Photo by: Reuters
The Western Cape Department of Economic Development and Tourism, in partnership with Deloitte, has invited local entrepreneurs to, once again, participate in the Western Cape Funding Fair, open to any business seeking funding of more than R2-million.
To pitch for funding, entrepreneurs would need to present detailed proposals to investors during a series of closed sessions, in a similar fashion to the reality television programme ‘Dragon’s Den’.
Economic Opportunities Minister Alan Winde and Deloitte Western Cape leader Marius Alberts launched the initiative at Deloitte’s offices in Green Point on Monday.
Now in its second year, the Western Cape Funding Fair would be held at the Cape Town International Convention Centre on May 25, 2016. This initiative aimed to stimulate economic growth by connecting businesses that required funding with suitable investors, as well as educate applicants on best practice to follow to turn ideas into bankable business plans.
“Since the start of this year, an average of 300 new businesses have been registered each month in the Western Cape. It is vital that these businesses are supported in order to be successful contributors to the province’s economy.
“The Funding Fair is a unique public–private partnership that aims to unlock the economic potential of our province. Its purpose is to kick-start business initiatives across the Western Cape, providing impetus for job creation in urban and rural areas and ultimately contributing to the growth of the economy.
“This is a great opportunity for our entrepreneurs to step into our own version of the Dragon’s Den and convince investors and funders to make big investments in their business,” Winde said.
Alberts added that growing and established businesses had different funding needs, which meant that an additional funding category of R20-million-plus was created this year to accommodate funding for both medium-sized and large enterprises.
“By putting the right fund-seeking businesses in front of the right funders, we hope to pave the way for sustainable business growth in the province,” he added.
Successful applicants would have the opportunity to attend a preparation workshop at Deloitte leading up to the Funding Fair, followed by a 15-minute private pitching session with funders. The Funding Fair would comprise various entrepreneur-focused presentations, as well as an exhibit, open for free to the public.