The 2015 Sanlam/Business Partners Entrepreneur of the Year (EOY) competition was launched earlier this month in Johannesburg, with the main focus on creating and inspiring entrepreneurs to create jobs and boost the economy.

Founded by specialist risk finance company Business Partners and sponsored by financial services group Sanlam, the competition, which is in its twenty-seventh year, acknowledges South Africa’s entrepreneurs while showcasing their achievements and elevating their respective business profiles.

The competition is open to all South African small and medium-sized enterprises (SMEs) and to all sectors within the SME environment. Winners and participants in other competitions are encouraged and invited to participate in the EOY.

Speaking at the launch, Business Partners CFO Ben Bierman said entrepreneurs were truly inspiring individuals and the true heroes of society. “We need more entrepreneurs and we also need them to succeed because they create employment, they create economic growth, they generate income for their employees and their employees’ families, they generate income for themselves and their own families and, ultimately, also income for the country,” he stated.

Sanlam Personal Finance marketing head of business market Kobus Engelbrecht added that one of the target markets of the competition was the business-owner market and noted that, by recognising entrepreneurs and individualising them, it would inspire other entrepreneurs to start businesses and compete more intently in their goals.

The EOY competition offers prizes valued at R2-million and includes cash prizes to the value of R350 000. Competition winners also receive mentorship support, networking opportunities and national media exposure.

Professional services firm PwC oversees the judging process. The judges have been sourced from various sectors in the business community and also include a representative from an education background.

The evaluation process comprises three distinct phases, which Bierman said ensured accuracy, transparency and a distinct lack of bias.

Evaluation is initially based on data, and interviews are held with each finalist to ensure that the vital insights and information not included in the data are obtained.

The categories for the competition include the Small Business Entrepreneur award, for an entrepreneur or business with a turnover of between R5-million and R20-million; a Medium Business Entrepreneur award, for an entrepreneur or business with a turnover of between R20- million or more; and the Job Creator of the Year award, for an entrepreneur who not only employs a significant number of employees but also plays a key role in uplifting, upskilling and training them.

The categories also include the Innovator of the Year award, for an entrepreneur who has demonstrated the ability to reinvent the way business is done in a particular industry, and/or offer a new or innovative product or service to the market, and/or create an innovative work environment that not only attracts the best qualified people in the industry but also retains them.

The prestigious EPY award will be presented to the winner of the emerging, small-, or medium-business entrepreneur.