South Africa & incuBeta
Seeing as my blog is a big stagnant this week with widely original posts, I thought I’d write a bit about what incuBeta has achieved on the local front in South Africa in the past few weeks. After winning the CJ Global Vision award back in September, we were ecstatic to be recognized by the global community, but equally important for us, is local recognition.
Last week we were one of the winners of the Regional Finals (Western Cape) for the South African Technology Top 100 Awards and are through to the National Finals in Johannesburg later this month. Although we won “Most Promising Emerging Enterprise” last year, we’ve grown up and are now a finalist in the “Established Companies” division of the award. There is a big gala event (over 1000 people attending), and we’re very exciting to be in the finals - I got the opportunity to do my first television interview yesterday, in case we win, which will then get broadcasted locally.
And that’s not all… Last month (err… September, actually - please excuse me for being late on this one!), we were notified that we were selected as an Endeavor company, after a grueling 6 month process where Endeavor got a chance to lift the hood and inspect our engines! I also had the fortune of being interviewed by Adrian Gore (the Founder & CEO of Discovery Health - the largest healthcare company in South Africa), as part of the process.
Here is a snippet from the Endeavor website:
WHO WE ARE
Endeavor is a non-profit organization that identifies and supports innovative, high-growth entrepreneurs in emerging markets around the world.
We help visionary entrepreneurs, with daring ideas, who are transforming their communities, their industries, and even their countries. We help create jobs, propel economies, and cultivate rising leaders and role models.
Endeavor is not a fund. We’re part talent scouts, part business accelerators, part real-time business school.
OUR MISSION
Endeavor identifies the most promising and innovative entrepreneurs, then provides strategic, world-class support to help take their companies to the next level. Through these success stories, Endeavor inspires the next generation to think big and take risks.
With Endeavor’s support, businesses expand, jobs are created, and entire countries are transformed, one entrepreneur at a time.
Endeavor transforms the economies of emerging markets by identifying and supporting high-impact entrepreneurs.
High-impact entrepreneurs have the biggest ideas and most ambitious plans. They have the potential to create thriving companies that employ hundreds, even thousands of people, and generate millions in wages and revenues. And they have the power to inspire countless others.
Endeavor targets only these high-impact entrepreneurs. We help them break down a society’s barriers to success, offer world-class strategic advice, and open doors to capital. With Endeavor’s guidance, they become role models, encourage others to innovate and take risks, and create sustainable economic growth.
Together, Endeavor and high-impact entrepreneurs change industries, communities and entire countries.
MODEL
ENTER– Endeavor targets emerging market countries transitioning from international aid to international investment. Endeavor then seeks out local partners to build country boards and benefactors to launch Endeavor local affiliates.
- SELECT – Through a rigorous, multi-step selection process, Endeavor screens thousands of emerging market entrepreneurs to identify the best talent in a country. Candidates with the most innovative, high-growth ventures and greatest promise as future leaders become Endeavor Entrepreneurs.
- SUPPORT – Endeavor provides customized local and global services for selected Endeavor Entrepreneurs, including access to hands-on tools, mentoring and networks that will increase opportunity for success.
- PROMOTE – Endeavor’s local offices partner with leading media companies and universities to promote Endeavor success stories and role models, demonstrating that regardless of background it is possible to transform an entrepreneurial idea into a world-class business.
- INFLUENCE – Endeavor partners with governments and multilateral institutions to examine policy changes that countries can make to promote entrepreneurship and venture capital. Endeavor also aims to inspire a tradition of philanthropy where local entrepreneurs serve as community leaders and philanthropists – donating time, money and knowledge back to their communities.
METRICS
Endeavor is changing the face of philanthropy. We are not a charity. We don’t offer financial aid. We support high impact entrepreneurs who are building the economic backbone of emerging markets.
251 Endeavor Entrepreneurs from 169 companies selected after screening 11,892 entrepreneurs
30,600 jobs created by Endeavor Entrepreneurs
US$974.4 million in revenues generated by Endeavor Entrepreneurs in 2005e
US$79.8 million in financing raised by Endeavor Entrepreneurs in 2004e
95% of Endeavor Entrepreneurs’ companies still operating
2,231 media articles and interviews featuring Endeavor Entrepreneurs
Over 500 angel investors trained by Endeavor
Between 1997-2004 6 offices launched: Argentina, Brazil, Chile, Mexico, South Africa and Uruguay
The great thing about going through the process at Endeavor is that it did help to focus the business thoughts and energies, through some healthly debate. I seriously recommend that entrepreneurs in any of the markets that Endeavor operate in, to apply and go through the process - at the very least, you would have had some smart minds to bounce your thoughts off.
Endeavor also gives us access to a very wide network - part of the real value add of being an Endeavor company. With access to this network, my personal goal to help drive global innovation and entrepreneurship from an African base and contribute to the local IT community will be greatly strengthened. Africa has many problems and challenges, but also opportunity and rewards - incuBeta has certainly proven that local companies can not only be successful domestically, but also internationally.
As I always say, Africa is no longer a charity case, it’s become an economic opportunity - but much work needs to be done to spread the wealth creation from South Africa into the deepest darkest parts of Africa and boost economic growth and alleviate poverty. If you think about it, given the isolation of Africa from the rest of the world - virtual economies like Software Development, eBooks, Travel Bookings, etc (i.e. things that can sold online that do not require delivery), are perfect opportunities for us to leverage and create jobs. The critical element here is ensuring that the goods and services are world class - that is what will put Africa on an equal footing to China & India - where wages are low but output is solid. In some cases, South African wages are almost on par with first world countries, which makes this goal even harder to achieve. That said, our quality is also first world class, in my humble, yet biased opinion 
And to finish off this rather lengthy post, and in the spirit of all things African, I thought I might just mention that I’ve been nominated for the African ICT (Information Communication Technology) Awards (which covers all countries in Africa). The category is the “Top ICT Young Entrepreneur in Africa”. This award will be handed out at the end of this month at another big gala event in Johannesburg - hold thumbs!
And seeing as you’ve managed to read this entire post - a big thank you for reading!
