Seda incubator programme boosts ICT start-up profits to R7.5m
An information and communication technology (ICT) incubator programme supported by the Small Enterprise Development Agency (Seda) and the Nelson Mandela Bay metropolitan municipality has boosted affliated small ICT start-ups’ profit by R2.2-million over the past year.
Thirty-five businesses in various stages of incubation under the Seda Nelson Mandela Bay ICT Incubator (SNII) posted a R7.5-million collective turnover for the 2012/13 financial year, up from the R5.3-million recorded in the prior year.
This represented more than double the provided grant funding of R3.5-million during the period under review, SNII centre head Sipelo Lupondwana pointed out, noting that 68% of the funding went to enterprise development, with the remainder allocated to capital budgets and support functions.
Eleven of the small businesses were operating under the 18-month virtual incubator, while nine fell under the 24-month full incubation stage.
Four of the start-ups had reached the six-month “launchpad” phase, which would see them take their products to the market.
During the period under review, the businesses collectively created 35 direct and 70 indirect jobs.
The 2012/13 financial year also brought to an end Seda’s three-year strategy cycle, which supported 98 businesses over the past three years, which had, in turn, collectively created 85 direct and 251 indirect jobs.
“The turnover generated by the businesses in the same period amounted to R19.8-million in relation to total grant funding of R10.6-million over the same period,” Lupondwana added.
He noted that nine businesses had “graduated” during the three-year period, with three businesses graduating this year.
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