RATIONALE OF THE SEDA RAPID INCUBATOR
The CFE/RI is aimed at stimulating growth in cross-cutting (mixed) SMMEs and to inculcate the culture of entrepreneurship among students and graduates. The CFE/RI will focuses on the theoretical aspects of business development and assist with the practical aspects of businesses development which include product development and provision of space for SMME’s to develop their business. The CFE/RI is strategically placed to focus on mixed sectors that are relevant to the local economic activities. The CFE/RI part will offer a six months theoretical training program focusing on Business Entrepreneurship Training, Innovation and Idea generation training and product conceptualisation. The CFE/RI is expected to contribute to accelerated economic growth and job creation at the same time developing new industry sectors. The CFE/RI will specifically target the youth, women and physically challenged individuals to actively participate in the economy as well as unemployed graduates from the Higher Education sector.
The objective is to create a physical environment that encourages innovation while also providing the space and necessary equipment to develop products and carry out business operations. The program will also provide Higher Education graduates with the necessary tools and techniques to create their own SMMEs, allowing for economic growth and job creation in under developed areas. At a time when the country is confronted by unemployment challenges, especially amongst young people, the CFE/RI will seek to have an impact on youth by providing TVET graduates with an exit strategy that would propel them into economic activity. The CFE/RI will provide a platform of innovative thinking with a creative and professional environment for entrepreneurs to interact with each other, clients and potential stakeholders. The technical part aims to allow graduates to further their skills and learn to commercialize their services and products. The CFE/RI focuses on the theoretical aspects of business development and offers a theoretical training programme focusing on Business Entrepreneurship Training; Innovation and Idea generation training; and product conceptualization.
3 STAGGERED STAGES OF INCUBATION SUPPORT
Pre-incubation is the provision of services by an incubator that help an entrepreneur to transform ideas into a start-up and getting incubator ready.
Beneficiaries will be identified and selected for a maximum period of 12 months in an incubation programme. They will receive basic Business development training and business development support for a period of 6 months with the intention of establishing a sustainable business.
Business Incubation is the provision of a variety of support services under controlled conditions, to create an environment favorable for developing and nurturing new businesses and accelerating the growth of existing businesses.
After completion of the 6 month business development training, clients and/or graduates will establish their enterprises and be placed within the incubator to conduct and commence business activity.
During this phase, intensive mentoring and business development support is offered, in addition to the critical support offerings in the following:
Linkages to Markets: The incubator will assist in securing markets on behalf of clients by identifying procurement opportunities; i.e. through the various government departments, industry, retail or chain stores, etc.
Linkages to Finance: The incubator will assist in linking entrepreneurs to the appropriate funding model.
Business & Infrastructure Support: Access to information, shared resources, equipment and machinery.
Technology Transfer and Quality: The SEDA Technology programme will further support enterprises through the provision of technology transfer and quality interventions, such as:
- Product Testing
- Systems Development, and
- Training Interventions
Post-incubation is the provision of support services by an incubator to an entrepreneur or business that has already graduated from the incubator. Such services will be provided on a consultancy basis and at market related rates.
Enterprises are closely monitored for their development. Those clients whom have successfully achieved growth and development milestones, with clear indications that the business is reasonably sustainable, may graduate from the incubator within the three year period and will exit. The incubator will continue to support graduated incubatees with ‘on demand’ business development support.
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