation has established to address the challenge of economic growth, job creation and innovation through entrepreneurship.

This cycle’s winners are Cynthia Mkhombo of Masana Hygiene services;Lemao Motaung, owner of Medupe Electrical Supplies; Sakhumzi Maqubela, owner of Sakhumzi Restaurant, Musa Maphongwane and Amos Mtsolongo, co-owners of Katsy Gaming Zone, as well as Nkhensani Nkosi of Stoned Cherrie.

This is the second group of entrepreneurs who have been awarded grant funding through the SAB Foundation and Endeavor partnership. Earlier in the year, 6 businesses were granted capital at the launch of the partnership in June.

The winners were announced during an awards ceremony in Johannesburg last night, each walking away with SAB Foundation Grant Capital Investment of up to R250 000 to assist with the expansion of their business.

The long-term vision underpinning the SAB Foundation’s programmes is therefore to ignite a culture of entrepreneurship in South Africa and focuses specifically on benefiting South Africa’s most vulnerable i.e. youth, women, people living in rural areas and people living with disabilities.  

Research conducted by the SAB Foundation into entrepreneurship highlighted three critical points:

·          SA lacks a critical mass of SMEs,

·          SA has only a few high-profile entrepreneurial role models; and

·          The country’s culture of innovation is largely untapped and un-commercialised.

“To address these challenges, the SAB Foundation aims to contribute to the development of entrepreneurship by supporting the growth of a critical mass of SMEs; developing entrepreneurial role models; and stimulating and rewarding innovation,” says Dr Vincent Maphai, SAB Executive Director Corporate Affairs and Transformation.

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