Business Investment Competition ready to boost another SMME

“Registered black-owned small and medium enterprises across the country, which have been operating for 24 months or longer, are urged to enter the Eskom Development Foundation’s Business Investment Competition (BIC) and stand a chance to win a share of R1,3 million worth of prizes,” said Cecil Ramonotsi, CEO of the Eskom Development Foundation.

A report compiled by GEN 22 on Sloane, which offers startups funding opportunities and access to markets, notes that over 55 000 SMMEs in South Africa will not survive the COVID-19 global pandemic. A total of 92% of SMMEs’ business operations have been impacted and at least 42 350 of those working for these SMMEs will lose their jobs.

“This annual competition is that much more relevant this year, simply because our main purpose with the BIC is to boost enterprise development in a year that has seen small businesses challenged, stretched and some decimated,” Ramonotsi continued.  

Entries for the competition are open from 4 December 2020 until 31 January 2021, at midnight.

“The BIC provides a platform for South African owners of SMMEs to become part of a community of like-minded entrepreneurs as they look to build on their businesses’ solid foundation and realise their potential,” Ramonotsi added.

For the last 12 years, Eskom has been running the BIC to recognise, reward and help boost small businesses that are contributing to skills development, job creation and economic growth. The competition is open to enterprises operating in the manufacturing, engineering/construction, trade/services and agriculture sectors.  

The overall winner will walk away with a Grand Prize of R300 000, as well as additional business training once the competition is over. Each of the four sector winners take home R125 000, while first and second runners up each receive R75 000 and R50 000 respectively.

All BIC finalists will have the opportunity to attend the Business Connect webinar taking place in March 2021, a platform aimed at affording businesses the opportunity to network with other small businesses as well as be exposed to business experts in different fields.

“Don’t miss out on this opportunity to potentially boost your business with resources that can help it recover from the challenges presented by the Covid-19 pandemic.

For us at the Eskom Development Foundation, it is truly a privilege to be given the opportunity to support entrepreneurs that create jobs, to help boost small business. We call upon all black-owned and registered enterprises that qualify to seize this chance in order to propel their operations and continue making a positive impact in their local economies” Mr Ramonotsi concluded.  

To enter the competition, visit www.eskombic.co.za and for support and assistance, small business owners should email Grounded Media bic@groundedmedia.co.za.