SEDA SMALL BUSINESS STARS

Entrepreneurs often have great business ideas but lack the financial resources to bring them to fruition.

A national competition being promoted in Durban by InvoTech, a DUT innovation and technology business incubator together with Seda KwaZulu-Natal, is offering a remedy for that. The Seda Small Business Stars Competition, an exciting new business plan competition is offering R4 million rand in prize money to aspiring entrepreneurs.

Nomonde Masoka from InvoTech at Durban University of Technology said the competition, which was launched in November last year, has attracted over 4,600 entries nationally. The competition aims to encourage new business ventures, assist start-ups and early stage businesses to improve their business models, to gain skills, to access new business and to support networks.

“It was also established to promote the brand (Seda’s) and image as well as its products and services. Business Report, SAfm and Raizcorp are the competition sponsors,” said Masoka.

Masoka said entrepreneurs are encouraged to enter the competition because they stand a chance to win prize money and gain skills and access to businesses and support networks. InvoTech staff would not only assist with entering the competition, but provide guidance with developing a business plan and refining of business ideas.

InvoTech will be hosting a series of workshops to help entrants develop strong and bankable business plans.

The judges will want to see that the business plan addresses a real market opportunity, has the potential of being commercially viable and the participant has good understanding of the industry and what it will take to start or run the business effectively.

A total of 40 winners will be selected in the competition. The overall winner receives R50,000 in cash and the provincial winners will each receive R15,000. All winners receive laptops and Microsoft 2010 software, Seda support vouchers worth R60,000 each. Four winners selected for Raizcorp business development Programme to the value of R250,000 each.

The closing date for entries is February 29. Provincial winners, four from each province, totalling 36 will be selected on March 14. Provincial winner awards will be on March 28 while national winners will be selected and awarded on April 13. Four Special winners - Best Youth, Female, Disabled and Job-creation - will also be awarded.

Enquiries about workshops to Miss Nons Khanyile at khanyilen@dut.ac.za or on 031 373 6792