Fostering entrepreneurship in the Western Cape is something that we are passionate about, because we firmly believe in the power of small business to help drive economic participation and development. Through our partnership with the Western Cape Department of Economic Development and Tourism (DEDAT), we are proud to be a founding partner of the Western Cape Funding Fair.
The Western Cape Funding Fair’s primary aim is to facilitate meaningful interactions between business, entrepreneurs and various funding institutions in region. It also seeks to educate and empower growing businesses and entrepreneurs in how to turn great ideas into bankable business plans, ensuring they have a higher probability of attracting the right type of funding and investment.
Since launching in 2015 the Funding Fair has attracted over 1,800 businesses seeking funding. During this time, in excess of R12 million in funding has been allocated by investors, with a further R37 million in the value of deals pending. The rate of deal flow that takes place at the Funding Fair is higher than normal at five in 20, versus the general industry standard of one in 10 businesses being funded.
This year 24 funding institutions participated in the event, taking the opportunity to meet with almost a thousand entrepreneurs over the course of the day, post-event data shows that an average of 160 business leads for funding and finance were recorded.
Attendees this year met with a variety of potential funders, and learnt first-hand from entrepreneurs who have succeeded in successfully growing their own businesses. The curated speaker programme included a broad-range of entrepreneur-focussed topics such as the panel discussion focussed on corporate enterprise development and a talk on how to scale up a business. The finance-focussed sessions gave tips on how to to better structure forecasts, with another presentation equipping entrepreneurs with the tools to drive sales through cost-effective marketing solutions.
Following the success of the Funding Fair, we secured additional funding from Deloitte Global via the Global Social Innovation Project. This funding will enable our team in the Western Cape to continue with their efforts to promote entrepreneurship.
In October, in collaboration with the Deloitte Germany team and our ecosystem partners, we will now host a workshop for social entrepreneurs who have innovative products and services addressing key issues such as water scarcity, access to electricity, fire, healthcare, connectivity and agriculture. The workshop will be held at the Deloitte office in Cape Town, and will focus on providing business skills training and mentoring to attendees.
To learn more about the Western Cape Funding Fair, please visit Deloitte Western Cape Funding Fair 2017.